Congressional Report/PLAN on Foreclosures - March, 2009

[Jeff Tumbarello]

This report has lots of useful data gathered for "The Plan" as defined by the Congressional Oversight Committee.

The charts show why I'm trying to find where we are in the foreclosure string - when that string plays out, we'll only have the cause/effect foreclosures left to process (and FINALLY bring to whatever market survives 'til then).

Read also pages 72-75 or thereabouts (Other Views)- a GREAT synopsis of how long this debacle has been in play. though its "feet" are planted a little later in the timeline than the 1979-1987. It just didn't take off until 1995 and later, driven the entire time by MR. MOZILO, hisownself, believe it or not. That "plan" crashed and burned in 1998-1999, but nobody learned a thing beyond the lesson that GREED PAYS THE THIEVES WHEN THE FISCAL SHERIFF'S SLEEPING.

So they hired Mr. Greenspan to put everybody to sleep for 20 years, and it destroyed the entire fiscal enterprise.

http://cop.senate.gov/documents/cop-030609-report.pdf

Do you know what year Countrywide started business? Did you know he also gave birth to Indymac (1997 - another non-coincidence), which should have failed in the first year of business alone? The "2001 Crash" didn't start in 2001, it started in late 1998 and was obvious to some by mid-1999.

One wonders why one hasn't seen Mr. Mozilo in a perp walk for several good reasons, but one would have to not know how it goes to actually expect such an event...

PS: The last fifty pages are all gov't jibberish, not meant to be read by humans. I read 'em anyway, 'cuz I needed a good laugh. Good stuff on Indymac loans, almost as funny as a busted shinbone when 20 miles from civilization..