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Republicans Blame Homeowners, Not Banks for Foreclosure Fraud (VIDEO)

Republicans Blame Homeowners, Not Banks for Foreclosure Fraud (VIDEO)

The evidence continues to mount that the nation’s largest banks rushed through hundreds of thousands of foreclosures, and in so doing, likely wrongfully evicted thousands of homeowners in the process.  It’s gotten so bad that many in Congress have called for a halt to all foreclosure proceedings so that the depth of the problem can be properly addressed and a process put in place for sorting through those homes that should legitimately go through the foreclosure process and those where errors exist.

Throughout this process Republicans have been noticeably silent, perhaps choosing instead to campaign on platforms of intolerance toward gays and pandering to corporate elites rather than offer any substantive thoughts on the systemic fraud gripping the banking sector.

This weekend though Republican leader Eric Cantor chose to break his silence on the foreclosure crisis, with other Republicans quickly picking up the talking points.  And his position should come as no surprise.  Rep. Cantor came to the defense of the housing industry and laid blame squarely on the feet of the American homeowner.

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photo courtesy of respres via Flickr

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5:28PM PST on Jan 21, 2011

I didn't see the video bc it won't play on my computer. I just want to get some answers about what is being done to homeowners committing fraud to the banks. I know someone that stopped paying their mortgage back in 2009, filed two forebearance letters to the bank to stop it from going to sheriff sale. Has lived in the home from 2009 til present rent free. Now has enough money to put down on a new house and will let the house in foreclosure go to sheriff sale. There is alot more detail but to sum it up....Is this right?? I feel homeowners do this knowingly and this is a major part in the housing market crash!!

5:20AM PDT on Oct 19, 2010

The clip shows the brilliance but the ruthlessness of the Republican't marketing strategy. And it is marketing. They have extensive analyses on the psychology of buyers (voters) and sellers (politicians), some of it gathered from studies of mass and crowd behavior from long-gone eras. (They don't want to emulate Nazi Germany, per se, but you can bet that their party advisers have studied extensively the ingenious strategies of Goebbels, etc. that so duped and wowed the majority of Germans in the '30s. Ditto how they fired up their party to get Reagan elected. They have combined modern, deceptive techniques of persuasion (see the great book by Jacques Ellul), the function of mass advertising psychology, and the tools of propaganda (i.e., Fox) to mislead Americans and motivate them against our collective, public interests. They are smug about repetitive deception, confident in its effect, and declare live on national TV -- without humility, qualification or compassion -- that the housing crisis is the fault of homeowners, imply that the banks and finance concerns are largely without culpability, and then fully expect a majority of duped and abused homeowners to vote for them! After which the Republican't tea baggers will quite deliberately screw everyone even worse! This is verbal and political ju jitsu -- be aggressive, deceptive, and use your adversaries' energy against them. To paraphrase the movie 'Deliverance': "The truth! Where's the truth?!"

8:34PM PDT on Oct 15, 2010

Republican banking policies caused the economic meltdown in the first place! Then after putting the entire world into recession Wall Street elites pay themselves $20 billion in 2009. THAT'S EQUIVALENT TO 500,000 JOBS PAYING $40,000.00 A YEAR!!! Now the Republicans blame the people.
Ask yourself what makes for a better, more stable, economy. Half a million good American jobs? Or a handful of billionairs investing offshore to avoid taxes?
The bankers and their pawns, (the Republicans), are just in it for themselves. And they'll use any and all means to keep their gravy train running.

9:13AM PDT on Oct 14, 2010

I think that there is enough blame to go around for everyone.

Absolutely, bankers head the top of the list. But, honestly, I saw this coming when speculators, including Mr.amd Mrs. John Q. Public, started treating real estate like slot machines and "flipped" houses as a "job", often getting a LOT more than their asking prices. That, in itself, portended a disaster in the making. What sane person goes into a store and bids UP the asking price of goods?

Not only did that contribute to hugely over-inflated housing prices, it caused many older people, who had lived in their homes all of their lives, to lose their homes, because they could no longer pay the real estate taxes on their own modest homes, because the hugely increased, but false, real estate values caused a correspondent HUGE increase in their taxes. They were some of the first victims of this debacle.

Further, many people were no longer satisfied with a modest or typical house. No, they had to buy a McMansion. Why? Most of them could not afford them in the first place. Many were stretched tight making payments, even with 2 incomes. Another recipe for disaster. Others lied about their income, so they could get a house they knew they could not afford. That is insane. Did they REALLY think that was going to work out?

Bankers and others who cheated buyers and who looked the other way when they knew false incomes were reported, are also to blame. So many are culpable. It was all GREED.

9:12AM PDT on Oct 14, 2010

either of these speakers is very good! Listen to yourselves, folks!

7:41AM PDT on Oct 14, 2010

Oops (cont) rattlesnakes. Thanks for a laugh Jennifer T.

7:39AM PDT on Oct 14, 2010

I loved the comment about

3:39AM PDT on Oct 14, 2010

The federal government should declare a moratorium on foreclosures. If a home buyer is up-to-date on payments, the bank should have no cause for either foreclosure or penalties. If the home buyer falls behind on payments, the federal government should buy the house the price determined by the formula the local property tax collecting government uses to set assessed values applied in reverse and rent it to the occupant for 30% of income until the home buyer is able to resume payments. When the home buyer is able to resume payments, he should buy it in installments same as the original mortgage from the federal government.

9:08PM PDT on Oct 13, 2010

Sooo, let me see if I understand..Bankers(who raked in then, and continue to rake in now)massive bonuses and salaries, banking types whom it is explained to us are justfied those outrageous compensations, because of their extreme 'savvy' in fiscal matters...are not to be blamed-could not have anticipated what happened..but Mr and Mrs working American with no such background in fiance was and is? Is that their stance? Despite repeated examples of how these 'experts' shoved anyone they could con with a huge advertsing blitz(and promoted by a sitting prez as well) into mortgages even when docs show they knew many couldnt afford it, or could potentially run into problems when the loans reset? Who in many documented instances lied thru their perfect teeth as to loan doc true terms and content? And now these same banker whiz kids are hiring hair stylists and Walmart clerks-listing them as foreclosure 'experts', who, when deposed, aren't even able to tell reviewers what the foreclosure stuff they were hired to rubber stamp means? Couldn't in some cases even define words asked them at random off the forms they signed off on? But it's all the homeowners fault????? In what universe do these blame-the-victim types live? That's kinda like saying a surgeon isn't responsible for operating on the wrong person because the MAN didnt wake up and tell him he wasn't in for a hysterectomy! You SHOULD be able to count on experts-thats supposedly why they are called EXPERTS!

8:15PM PDT on Oct 13, 2010

it has become surreal...yet people will vote for the tea party and the ultra right of the republicans...on 2 November...without having a clue why...and when it is all over and they have control of the the house and the senate...then ....then they will realise what it is they did...but it will be too late...

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