unfiltered news



US: State Attorney Generals are investigating ‘Foreclosuregate’ but no prosecutions for wrongdoing are being considered. The focus, instead, is on how to keep homeowners in their homes and how to keep the banks in business. [In the aftermath of the S&L fraud of the 1980s, there were over a thousand felony convictions. The recent mortgage fraud is 40 times greater but NO convictions, not even investigations. The above cartoon explains it all.] USAwatchdog Posted 2010 Oct 29 (Cached)

US: Transportation Security Administration begins an ‘enhanced pat-down’ procedure at airports starting today. Security agents will slide the palms of their hands along travelers’ bodies (previously it was back-side of the hand). This will be done with anyone who refuses X-ray whole-body scanners. [It appears that the primary purpose is to motivate people to choose the scanners.] DemocratChronicle 2010 Oct 29 (Cached)

Presidential Commission reports that Gulf-oil blowout was caused by faulty cement mixture used to seal the well. This was known in advance but BP and Halliburton, not only used it anyway, they cancelled the tests that showed it was defective. Criminal indictments are expected. [Evidence continues to mount that the disaster was anticipated and allowed to happen.] LA Times 2010 Oct 29 (Cached)

Australia: Norfolk Island residents will be used to test a carbon trading scheme that also targets obesity. They will be given coupons that must be spent along with money. If their coupons run out, they will have to purchase more to continue the privilege of buying gas or certain types of food – to stop global warming, of course. This will be a collectivist paradise.
Sunshine Coast Daily
2010 Oct 28 (Cached)

US: Pentagon seeks to establish a program to scan all civilian emails and other communications – to prevent crime, of course. [Don’t overlook the fact that, increasingly, any dissent from government policy is considered a crime. That means the goal of this program is to prevent dissent] CNN Oct 27 (Cached)

US: The Coast Guard, which historically has been a service organization under the Department of Transportation, now declares that it is a branch of the military and part of the Department of Homeland Security. [Concentrated power just keeps growing.] Corbett Report 2010 Oct 27 (Cached)

The growing use of biofuels is threatening the world’s food supply as agricultural land is being used for growing plants for fuel instead of food. This is the result of government subsidies, not the free market. Telegraph 2010 Oct 27 (Cached)



Chelene Nightingale, American Independent candidate for Governor of California, receives endorsement of G. Edward Griffin and discuss the Left/ Right paradigm, global warming restrictions, and the 10th Amendment States’ rights. Youtube 2010 Oct 28

Google CEO Eric Schmidt say people concerned with their houses being photographed for Google Street View should “just move.” He also is quoted as saying, “We know where you are … with your permission. We know where you’ve been … with your permission. We can more or less guess what you’re thinking”. PCWorld 2010 Oct 27 (Cached) (Note: you can use Startpage.com in the URL toolbar instead of Google to do searches. They don’t collect or store information).

Mexico: Entire police force in the town of Los Ramones resigned after gunmen from drug gangs attack their headquarters. Within 20 minutes, the gangs fired 1000 rounds and 6 granades. Patrol cars were destroyed. NY Daily News 2010 Oct 27 (Cached)

India: New Delhi transport minister says all vehicles will be required to have RFID chips permanently installed for toll payments within 18 months.
Sify News
2010 Oct 27 (Cached)

Costa Mesa, California, is the first city to ban mercury in dental fillings. Mercury is highly toxic and is the cause of many diseases that most people don’t suspect is coming from their teeth. Mercury waste from dental offices also pollutes groundwater and air. PRWeb 2010 Oct 26 (Cached)
Click here to see dentist James Rota explain the dangers of mercury to the city council.
YouTube
2010 Oct 26

US: An entire squadron of 50 nuclear missiles goes off line unexpectedly because of power failure. Although that is only 11% of the total, it is viewed as a serious failure in defense readiness – except at the White House where the response was that it was “not that big of a deal.” Weekly Standard 2010 Oct 26 (Cached)

US: Republican Party is reaping the benefit of voter anger as massive donations flood in to defeat Democrats this year – exactly as the Democrat Party previously reaped the benefit of anger against Republicans. [There is no significant difference between the parties, but most voters haven’t figured that out yet. They vote against something, not for something, because they have no well defined political philosophy. Nothing will change until we shatter the myth of a 2-party system.] Yahoo 2010 Oct 26 (Cached)

