Category Archives: Recession

Financial Turmoil Evokes Comparison to 2008 Crisis – NYTimes.com

I know that this blog is dedicated to Foreclosure Defense but this post, I feel, is important to all of us, especially those of us in or facing foreclosure.  For me, it is all the more reason to fight your foreclosure, which is still laden with fraud from the inception of the loan to the filing.

Standing is still the main issue.  You cannot get around the fact that those taking the action DO NOT HAVE the right to do so as they do not OWN your mortgage note.  I don’t care about the “show me the note” defense as merely holding the document does not mean your “own” the document.  Sorry, all you lawyers and judges who think that way.  If I give you the title to my car – unsigned – to “hold” for me does that mean you have ownership of my car? No!  Does that mean you can “sell” my car?  No! Then obviously possession is not 100% of the law, is it?

As the Recession deepens once again, banks will be moving to foreclose even more so as to retain the financial benefits they derive from doing so.

In addition, knowing that things will be getting worse, we can all try to make new plans to survive the tide once again.

For those who think the Recession has been over, think again.  Talks of another Recession have been in the media for weeks now.  However, I believe that the Recession has never ended.

Here now the link to the title story:

Financial Turmoil Evokes Comparison to 2008 Crisis – NYTimes.com.

For those who think the Recession has been over, think again. Talks of another Recession have been in the media for weeks now. However, I believe that the Recession has never ended. No you say? No! Just ask those nearly 18 million under and unemployed. Just ask the millions of new people facing foreclosure – not due to over buying but due to lack of earnings caused by this Great Recession. And, ask those who once again lost much of their money in the stock market. Not much has changed. Only the government guided media trying to convince us – as always – that “things are OK and moving forward. That attitude by government that if they tell us things are OK long enough – We, The Stupid People – will believe them and begin to function as if nothing is wrong. WRONG! Can’t function normally, we have no money to do so. The Recession will dip once again and as I have been saying, the worst is yet to come. Guide yourselves accordingly.

Mortgage News Daily Reports…The Truth On the State Of Our Economy

I frequently refer to “feel good” reporting by most of our media and specifically our government. Feel Good reporting is telling the public what they would like to hear not what is.

The government, special interest groups and primarily main stream media believe that if we think it is ok it will be ok. They believe that the truth would create a panic and make things even worse.

Every now and then there is a publication that does not function in that manner. Mortgage News Daily is one of them. Here is the link to one of their most recent reports:

Not-so-Happy Credit Squeeze Milestone

Please take the time to go to this link and read the report.

Here is the comment I posted to their post:

Comment by Larry Rubinoff of TheMortgageCorner.org
Posted: 8/7/2008

FINALLY!
A report disclosing the truth however hard it may be to accept.

What I mostly congratulate you on is the following paragraph:

“Most of the reports on home sales, foreclosures, prices, etc., that we cover from such researchers as Case-Shiller, the National Association of Realtors (NAR), the Office of Federal Housing Enterprise Oversight (OFHEO) are lagging indicators and only indicate the trends from two to four months earlier. For predictive purposes they are virtually useless. Some of those collecting and releasing data have their own agenda and skew their interpretation accordingly”.

A most important statement – one which I have been stating in my other writings as well as making direct challenges to authors – is the last sentence, “Some of those collecting and releasing data have their own agenda and skew their interpretation accordingly”.

I call this “feel good” reporting by those that want to have everyone look through rose colored glasses with the belief that if you think everything is OK it is.

Let’s face it, the economy is probably in the worst shape it has been in since the Great Depression. Like the Great Depression however, the rich are gettng richer while the average American is getting broker.

I congratulate Mortgage News Daily for having the “guts” to print the truth and the reality of what is. Contrary to the belief of some with their “own” agenda, the American people are not that DUMB.

One needs only to go to the unemployment lines and ask those people if everything is OK. Ask the millions that are being foreclosed on (and many, if not most, not due to mortgage fraud).

In fact, don’t even ask anyone. Just go to the grocery store, the gas station, pay your utility bill and look at the value of your savings and investments – if you still have any.

Everything is NOT OK and will not be OK for quite some time. The first step in any 12 step program is to “admit your problem”. Until we do, no changes will happen.

Thanks again MND.

Here is a link to the publication should you want to follow them as well.

Economic News We Don’t See In The U. S.

As most Americans continue to feel the impact of the economic slowdown, the true impact of our condition is not fully disclosed by U. S. media. Depending on the media source, information is biased towards the source’s own interests.

The National Association of Realtors (NAR) tends to want to keep reports optimistic. Their interest is to promote sales for their members, the realtor. Indeed, many reports they issue attempt to accomplish this.

Our major media outlets such as Fox News, CNN, NBC, CBS, ABC with all of their cable affiliates tend to report based on their views and probably those of their advertisors. After all, if conditions are reported to be as bad as they are, many would not purchase the products advertised.

Here are links to give you views from Europe and more specifically England. I found this information to confirm many of my views. You decide for yourself. The credibility of the sources certainly speak for themselves.

Barclays warns of a financial storm as Federal Reserve’s credibility crumbles.

