First, and this is the hardest part, start your own bank. I know, I know, before you start laughing, you’re saying, “where will I get that sort of money?” But the great thing is, if you tell the government that you’re a bank and you have a business model that doesn’t work they will give you money. Alot of money! Now, here is the tricky part. You put that government cash in a shoebox, but you still need money for your bank, for your big house, a big ubiquitous building in some downtown financial district and maybe a cute little something on the side.
How do you get that money? You steal it!
Ha! you say. People go to jail for stealing, and have to pay back what they stole. Wrong. Not if you’re a bank, and not if you steal from the right people. Remember, you are too big to fail. Oh, and you’ll need money for political contributions and security too, because unlike banks before deregulation, your business model is no longer based upon providing an honest service for an honest fee, but on theft. When the protesters show up to express their outrage, using some silly document they call “the constitution” or some such, your political friends will provide courts and police against the so-called citizens. Security will get you home.
Sound farfetched? Sound like I’m using sarcasm-packed hyperbole? Take the case of Mary Bonelli, whose home was bought and paid for decades ago. Now fast forward to the mid-nineties. Mary and her sister take out an $80,000 Dollar loan to fix the burden of years and living on the modest red-brick two-flat their grandparents purchased in 1921 after arriving from Russia. It is reasonable that to secure the loan Mary and her sister handed over the title to the house to the bank. They made the repairs and made the payments to Fifth Third Bank. So far so good, right? Once they paid off the loan, which they were well on their way to doing, they’d get the title back. Honest business.
Back about 2010, amid the economic downturn (for the average American, but a windfall for banks as they virtually looted the treasury)Mary’s house was still valued at $250k. The Cook County assessor valued the house and lot at the same value a year later. In 2012, like every piece of real estate in Chicago, affected by the economy, the value dropped. Not by alot, the 2012 assessment was still around a modest $200,000. By then Mary and her sister had been paying on their home repair for the better part of 15 years. The house, paid for all those years before the loan, would soon be theirs again.
Then something interesting happened. Fifth Third bank simply stopped accepting their payments. Mary and her sister, now both sick, were still current on their payments. The bank just wouldn’t take their payment anymore. Furthermore, they just wouldn’t, couldn’t or refused to give the elderly sisters any information about why they were no longer taking their payments. Incidentally, all that money remains in their account.
Well, come to find that the bank had sold the title to Fannie Mae, and that Fannie Mae is now undertaking foreclosure proceedings against the property. The why in that equation is a simple one. Fannie Mae wants its money, and now as “holder” of the title, it needs to eliminate the last obstacle to that money: Mary Bonelli and her sister.
This is how it appears to me, and I have reached out to Cook County Sheriff Tom Dart for a clarification if I am wrong, but based on the facts thus far, this is a case of theft. From my point of view, and I will give everyone ample opportunity to state their side, but it appears that Fifth Third Bank stole Mary Bonelli’s house and fenced it to Fanny Mae, who now wants to liquidate the stolen property to make their money back.
So far Sheriff Dart has not responded, and he is welcome on the radio show to help clear the air or, as a Law Enforcement officer, detail the steps to right this apparently clear criminal behavior.
See, if you needed say, $200 bucks to fix your car and you gave me the title for keeping until you paid back the two hundred, the car really isn’t mine. The $200 was. The car is just a little security to get back my cash. Now, say you are giving me $25 a month and after the 5th month I just stop answering your calls or excepting the $25 because I decided to sell the title to your car to someone, in most people’s book, that is called theft, and you can go to jail for that. If you were the one buying the title, whether you knew the car was stolen or not, and you go ahead and put the car up for sale on Craig’s List, that also is a crime. Unless you happen to be a bank. Then it’s just business.
Mary Bonelli needs your help, because if they can do this to Mary they can do this to all of us. Draw the line in a fight we can win. Sign the petition at: http://start2.occupyourhomes.org/petitions/keep-mary-bonelli-s-family-in-their-home-of-three-generations. and find out how you can help at “Communities United Against Foreclosure and Eviction” firstname.lastname@example.org>View contact details;
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Catch the beer of the week review with 900poundgorilla’s WC Turck and Brian Murray each Sunday 8-9am only on Our Town, at Chicago’s Progressive Talk, WCPT AM and FM, and streaming online. Friend us on Facebook at Revolution and Beer. And find all of the great beers we review each week at Louis Glunz Beer Inc., http://www.glunzbeers.com