Cell phone manufacturers finally are putting warnings in their manuals about keeping a cell phone close to your body because of the danger of radiation. A recent study shows that using a cell phone for over 30 minutes a day increases the risk of brain cancer. Yahoo 2010 Oct 26 (Cached)

US: New military technology can detect life and movement from behind walls – to avoid having to break down doors if no one is hidden, of course. Wired 2010 Oct 26 (Cached)



US: Quadruple-dose flu vaccine now being aggressively pushed onto seniors. It has four times more viral fragments, is four times for toxic, and costs twice as much. The FDA has not tested this vaccine. [Vitamin D3 supplements are safer, more effective, and less costly.] Natural News 2010 Oct 24 (Cached)

US Unemployment and underemployment is at 17.5%. In California it is 22%. Here is the face of despair even in such a high-income locale as Silicone Valley. 60 Minutes 2010 Oct 24

G. Edward Griffin discusses health dangers of whole-body scanners with Idaho State Legislator Phil Hart who has written a bill opposing the scanners. States have jurisdictional authority to do this. YouTube 2010 Oct 24

US: Janet Napolitano, head of Homeland Security, praised x-ray whole body scanners at JFK Airport, but declined to enter it herself. [An excellent reason not to do so is that radiation from these machines is believed to increase the risk of skin cancer.]

NYDailyNews Posted 2010 Oct 23 (Cached)

Psychiatric manual now labels children who are free thinkers,

nonconformists, and those who question authority as mentally ill. The diagnosis is ‘Oppositional Defiant Disorder’ (ODD). USWGO Posted 2010 Oct 23 (Cached)

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ANALYSIS
Reports and commentaries that look beyond the news to identify historical facts and trends that must be understood to place the news into perspective. This is our “think-tank” section that makes it possible to anticipate future events.

“Crude Awakening,” An investigation of the aftermath of the Gulf oils spill uncovers a series of cover-ups instead of a long-term fix. Delayed effects may turn out to be worse than what has been seen so far. Journeyman Pictures 2010 Oct 28

US: “The Revolving Door That Never Stops Turning” shows how government officials become directors of corporations that derive incredible profits from government contracts made possible by the influence of those managers – at great expense to taxpayers. These people should be in prison, but it is perfectly legal. American Policy Center 2010 Oct 28 (Cached)

“There is bank fraud everywhere, and Bernanke is leading the cover-up.” That is the message of a must-see news cast featuring Economics Professor William Black and TV commentator Dylan Ratigan. Over 90% of the mortgage loans now in default were fraudulent because banks created incentives for loan brokers, appraisers, and credit-rating agencies to lie on loan applications. The Fed, the Chamber of Commerce, and the American Bankers Association have worked to cover up the losses. A huge amount of information in just a few minutes.
DailyBail
2010 Oct 25 (Cached)

Obama campaigned in a 1996 Socialist rally while running for Illinois Senate, according to newsletters of the Democratic Socialists of America.
Big Government
2010 Oct 23 (Cached)

Mexican soldiers who established the Zeta drug cartel were trained in America at Fort Bragg during the 1990’s. The U.S. government has a long history of training commandos and officers of other countries at taxpayer expense. Raw Story Oct 22 (Cached)

UN treaties and UN junk science are being used to de-industrialize America. In the U.S., the EPA has usurped authority, without consent of Congress, to implement a cap-and-trade scheme, and the Department of Energy is consolidating power grids to increase federal control all energy delivery.
MorphCity 2010 Oct 19 (Cached)

Are they altering the human genetic code by means of synthetic chemicals added to the food chain to reduce global population? This researcher explains why he thinks so and that the plan includes re-engineering the human race into two distinct sub-species: intelligent rulers and docile workers. Whether you agree or not, you should be interested in the reasons for his conclusion.
Michael Nield Posted 2010 Oct 16 (Cached)

US: An informative analysis of Bernanke’s latest speech. It’s all about money out of nothing and planned inflation.
Economic Collapse 2010 Oct 16 (Cached)

Here is a case study in media corruption. Attorney Richard Fine reveals how the Los Angeles Times has consistently protected and endorsed county judges who have been found guilty of taking illegal payments. The Times has never reported this fact. Fine has challenged the judges to a public debate. Full Disclosure Network 2010 Oct 15

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Predatory Property Tax Collection

The Big Wall Street Banks Have Found A New Way To Strangle The American People: Predatory Property Tax Collection

It turns out that the big Wall Street banks have found a dirty new way to make loads of cash from U.S. homeowners, and they really, really don’t want to talk about it.  So what is this dirty new business?  America’s biggest financial institutions have become property tax collectors, and it is extremely lucrative.  From coast to coast, the big Wall Street banks are buying up thousands upon thousands of tax liens and are making a killing by socking distressed homeowners with predatory interest, outrageous penalties and almost unbelievable legal fees.  In some areas, the big banks are able to foreclose on these homes in as little as six months.  The elderly and the poor are the most common targets of these practices.  An absolutely brilliant expose in the Huffington Post has brought these issues to light, and it is creating quite a controversy in the financial world.  The big banks are doing nothing illegal here.  Local governments are offering to sell thousands of tax liens and somebody is going to end up buying them.  But something seems extremely unsavory about the big Wall Street banks capitalizing on the economic downturn that they were so instrumental in causing in such a predatory manner.

Today, millions of American families are barely hanging on to their homes by their fingernails.  Millions are out of work and millions of others are barely making enough to put food on the table.  Meanwhile, property taxes have absolutely soared in most areas of the nation over the past decade.  Many Americans are finding that when that time rolls around they simply do not have a big chunk of extra money to pay a property tax bill.

So millions of American families, including many that have completely paid off their homes, now find themselves in danger of being thrown out on to the street over an unpaid property tax bill.

For many local governments, the headache of trying to collect on thousands of property tax liens is just too much, so they are glad to “outsource” the work of collection.

So how do the big Wall Street banks get involved?  Well, it goes something like this….

1) The big Wall Street banks set up or invest in shell companies that will disguise who they really are.

2) These shell companies run around and buy up all of the tax liens that they can get their hands on.

3) Predatory levels of interest (in some states as high as 18 percent), fees and penalties rapidly pile up on these unpaid tax liens.  The affected homeowners quickly end up owing much, much more than what the original tax bills were for.

4) If the collecting firm has to hire a lawyer, then that gets charged to the homeowner as well.  The bloated legal fees for some of these lawyers can end up being the biggest expense of all.

5) If the tax liens do not get paid, the collecting firms move in to foreclose as quickly as legally possible.

According to the Huffington Post, Wall Street banks such as Bank of America and JPMorgan Chase have been gobbling up several hundred thousand tax liens from local governments.  It appears that “distressed housing markets” are being particularly targeted.

Many of these tax liens are sold in online auctions, so it is unclear if many local government officials even realize who the big money behind many of these shell companies is.

Once again, this is all perfectly legal, but it is more than a little distasteful.

The following video by the Huffington Post does a good job of summarizing what they found….

The truth is that there is a huge difference between the letter of the law and true justice.

Just consider the following tragic story from the Huffington Post article….

Barbara Carpenter, a 58-year-old disabled Ohio retiree, found herself in such a situation. The former worker for the American Red Cross struggled to save her Toledo home from a JPMorgan entity called Plymouth Park Tax Services, which in recent years has been among the nation’s top buyers of tax liens.

“It’s a great neighborhood and the house is in good condition,”said Carpenter, who paid $67,000 for the one-story home in 2004. But she fell behind in paying her taxes and a certificate for $1,500 in unpaid taxes was sold off to Plymouth Park, which is based in New Jersey.

Carpenter’s lawyer, Joseph Westmeyer, said Plymouth Park routinely charges an upfront fee of around $1,500 as soon as it buys the lien and 18 percent interest on the debt. If they don’t get paid, they foreclose.

“It’s not a good deal for poor customers,” said Westmeyer. Carpenter wound up selling the house in August for less than half what she had paid. Plymouth Park received about $12,000 in legal fees and other charges, including some additional taxes, Westmeyer said, quoting from court records.

Does that sound like an honorable way of making money to you?

Would you like to make your living by throwing elderly women out of their homes and into the street over unpaid tax bills?

Unfortunately, this problem is not going to go away any time soon.  One out of every six Americans is enrolled in a government anti-poverty program.  Tens of millions of Americans are barely hanging in there.  In addition, tens of millions of elderly Americans live on fixed incomes.  Meanwhile, property taxes just continue to go up in many areas of the United States.

Unless the U.S. economy experiences a dramatic turnaround, we are going to continue to see large numbers of Americans get behind on their property taxes, and the big banks will continue to be there to scoop up the tax liens.

