This gentleman is an inspiration! I hope to be retired long before I turn 106, if I am lucky enough to live that long. Maybe I will have my house paid off by then. In the meantime, enjoy this brief video and Happy Holidays from me.
From CNN last week:
Wow, it has been weeks since I have added a new entry to my blog! Life has been very busy with business and personal issues. I hope to be adding material more often in the upcoming months. One change implemented over the past month is my updated website, www.livingintucson.com, which now includes my blog.
I watched tonight’s episode of 60 Minutes and the first story was called “The Next Housing Shock”.
The report detailed robo-signings of forged mortgage documents including interviews with people who were employed to sign 350 signatures each hour on falsified mortgage documents for loan servicers to foreclose homeowners. The Wall Street appetite for mortgage backed securities was insatiable. Mortgages were bundled and sold throughout the world to investors. There were good loans and bad loans in these bundles of loans. As the housing market started failing, hundreds of thousands of mortgages were performing badly and the loan servicers initiated foreclosure proceedings. The problem is, you may make your payments to a mortgage company such as my former company, American Home Mortgage Servicing, but American Home Mortgage does not own the mortgage. Who does? The mortgages are owned by many different investors, however it is very difficult to unravel the web and ascertain who actually owns the loans! Phony documents were created to expedite the foreclosure proceedings and now there are thousands of lawsuits out there with all 50 state’s attorneys general involved to get this horrible mess cleaned up. Personally, I think the banks should take some of their record profits and TARP funds and be accountable. After all, the banks and Wall Street created this debacle and reaped the benefits when the cash was rolling in. It’s time for them to share the pain that American homeowners have been experiencing.
The economic crisis is out of control, as Bank of America and the corrupt corporate elite continue to wage class warfare. It’s time we hit back hard. It’s time we fire CEO Ken Lewis.
SEIU have been courageously leading this fight. We need to follow their lead and encourage everyone to demand the resignation of Bank of America CEO Ken Lewis. After all, Lewis works for us now. Tens of billions of our taxpayer dollars went toward bailing out Bank of America, but what have we received in return? More predatory lending, billions wasted on exorbitant salaries and executive bonuses, and corporate lobbying.
Watch the video narrated by former Labor Secretary Robert Reich, and see for yourself why we must fire Ken Lewis.
