THE CLAIRE FOSS JOURNAL
Refugees are Flooding into
Refugees are flooding into
of 2007, the city of
There are now
tent cities being built outside most large metropolitan areas, one of the
largest of which is in
homelessness situation has grown so rapidly in the
Canadians will also need to be prepared for this influx, especially considering that the average processing time for a refugee claim in Canada is currently 14.2 months, "a period during which the applicant is eligible for financial and other support. A failed claimant then also has the right to seek leave to appeal his or her rejection to federal court." If the American refugee crisis continues to grow as analysts predict, then the cost to Canadians will be astronomical.
Aside from tens of thousands of Americans becoming refugees in their own country, there is another problem. As The Atlantic is reporting, "the subprime crisis is just the tip of the iceberg. Fundamental changes in American life may turn today's McMansions into tomorrow's tenements." Over 60% of the homes in certain communities "were in foreclosure as of late last year. Vandals have kicked in doors and stripped the copper wire from vacant houses; drug users and homeless people have furtively moved in."
"The experience of cities during the 1950s through the '80s suggests that the fate of many single-family homes on the metropolitan fringes will be resale, at rock-bottom prices, to lower-income families-and in all likelihood, eventual conversion to apartments much of the future decline is likely to occur on the fringes, in towns far away from the central city, not served by rail transit, and lacking any real core. In other words, some of the worst problems are likely to be seen in some of the country's more recently developed areas-and not only those inhabited by subprime-mortgage borrowers. Many of these areas will become magnets for poverty, crime, and social dysfunction."
All of this is occurring while: the US government bails out Wall Street; credit card companies raise record amounts of money by issuing shares; the economic crisis draws comparison to the 1929 stock market crash; investigation of predatory banks gets killed; The Federal Deposit Insurance Corp. prepares for bank failures; and the Federal Reserve Bank of Atlanta releases a crisis preparedness video.
Some Americans are discovering that they are able to keep their homes and
save themselves from becoming refugees by challenging the banks. All they
are doing is asking the courts for proof that the banks own the mortgage
notes that they claim to own. "Judges in at least five states have stopped
foreclosure proceedings because the banks that pool mortgages into
securities and the companies that collect monthly payments haven't been able
to prove they own the mortgages." More on this at "Banks
Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish."
I personally know what I would be doing if I owned a mortgage in the
Thanks to David Creighton for bringing this article to our attention