Large numbers of poor and elderly Americans that don’t even have a mortgage will lose their homes and it will all be perfectly legal.  Executives at the big banks will be having a good laugh about their huge bonus checks as thousands upon thousands of our most vulnerable citizens are dumped out into the street.

But weren’t the big banks largely responsible for causing the housing crash and the economic meltdown that followed?

Yes.

But so far none of them is really paying any kind of a price.  The big banks got bailed out by the U.S. government, and now it looks like the Federal Reserve is preparing another round of “backdoor bailouts” to help them out again.

But do the big banks show any mercy on the poor and the elderly who have gotten behind on their property taxes?

Not at all.

This is 2010 – a time when greed dominates the financial world and when most banks don’t seem to know a thing about kindness or mercy.

lindsey williams – the new world order

Deathbed Globalist “Spills Gut” On Plan to Destroy America

  • The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

 

Kurt Nimmo
Infowars.com
October 21, 2010

Appearing on the Alex Jones Show today, Pastor Lindsey Williams provided further details on the ongoing plan by the global elite to destroy America, consolidate financial power, usher in world government, and reduce humanity to a slave class.

dollar
Gas prices will rise to between $4 and $5 per gallon in the next few months. Photo: Eden Picutres.

Lindsey Williams told Jones his source – described only as a CEO in the Big Three Oil industry who traveled in Bilderberger circles – is suffering from terminal cancer and “spilled his guts” to him on particular details of the globalist agenda now unfolding.

Pastor Williams said the world is now at a critical phase in the globalist takeover scheme and that within the next few months we will witness the following important developments.

Watch Russia and China

The globalists plan to use China and Russia to strangle America and Europe and eventually reduce both to third-world status.

Lindsey underscored the importance of a major oil export deal between Russia and China. “China reached a long-term deal to lend $25 billion to two Russian energy companies in exchange for an expanded supply of Russian oil, highlighting how the world’s No. 3 economy is using its financial muscle to lock up access to natural resources,” the Wall Street Journal reported in February. “Russia wants to secure customers and find a counterbalance to its dependence on Western Europe.”

According to Williams, trade between Russia and China will be not be conducted using the world’s reserve currency – at present the U.S. dollar – and this will further erode the value of the dollar and hasten its demise. In addition, the new trade will likely be used to bribe Europe into paying higher prices or possibly lose altogether its energy source provided by Russia.

This prospect become painfully obvious in January when Russia and Belarus failed to renew an agreement on crude oil export tariffs and a cut-off of oil threatened the European continent.

China is now the world’s largest energy consumer, having just passed the United States. As China becomes the preferred globalist model for the 21st century, its need for energy will come into conflict with the west.

On October 19, the New York Times reported on China’s aggressive stance on resources. “China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted some shipments of those materials to the United States and Europe, three industry officials said this week,” thus exacerbating already rising trade and currency tensions with the West.

Oil and the Dollar: Devices to Destroy the Economy

The globalists will once again manipulate the price of oil and further the process of destroying the economy and impoverishing the average American. According to Williams’ source, gasoline will rise to between $4 and $5 per gallon and this unprecedented price increase will reverberate throughout the economy with massive inflation and food and consumer price increases designed to decimate the middle class.

Oil prices are once again on the rise. Earlier this week, the price of oil went above $82 a barrel after a short-lived plunge in response to China’s surprise interest rate rise. Oil and gas prices have been rising to new highs since breaking through a previous high established in July 2008

In January, Williams told Alex Jones’ audience the insiders would devalue the U.S. dollar by 30%-50% within 12 months and oil prices would rise correspondingly.

The Federal Reserve has since announced its intention to begin a “quantitative easing” program — in short, to print more dollars, expand the money supply, and buy Treasury Bonds and mortgage backed securities — and in the process devalue the dollar. The dollar is at or near all time lows in relation to many currencies, a fact reflected in the USD Index, which dropped recently to 77.00.

Lindsey told Alex that increased oil and energy prices, an engineered devaluation of the dollar and price inflation will result in a drastically reduced standard of living for Americans. “Within two years,” he said, “you will not be able to do anything.”

Gold and Silver: Currency of the Elite

According to Williams, the global elite have moved into precious metals and consider it the only safe haven from the catastrophe now unfolding in paper fiat currency. Lindsey said the value of gold and silver will escalate significantly as the engineered economic crisis unwinds. The current price of gold at $1,388 an ounce is only the beginning.

Mortgage Crisis: Secret Instrument of Globalist Destruction

As Alex Jones and Infowars.com have warned for several years, the globalists have carefully engineered the mortgage crisis as a weapon designed to hold the American public hostage and eventually own all residential and commercial real estate.

Lindsey points out that the elite planned the current mortgage economic crisis in the 1980s and will allow it to fully ravage the economy to the point that the bankster cartel, through the Federal Reserve, will be asked to bailout the industry to the tune of around $45 trillion dollars. The result of this will the elite holding all mortgages and ultimately the destruction of all property rights once cherished by Americans.

We can see this game plan unfolding in “foreclosure-gate,” a term used by the corporate media to describe the full-court press effort by large banks to “robo-sign” foreclosure paperwork and grab property. “Foreclosure-gate is heating up and the mad scramble for what’s left of $45 trillion in real estate is guaranteed to leave homeowners homeless,” writes Chris Kitze.

Obama revealed his true colors as a teleprompter reader for the global elite when he gave a green light to JPMorgan Chase and Bank of America to resume home foreclosures, even as federal agencies have probed banks’ foreclosure-documentation process after at least three financial institutions in recent weeks said they would either review or suspend foreclosures because of possible errors. In other words, the process will be allowed to continue until the mission is accomplished.

Iran Attack Within 4-5 Months

Finally, Lindsey Williams’ insider source reemphasized the inevitability of war with Iran, likely within a 4-5 month period.

Although the prospect of direct confrontation with Iran has apparently diminished since the Islamic nation began operating its Russian-built Bushehr nuclear power plant, the threat has continued to simmer in the background. In particular, the globalist neocon faction demands a military “response” to Iran’ non-existent nuclear weapon program and insist bombing the country back to the Stone Age should not be “taken off the table.” Both Democrats and Republicans have repeatedly stated military action against Iran should be used in the event “sanctions” against the country fail.

Iran’s National Prosecutor General Gholam-Hossein Mohseni-Ejei noted earlier this month that the U.S. and Israel are currently engaged in a low-level or “soft” war against his country. “Mohseni-Ejei stated that the enemy has not abandoned the traditional means of confrontation with Iran and the enemy is training terrorist groups to create insecurity in the country,” the Tehran Times reported on October 3.

Williams’ source insists this low intensity covert war will break out into open hostilities early next year.

foreclosure gate

Foreclosure-Gate

If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months.  Foreclosure-Gate is about to explode.  It is being alleged that many prominent mortgage lenders have been using materially flawed paperwork to evict homeowners.  Apparently officials at quite a few of these firms have been signing thousands upon thousands of foreclosure documents without even looking at them.  In addition, it is being alleged that much of the documentation for these mortgages that are being foreclosed upon is either “improper” or is actually “missing”.  As lawyers start to smell blood in the water, lawsuits challenging these foreclosures have already started springing up from coast to coast.  In fact, some are already calling Foreclosure-Gate the biggest fraud in the history of the capital markets.  JPMorgan Chase, Ally Bank’s GMAC Mortgage and PNC Financial have all suspended foreclosures in the 23 U.S. states where foreclosures must be approved by a judge.  Bank of America has actually suspended foreclosures in all 50 states.  Now, law enforcement authorities from coast to coast are calling for investigations into this controversy and it could be years before this thing gets unraveled.

This thing just seems to escalate with each passing day.  It is being reported that the attorneys general of up to 40 U.S. states will be working together on a joint investigation into this foreclosure crisis.  Lawmakers in both houses of the U.S. Congress, including Nancy Pelosi and Christopher Dodd, have called for an investigation to begin on the national level.  U.S. Attorney General Eric Holder said last week that he is looking into the issue.  Things are certainly getting very serious out there.  Never before has there ever been such a national focus on foreclosure paperwork.

But apparently there are good reasons for such scrutiny….

*One GMAC Mortgage official admitted during a December 2009 deposition that his team of 13 people signed approximately 10,000 foreclosure documents a month without reading them.

*One Bank of America employee confessed during a Massachusetts bankruptcy case that she signed up to 8,000 foreclosure documents a month and typically did not look them over “because of the volume”.

But the “robo-signing” aspect of Foreclosure-Gate is just the tip of the iceberg.  Apparently there is a whole lot more going on than just a bunch of bad signatures.

Peter J. Henning, a professor at Wayne State University Law School in Detroit, was recently quoted by MSNBC as saying the following about Foreclosure-Gate….

