The Stupid American And Mortgage Default

Either the poll Was Fixed or the American Public Is Incredibly Stupid.

There is no hope of financial literacy for the American public if one is to believe the astounding poll taken by Fannie Mae last year. The poll found that a majority Americans believe that it was the borrowers fault, not the lenders, when it comes to the blame for bad mortgages. What this is is a giant sleepwalk by the American public. The plan was to scam the borrowers. It was the fault of the lenders all along. The scam was organised and carried out by the lenders and their backers, the Wall Street financial banks that sold these crap bonds throughout the world.

The poll found this astonishing fact:

But industry fears of strategic default may be overblown, as nearly nine in 10 Americans and more than seven in 10 delinquent borrowers believe it is unacceptable to stop making mortgage payments altogether. Fannie found that only 39% of delinquent borrowers and 9% of underwater borrowers have seriously considered stopping payment.

This makes me sad and embarrassed to be an American. Since when does a scam rob you of the right to walk away from it? What is the ethical requirement to pay usury or unfair loans? There is no religious ethical requirement that I can think of. These banks are not your trusted neighbour, who you want to pay back. These banks are part of a very dark system that requires whatever you are foolish enough to give them.

So many of you people are so ill informed that you must be listening to liars or you are gaming the system to try to keep your own home values from crashing.What I mean is: it is in the homeowners interest to say that house prices have bottomed, as the poll reveals was the majority opinion. It is in the homeowners interest to say that it is the fault of the borrower, as that will keep the weak and wavering from walking away, or so they think.

But in the long run, it may not be in the homeowners interest to think that the banks are not at fault. The banks will scam us again if we don’t “get it”. The too big to fail banks must be laughing at we Americans after this poll. They must think that they can get away with anything!

While a small majority, 53 per cent, felt it was the borrowers fault not the lenders, that is still a majority. And with all the education out there about what the banks have done this is an unacceptable majority! Worse yet, only 39 per cent of people who are struggling have thought about defaulting. That is ridiculous. The prices aren’t going to bounce back. You are throwing your financial futures away.

Dumb Americans, tell you what. I am putting a poll of my own on this site (link below), and you can vote here. Tell me what you really think. Stand up for whatever you think. But remember, the big banks were given off balance sheet privileges in Basel 2, way before the liar loans. But the framework was set. And the scam was put in place. So learn a little here, and here and here before you vote.

The fact that banks are now allowing a writedown of principle is pretty much an admission that their loans were a scam.

Disclaimer: This is a protest website. Your tax or legal exposure for walking away is something you should check out with an attorney. If you have the balls, just hide underground, as this is a sort of guerrilla war that is being fought against the Class Warfare that comes from the top reaches of financial power.

To vote in the poll and read the rest of the article just go to where it was first published.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.