From: Telegraph.co.uk Last Updated: 12:01am BST 28/06/2008

A prediction of a “deep global recession…”. The article opens with:

US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard.

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero”.

“We’re in a nasty environment,” said Tim Bond, the bank’s chief equity strategist. “There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve
their wealth.”

“Strategists at Barclays accuse Ben Bernanke of a policy blunder”

The article goes on to say:

Mr Bond said the emerging world is now on the cusp of a serious crisis. “Inflation is out of control in Asia. Vietnam has already blown up. The policy response is to shoot the messenger, like the developed central banks in the late 1960s and 1970s,” he said.

“They will have to slam on the brakes. There is going to be a deep global recession over the next three years as policy-makers try to get inflation back in the box.
Read the full story…..

RBS issues global stock and credit crash alert
By Ambrose Evans-Pritchard, International Business Editor, Telegraph.co.uk
Last Updated: 12:19am BST 19/06/2008

Here Royal Bank of Scotland (RBS) opens with:

The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.

“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.

A report by the bank’s research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as “all the chickens come home to roost” from the excesses of the global boom, with contagion spreading across Europe and emerging markets.

Read the full story…..


Be sure to follow the other links in these two articles as they contain some very good insight as well.



I have been a realist throughout this so called housing bubble or mortgage meltdown. I draw my conclusions from my own experience and those of others.

Most business people I speak with are having “meltdowns” of their own. Most individuals are feeling the economic impact of higher fuel and food prices. Many are unemployed or facing unemployment. Many are unable to find new jobs or create new business to sustain themselves. Too many are losing their homes, cars, savings and dignity yet our domestic media continues to tell the masses that things are getting better, not to worry, keep spending as this will soon be over.



They claim we are not yet in Recession. I claim that we have been for over a year now. I further claim that when this plays out in history it will prove to be “greater” then the Great Depression.



The wealth of this nation is being transferred to a few at the expense of “the nation”. These few will prosper and profit while the rest of us will fall into hunger and homelessness.


I don’t mean for these comments to frighten people. We need to establish reality, prepare ourselves accordingly and more importantly, LET OUR POLITICIANS KNOW WE KNOW. FORCE THEM TO ACT ACCORDINGLY “FOR THE PEOPLE”.

From a sub prime crisis to a NATIONAL DISASTER, continued

Jim Rogers Predicts U.S. Economy Will Enter Worst Recession `in a While’
From CNNMoney.com/Fortune
February 3 2008: 7:07 AM EST

Others are seeing and verbalizing just what I am but don’t take it from me, I don’t have the credentials, only the living experience to make my judgments by. But you can take it from Jim Rogers (a brief bio in the article) who DOES have credentials. What struck me the most was his comment:

“We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”
Jim Rogers

In my previous post, I called it a National Disaster. For too many months now there has been a cover-up on what has actually occurrred, who caused it and “who” condoned it.

As the days and months go on, more and more TRUTH is coming out. Notice however, not from our government sources nor our main stream media-NBC, CBS, ABC nor even CNN whose on line edition carried the subject story of this post.

While Mr. Rogers is also writing about how one can make money in a bad and even real bad economy, his comments only apply to those few who have sufficient money to pursue an investment strategy. For many Americans this is not possible. Those being hurt the most, the middle class, is struggling to just survive with no time or funds to figure out how to thrive. I don’t hold this against Mr. Rogers or anyone else in this society of ours who has the financial capacity to survive and thrive so long as they do something to help the rest of us.

To me, his statements in this story is that something. It is something you won’t hear on the six o’clock news but has to be brought out into the open. Until we can all admit to the problem we cannot begin to correct it. Our politicians and our government as a whole are feeding us “feel good” fixes to cure the hangover for the moment but not the disease. An alcoholic in denial cannot ever begin to curb the problem because they claim they don’t have one. Yet they remain drunk day after day while their families, jobs and friends suffer.

This country is an Economic Alcoholic. We are experiencing the “Perfect Economic Storm” and have no one to treat us or steer our ship safely through the storm. In effect, we are a bunch of drunken sailors attempting to navigate and sail a ship through a hurricane without a compass, radio equipment or even a map.

Notice our political candidates are speaking very little of the economy and also notice that we hear very little news lately from our war zones. We are being fed little drips of alcohol to keep us from focusing on the real issues at hand that IS affecting the majority of us on a daily basis.

This forum was created to dispel the myths being told about the mortgage industry and the workforce within so as to put the blame where it aptly should be. Today some of this truth is surfacing. The law suits and actions being brought by local and state governments as well as others will begin to expose the true causes of this “National Disaster” but just learning the cause will not correct the problem for you and me.

From a sub prime crisis to a NATIONAL DISASTER, continued

Jim Rogers Predicts U.S. Economy Will Enter Worst Recession `in a While’
From CNNMoney.com/Fortune
February 3 2008: 7:07 AM EST

Others are seeing and verbalizing just what I am but don’t take it from me, I don’t have the credentials, only the living experience to make my judgments by. But you can take it from Jim Rogers (a brief bio in the article) who DOES have credentials. What struck me the most was his comment:

“We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”
Jim Rogers

In my previous post, I called it a National Disaster. For too many months now there has been a cover-up on what has actually occurrred, who caused it and “who” condoned it.

