Mortgage Industry Down For The Count? Setup Is On

Update on Fannie, Freddie, and Globalizing America 9-6-08 " The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae and Freddie Mac under federal control"..."it reveals an amazingly simple to see through, deeply profound, and highly disturbing situation taking shape, i.e. the federal government officially putting their name on half the mortgaged properties in the nation. In other words, they are in position to take ownership of all these private properties in the event of oh, say, a financial collapse...or some sort of economic disruption perhaps." [see post]
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Two related articles:

Volcker: “The Financial System is Broken” and “the Mortgage Market Has Become a Subsidiary of the U.S. Government” "

Paul Volcker* spoke at the Chicago Federal Reserve Bank on September 23rd, as part of a symposium co-sponsored by the IMF:

"The financial system is broken. We can use that term in late 2008, and I think it’s fair to still use the term unfortunately. We know that parts of it are absolutely broken, like the mortgage market which only happens to be the most important part of our capital markets [and has] become a subsidiary of the U.S. government."

[*Volcker...was the Chairman of the Federal Reserve under...Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). Since February 2009, he has been Chairman of the Economic Recovery Advisory Board under...Obama. from wiki]

Mortgage market a subsidiary of the U.S. government?

Mortgage Lenders could soon be falling like Dominos by Ellen Brown @ Global Research [excerpted]

The hits are coming fast and furiously. Major Wall Street mortgage lenders could soon be falling like dominos – and looking again for handouts.

On September 20th, Ally Financial Inc., which owns GMAC Mortgage, the nation’s 4th largest lender, halted evictions and resale of repossessed homes in 23 states. This was after a document processor for the company admitted that he had signed off on 10,000 pieces of foreclosure paperwork a month without reading them. The 23 states were all those where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.

On September 24, Representatives Alan Grayson (D-FL), Barney Frank (D- MA) and Corrine Brown (D-FL) directed a letter to Fannie Mae questioning its use of “foreclosure mills,” which were described as “law firms representing lenders that specialize in speeding up the foreclose process, often without regard to process, substance or legal propriety.”

On September 28, JPMorgan Chase said it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions were in the 23 states where foreclosures require court approval.

On September 29, the Washington Post reported that a top federal bank regulator had directed seven of the nation’s largest lenders to review their foreclosure processes, after learning about widespread mishandling of homeowner evictions. Besides JPMorgan Chase, they included Bank of America, Citibank, HSBC, PNC Bank, U.S. Bank and Wells Fargo. The Washington Post reported:

The paperwork problems range from potentially forged documents to bank employees who never read borrowers' files before signing off on an eviction. . . .

"While we don't expect our review to find that consumers were harmed, we will take appropriate action if we find any impact," JP Morgan spokesman Tom Kelly said.

To Subsidize or Nationalize?

Where does that leave JPMorgan, GMAC, Bank of America, and the other major lenders? Investors have massive claims against these banks, and so do homeowners.

Investment adviser Christopher Whalen thinks we could soon be looking at more Wall Street bankruptcies.' [see full article]
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also: Foreclosures Slow as Document Flaws Emerge nytimes 9-30-10
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re: "Wall Street bankruptcies"

Seems that 'chaos' has suddenly enveloped the mortgage lending industry as "seven of the nations largest lenders" have now come under fire for foreclosing on properties "without regard to process, substance, or legal propriety". As pointed out by the author of the above article, this leaves them in the position of being exposed to "massive claims" by investors, which could likely result in the "bankruptcies" of the offending companies.

One more time. Cui bono?

Who benefits? The scam here is so transparent it is ridiculous. If/when the companies fail, the Federal Government can then 'ride to the rescue'. It would not matter whether they 'subsidize' or 'nationalize' really. Either way, they will then be 'holding the paper' on an untold number of mortgages across the land. Exactly as planned.

Something else very twisted to note here, and which tells on the the 'beast' who will 'own it all'. While it is a well known fact that the number 33 is the Cabalist-illuminati's prime signature as far as numerology goes, much lesser known is another of their key operative numbers. That number is 23....as in this case "23 states", and coincidentally enough, it just so happens that it was the 23rd of the month that "Chairman" Volcker spoke at the Chicago Federal Reserve and made his "absolutely broken/now subsidiary" declaration with regard to the claimed demise of the U.S. mortgage market [see above]. In the secret numerology, 23 is the number of 'death'.

Hidden in plain sight again. Rev. 18:4
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2Thessalonians 2:7 'For the mystery of iniquity doth already work...'