Sometimes, the want to accomplish what’s legally right and the beliefs of a humanist is a Catch 22.
Case in point:
The Earls (2 parents plus 9 kids),
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In true “foreclosuregate” fashion, the family is claiming the lenders violated the law, while the new (rightful?) owner claims the family is breaking the law by breaking into his property.
Considering that the Earls were actually foreclosed upon, I’m assuming they fell under hard times and, in all likelihood,
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I predicted strategic defaults would increase in 2010, but I’m still having some difficulty wrapping my brain around a case where a family could be “legally” evicted, an investor buys the foreclosed property as an investment, remodels and successfully sells his/her investment property, but can’t collect because the evictee’s legal team successfully got them back into the property as squatters. For how long is anyone’s guess, but it would imply that a “he said, she said” legal wrangling will accomplish nothing but grinding a substantial percentage of the U.S. real estate market to a (short term?) halt, as well as question the validity of new normal American real estate law.
As Gerald Celente repeatedly says:
When people lose everything and they have nothing left to lose,
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It would appear some people are beginning to lose it, at least,
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For me, the scary thing here is, aside from families living on the streets of course, is that a trend emerges where the public no longer has confidence in the legal system, and begins to disregard the fundamental laws of basic American residential property rights. Worse yet, a scaled up version of these accounts gains momentum and anyone who lost their home believes it’s acceptable to give the legal system the finger because they believe it failed them.
Moreover, the long tail fear factor here reaches near unimaginable proportions when you consider just how much balance sheet wealth could evaporate if lenders/banks/mortgage back securities holders can’t provide adequate documentation to prove they own even 0.01% of disputed assets.
From an economic anthropological view, these are certainly extraordinary times in American culture that will likely have long felt repercussions.
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