As the days and months go on, more and more TRUTH is coming out. Notice however, not from our government sources nor our main stream media-NBC, CBS, ABC nor even CNN whose on line edition carried the subject story of this post.

While Mr. Rogers is also writing about how one can make money in a bad and even real bad economy, his comments only apply to those few who have sufficient money to pursue an investment strategy. For many Americans this is not possible. Those being hurt the most, the middle class, is struggling to just survive with no time or funds to figure out how to thrive. I don’t hold this against Mr. Rogers or anyone else in this society of ours who has the financial capacity to survive and thrive so long as they do something to help the rest of us.

To me, his statements in this story is that something. It is something you won’t hear on the six o’clock news but has to be brought out into the open. Until we can all admit to the problem we cannot begin to correct it. Our politicians and our government as a whole are feeding us “feel good” fixes to cure the hangover for the moment but not the disease. An alcoholic in denial cannot ever begin to curb the problem because they claim they don’t have one. Yet they remain drunk day after day while their families, jobs and friends suffer.

This country is an Economic Alcoholic. We are experiencing the “Perfect Economic Storm” and have no one to treat us or steer our ship safely through the storm. In effect, we are a bunch of drunken sailors attempting to navigate and sail a ship through a hurricane without a compass, radio equipment or even a map.

Notice our political candidates are speaking very little of the economy and also notice that we hear very little news lately from our war zones. We are being fed little drips of alcohol to keep us from focusing on the real issues at hand that IS affecting the majority of us on a daily basis.

This forum was created to dispel the myths being told about the mortgage industry and the workforce within so as to put the blame where it aptly should be. Today some of this truth is surfacing. The law suits and actions being brought by local and state governments as well as others will begin to expose the true causes of this “National Disaster” but just learning the cause will not correct the problem for you and me.

US recession is already here, warns Merrill

By James Quinn, Wall Street Correspondent as published in TELEGRAPH.co.uk
Last Updated: 12:05am GMT 08/01/2008

I find it interesting to read publications from around the world concerning the U. S. In this case, a Wall Street reporter is reporting on the economic views of Merrill Lynch’s David Rosenberg, the bank’s chief North American economist.

In the article Mr. Rosenberg states that based on the four major economic indicators for November and December, the U. S. economy is not only headed for a recession but the recession has begun.

Mr Rosenberg, who is well-respected on Wall Street, argues: “According to our analysis, this [recession] isn’t even a forecast any more but is a present day reality.”

I reference this article as I see very little in the way of truth being reported. Much of what I read says things are getting better, the housing market will recover in the first quarter, recession MAY be a possibility.

I have had many arguments on this topic. Recently, I questioned an article and its’ author in a web publication, Realty Times. In piece by Kenneth R. Harney, Real Estate Outlook: Will Housing Turn Around?, he quotes two economists as saying there will be improvement in 2008. One claim made is that housing sales will graduallly rise over last year.

Now here is my problem with reports like this. The economists quoted are employed by The National Association of Home Builders and the other by The National Association of Realtors. Both would appear to be biased towards their constituents. Don’t get me wrong, I AM in the mortgage business, I NEED housing sales to increase as much as they do. Without the builders and the realtors I don’t have a business. Realty Times is a good informative publication geared primarily towards realtors. It contains much good information and most often statistically correct. But in this case, saying things are getting better gives everyone a false hope. It tends to cloud our thinking and most important our planning process.

My position has always been that until we recognize and admit to the reality of the situation, we will never begin to take the proper actions to correct and improve it.

If I know something is broken then I can fix it, but if I am told it is not broken or is being fixed then why should I bother to do anything.

But this crisis will take all of us working to fix it. After all it was ALL of US that contributed to it.
Wall Street, banks, foreign banks, foreign investors, builders, developers, realtors, mortgage professionals, buyers and sellers. Our combined greed kept the market growing and inflating as our government sat back and enjoyed their free economic ride.

I don’t believe that government regulation and more legislation will fix the problem. In fact, it may do more damage before it does any good. Sure there is some regulation that is needed to level the playing field and perhaps equalize the process nationwide but the ultimate fix rests in our hands.

We need to know what the situation really is not what someone believes it to be. I am not an economist nor some economic guru, I am just an individual who can see the lack of liquidity in the economy, the continued slow down of sales (November was the lowest level of real estate sales in 12 years) and the overall increase in prices on staples. My business has decreased, many of my friends and associates in both real estate and mortgages are out of work or out of business. The picture is not rosey.

If indeed we are in a recession, then it is time we pull together as a nation, work together to limit the number of foreclosures thereby stemming the declining values and keeping people in their homes. I am not saying that everyone should get a “free ride”, there is no free lunch but working together can make a difference. We don’t need government subsidies we just need for the owners of all that mortgage paper to maybe say getting paid something is better then getting paid nothing.

We have a lot of work to do in 2008 and for years to come. The sooner we begin the sooner it will turn around.

%d bloggers like this: