2009-01-23 / Letters

Too Many Foreclosures

Dear Editor,

According to reports there are twelve thousand home foreclosures every single day, and that trend is expected to continue, or even increase over the next two to three years. Unfortunately we have to turn to the very same people that caused the problem, to resolve it. The banks are the key players in this fiasco, but the banks are powerless without the help of our congress and senate representatives. That's where it all starts. Our representatives are shafting us, (the little guy) big time and we are in for a bigger shafting. The recently bailed out, not once, but twice, insurance agency AIG and Bank of America do not pay taxes to the United States. According to reports they, AIG and Bank of America, filter the money through the Cayman Islands with the help of our federal representatives. Not bad, eh. And the same phony representatives will sit there and tell us it is perfectly legal. No doubt the next round of bailouts will focus on the foreclosures. That's when the sharks move in for the kill. The foreclosures will be sold for pennies on the dollar, but not to the average Joe looking to buy a home, but to the sharks, in a bulk purchase. Any kick backs involved?

Of course the legalized gangsters, (the banks) with the help of our representatives will tell us that it is better for everyone to do it this way, because the banks can recoup the money faster. Nothing could be further from the truth. Here's how I believe it is going to work. Let's say a bank has 100 foreclosures in their possession, and they want to get rid of them as fast as possible. Along comes the banks chosen shark and offers ten thousand dollars per foreclosure. The shark can then sell the foreclosure to one of his clients for one hundred thousand dollars. It's still a good deal for the buyer, but a real sweet heart deal for the shark. No bailout money for banks should happen before that loophole is closed, and let the people deal directly with their neighborhood banks. Do you think that is going to happen? Of course not. If that was to happen our representatives couldn't wheel, deal, and steal. No kickbacks.

Where did these sharks learn their trade? From the government. Let me give you an example. Here in New York City if you don't pay your real estate taxes on your home for three years, or any kind of a lien, a water bill for example, and one year on commercial property, the city sells all the tax liens to one entity. It adds up to average twenty five thousand properties each year. To my knowledge the city never revealed what the liens were sold for. I had a water bill of four thousand dollars in dispute on my building on Beach 116 Street. While I was waiting for a water meter test the city sold my lien to a company in Maryland. I couldn't talk to a live person in order to pay off my bill to save my property, and that's the way they, (the company in Maryland) wants it. After numerous wasted phone calls and some successful letter writing it cost me six thousand five hundred dollars to pay off a lien I did not owe. This, in my opinion, is a massive fraud perpetrated by the city of New York on it's own taxpayers. The city should be compelled to publish how much the liens were worth, and how much they received for the liens. We don't need to know about kick backs.

The mess we are in is because of rampant corruption in every branch of government, and when there are four million people going to lose their jobs this year, and millions more have exhausted their unemployment insurance, the thieves in congress are not a bit worried.

JOHN BAXTER

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