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Bubble Burst
In our previous presentation, we learned that there was a “Mortgage Bubble” that was caused by the mortgage lending industry through the propagation of “liar’s loans.”
We also learned that the mortgage lenders were nearly giving away these loans without proper underwriting.
In early 2008, the Mortgage Bubble was collapsing.
In July, 2008, Chairman Ben Bernacke of the Federal Reserve System announced that “liar’s loans” would no longer be allowed to be offered for homeowners to purchase or refinance their homes.
And what then ensued was a complete collapse of the housing market.
The values of mortgaged properties dropped like a rock.
In just a few short months, the values of properties were “underwater.” People were paying more for their homes than they were worth.
No one could sell real estate. People couldn’t get loans even if they wanted to buy property.
By 2009, the bubble had completely burst.
And for the ensuing four years, over, and over, on a daily basis, the banks began foreclosing on distressed homeowners.
So many foreclosures were occurring that they were being processed in assembly line fashion.
In fact, the Mortgage Electronic Registration System (MERS) was eventually caught doing illegal “robo-signing.”
The banks were on a track to recover millions of properties across the country.
The banks that were “too big to fail” were buying up their smaller competitors virtually every week.
But while the average American could see that all of this chicanery was clearly not right, no action was being taken by the justice departments of federal or State governments to investigate or prosecute anyone for what seemed to clearly be fraud by the banks and other lending institutions.
People who could remember the Savings and Loans Scandal of the 1980s felt that what was happening now was magnitudes worse, yet this time the government is not conducting any investigations or prosecutions.
This is because the general government and the banks were in lock-step.
If you feel like you were a personal victim of this banking scandal, and want to learn more about how to achieve remedy, please click on this link to go to the next episode in our presentation:
Or, if you wish to bypass the remainder of this series and go directly to the information on how to obtain your documentation to calculate if you even have a personal injury in fact, click on the link below.
