Wednesday, October 13, 2010

Wednesday, October 13, 2010:
Jesus said: “My people, this serpent engulfing apartments represents how evil people were involved in writing mortgages for overpriced homes for people who could not afford these homes. When these dwellings were not being paid for, the banks or creditors sold these mortgages to Fannie Mae and Freddie Mac who now control them, as they have added five trillion dollars of liability on the taxpayer as part of your National Debt obligations. These toxic assets were absorbed by the government, and they are still financing mortgages. Many people are in foreclosure and some banks are not foreclosing or allowing properties to be auctioned off at a loss. Some are leaving their homes because the house is now worth much less than the original mortgage. Others have lost their jobs, or some had their payments raised beyond their ability to pay the whole mortgage. Such foreclosures are adding more inventory of houses to be sold, and the condition of these homes are causing home prices to fall. Credit to buy houses has become more difficult to obtain and there has been a decrease in houses sold both new and old. These conditions are causing turmoil in the housing industry. Many people also have lost money on the bonds that used these houses for collateral. Once the foreclosures started, then these bonds and derivatives became junk bond status that no one wanted to buy. This was a created crisis because the creditors knowingly sold mortgages to those people who they knew would not be able to pay for them. Pray that the common man can find a proper settlement so he does not lose his investment in his home because of fraudulent bankers and creditors.”