FOX NEWS

Saturday, October 2, 2010

MORE ON THE MORTGAGE CRISIS FACING AMERICA

The article below was written by Jennifer Brunner, the Ohio Secretary of State. It's another further indication of just how much damage has been done to our economy by the bankers and the creation of Mortgage Backed Securities. The clouds are gathering and the storm is on the horizon.

"There is a gargantuan storm brewing. The conditions were set for it with Congress' repeal of the Glass-Steagall Act in 1998, loosening restrictions on banks to sell securities and still lend money for consumers to buy homes.

In just 12 years these pressure fronts are about to erupt because of something as simple as how documents are notarized. I am reminded of the fact Timothy McVey was apprehended, not because he robbed a bank, but because the tags on his car were expired. One thing leads to another, and what unfolds is the discovery of something so fundamentally wrong that it can't be ignored."

To read more go to The Huffington Post.

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