Jim’s Mailbox Posted: Jan 13 2011 By: Jim Sinclair
Filed under: Jim's Mailbox
Jim,
It looks like you were right, "Make Fraud Legal."
CIGA Pabste
Fed Moves To Gut Predatory Lending Regulation First Posted: 01- 4-11 04:57 PM | Updated: 01- 4-11 05:16 PM
The Federal Reserve is pushing a new mortgage regulation that would effectively eliminate the most powerful federal remedy for predatory lending.
The regulation would severely limit a practice called "rescission," used to strike down demonstrably-illegal or fraudulent loan contracts and void a bank’s ill-gotten gains from such predatory lending practices. When a mortgage borrower wins a rescission case in court, the bank loses the right to foreclose, and has to give up all profits from interest and fees on the loan. The borrower still has to repay the principal — the original amount of money extended by the bank — but can’t be kicked out of the house.
Under the Fed’s new proposal, however, borrowers would be required to pay off the balance of the loan before the bank loses its right to foreclose — that means borrowers could still lose their homes, even in cases where banks have broken the law.
Unsurprisingly, banks support the move, but consumer advocates say this would essentially make rescission worthless to borrowers.
Many people have called me a conspiracy nut when I tried to explain how the Fed represents private banks--including foreign banks and they run the country. Well our tax money is essentially spent to prop up their FOREIGN crony banks. And we have no say in the matter. That is slavery.
“We’re talking about huge sums of money going to bail out large foreign banks,” said Bernie Sanders, the independent senator from Vermont. “Has the Federal Reserve of the United States become the central bank of the world?”
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