“You’ve got so many potential avenues of liability. You don’t even know the parameters of this yet.”

The sad truth is that potentially millions of foreclosures across the United States could potentially be invalid because the securitization process has muddied the chain of ownership.  In fact, an increasing number of judges from coast to coast have been ruling that the “owners” of the mortgage have no right to foreclose on a property because they lack clear title.

At the core of this title controversy is MERS – Mortgage Electronic Registration Systems.  MERS is based in Reston, Virginia and it was created by the mortgage industry to enable that big financial firms to securitize and swap mortgages at high speed.  MERS allowed these big financial firms to largely avoid the hassle of filling out more forms and submitting new filing fees every time that a mortgage was traded.

But now MERS is facing some very serious legal challenges.  A recent article in Businessweek described the situation this way….

A lawsuit filed on September 28th in federal court in Louisville on behalf of all Kentucky homeowners claims that MERS was part of a conspiracy to create false promissory notes, affidavits, and mortgage assignments to be used in mortgage foreclosures. Similar class actions have been filed on behalf of homeowners in Florida and New York. Karmela Lejarde, a MERS spokeswoman, declined to comment on any pending litigation.

The reality is that as millions of U.S. mortgages have been bunched together and traded around the globe at lightning speed, it has become increasingly unclear who actually has title to them and who actually has the right to foreclose on these properties.

Title insurers have backed the titles of millions of these foreclosed properties and now potentially find themselves in a heap of trouble.  Some of the biggest title insurers have already begun circling the wagons in an attempt at damage control.  For example, one of the biggest title insurance companies in the United States, Old Republic National Title Insurance, has already declared that it will no longer write new policies for homes that have been foreclosed on by JPMorgan Chase and GMAC Mortgage.

So what happens if nearly all title insurers start avoiding foreclosed properties?

Won’t that make it much more difficult for the banks to sell the massive backlog of foreclosed properties that they have accumulated?

In addition, Americans that have purchased foreclosed homes may now be facing some serious problems themselves.  Millions of Americans may now “own” homes that they do not have clear title for.  When it comes times to sell those homes, many Americans may find themselves unable to do so.

Needless to say, this is a complete and total mess.

Already, U.S. banks have a record number of foreclosed properties that they need to clear out, and now all of this scrutiny on foreclosure paperwork and all of these lawsuits are going to grind the process of getting these homes sold off to a standstill.

In fact, the true legacy of Foreclosure-Gate may be the massive amount of bank failures that it causes.

It would be difficult to understate how much of a nightmare Foreclosure-Gate is going to be for U.S. mortgage lenders.  Having to go back through the paperwork of millions of old mortgages is going to be a complete and total disaster.  If banks end up being unable to foreclose on a large number of bad mortgages, it could potentially be enough to put many banks out of commission for good.  Not only that, but the legal fees that many of these banks will accumulate defending lawsuits related to Foreclosure-Gate will be astronomical.

The U.S. mortgage industry was already on the verge of death, and Foreclosure-Gate may just be the straw that broke the camel’s back.

The reality is that U.S. banks are drowning in foreclosures and this current crisis is just going to make things a lot worse.  Back in 2005, there were approximately 100,000 home repossessions in the United States.  In 2009, there were approximately 1 million home repossessions in the U.S. and RealtyTrac is now projecting that there will be an all-time record of 1.2 million home repossessions in the United States this year.

For the U.S. mortgage industry, Foreclosure-Gate must feel like someone has dropped a bomb on them after they have already been beaten up and doused with gasoline.

Attorney Richard Kessler, who recently conducted a study that found serious errors in approximately three-fourths of court filings related to home repossessions, says that Foreclosure-Gate could haunt the U.S. mortgage industry for the next ten years….

“Defective documentation has created millions of blighted titles that will plague the nation for the next decade.”

While it may be easy to beat up U.S. mortgage lenders and say that they deserve all this, let us not forget that this is going to impact a whole lot of other people too.

It is going to become much harder to get a mortgage.  It is going to become much harder to buy a home.  It is going to become much harder to sell a home.  The U.S. housing industry is likely to suffer a significant downturn due to all of this.  There is even a good chance that the entire U.S. economy could be dragged down for an extended period of time.

So no, Foreclosure-Gate is not good news for anyone.

Well, except maybe for lawyers.

But for virtually everyone else this is really bad news.  Any hope that the U.S. housing industry would experience a quick recovery is completely and totally gone.