Hat Tip to Zero Hedge for exposing the Chase Bank, "Housing, a Time To Buy" investment document.

Zero Hedge found this interesting Chase Bank Document called, "Housing, a Time to Buy", by Dr. David Kelly and David Lebovitz.


The excerpt I found particularly revealing was the revelation by Chase Bank that "Since the first quarter of 2006, the value of home equity (in the United States) has fallen from 13.5 trillion to 6.2 trillion, a 54% decline".


U.S. Homeowners have lost 7.3 trillion in home equity between the first quarter of 2006 through 2010. Factor in that at least 5 million homeowners were foreclosed upon during that time period and that it was a new homeowner that benefited by buying the home at a fraction of what the prior homeowner had paid for the home. 


The argument could be made that the loss of home equity was even greater than 7.3 trillion since the banks have repossessed so many homes.


In some instances, employees of the banks could have prioritized placing their own families, friends or business associates into homes that had been repossessed and were incredible values.


So it is possible that the 2006 homeowners lost even more than 7.3 trillion, perhaps as much as 8 to 9 trillion.


Meanwhile, the ratio of Credit Card debt to home equity has doubled, crippling the buying power of main street. 

Yet, to this day, no debt, be it credit card, student loan, or home mortgage, can be restructured unless the debtor is first defaulted upon by the banks.

You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.

Not Breaking News because it's almost 16 months old, but Diane E. Thompson's July 16, 2009 Senate Committee Hearing critique of HAMP is STILL VALID.

Barack Obama has chosen to take a path of deception regarding HAMP that has resulted in over a million homes being unfairly foreclosed upon even though Obama was publicly warned about what was wrong with HAMP back on July 16, 2009!

Barack Obama's impudence recently escalated (Oct.27, 2010) when he had Chief of Homeownership Preservation Office Phyllis Caldwell give verbal and written testimony Before the Congressional Oversight Panel | RealEstateRama that claimed everything was fine with HAMP.

What is incredibly amazing is that on July 16, 2009, Diane E. Thompson gave written and verbal testimony in front of Congress identifying practically every problem related to HAMP that appears to have still gone unresolved almost 16 months later!

If you are an attorney representing a homeowner who was subjected to violations of how HAMP was supposed to perform, and those violations occurred well after July 16 of 2009, you can click here to read the written testimony given in front of the United States Senate Committee on Banking, Housing, and Urban Affairs by Diane E. Thompson.

The question remaining to be asked is, is it fair and reasonable that 16 months after receiving official notification in front of the Banking, Housing, and Urban Affairs Committee by Consumer Advocate Diane E. Thompson that Barack Obama and his administration are still using a poker face to say everything is fine, when the problems outlined by Diane E. Thompson 16 months ago still remain?

If I were a homeowner with a HAMP case and a good lawyer, why not subpoena Barack Obama? Barack Obama has not only taken credit for HAMP when he first announced it, he has recently had one of his paid personnel go in front of a congressional oversight committee and say the HAMP program is a success.

Is that not perjury?

If it is perjury, than Barack Obama needs to answer more questions in court over this matter, no?

(Edit Update - Nov. 27, 2010 11:04PM)

You can find congressional video and transcription links to all three congressional hearings on home foreclosures and mortgage service investigations by clicking here.