Bilderberg Prophecies Fulfilled
Home foreclosures skyrocketing around the nation
By James P. Tucker Jr.
Predictions at the Bilderberg meeting last June that “variable rate” home financing and so-called predatory lending would cause many Americans to lose their homes have proven sadly true. So far, about 2.2 million homeowners with high-interest mortgages have lost their homes to foreclosure or could do so within a few years, experts report.
New developments with many first-time buyers and neighborhoods with many black and Hispanic homeowners will be the most affected, said Keith Ernst, senior policy counsel at the Center for Responsible Lending, based in Durham, N.C. Blacks and Hispanics are most likely to pay high interest rates because of poor credit scores and minimal down payments, Ernst said.
“We fully share the concerns of the Center for Responsible Lending,” said Pat Combs, president of the National Association of Realtors, who joined in the recent press conference in Washington. “Far too many American families are at risk of losing their homes to foreclosure.”
About 223,000 households with such loans lost their homes to foreclosure in just three months during the third quarter of 2006 and 725,000 had missed payments, according to the Mortgage Bankers Association. Analysts expected many more in 2007 and 2008.
THE HUNT IS ON
Meanwhile, the hunt is on determine where Bilderberg will attempt to hold a secret meeting this spring. Traditionally, Bilderberg meets for two years in Europe and a third year in North America. So it’s Europe’s turn. Danny Estulin, a photo-journalist who has collaborated with and supplied photographs to AFP for years, is again assisting in the search for Bilderberg.
Whether to raise interest rates and taxes in the United States is sure to be on the Bilderberg agenda again this year. Bilderberg has demonstrated its raw power to impose higher taxes and require more foreign aid from the United States over the years.
A classic example came in 1991, when President George Bush No. 41 was ordered to break his “read my lips, no new taxes” pledge. Bush followed orders and lost the 1992 election to Bilderberg recruit Bill Clinton.
As forecast at the last Bilderberg meeting, banks have been inducing buyers with “teaser” interest rates that kick up in two years, providing second mortgages to cover down payments and even financing 100% of a home loan and allowing buyers to pay interest-only, with nothing applied to principal. At that rate, the buyer owes as much 30 years later as he does at the outset. When “teaser” rates take their automatic leap or follow increases in the prime rate, homeowners must pay hundreds of dollars more a month in interest. They often are the potential victims of foreclosure.
Timothy Geithner, president of the Federal Reserve Bank of New York, warned of this at Bilderberg’s annual secret meeting near Ottawa, Canada last June (American Free Press, June 26, 2006).
“Bilderberg expects interest rates to rise and many Americans to lose their homes in the months ahead,” AFP reported. “[Geithner] predicted rising interest rates and difficulties for families that have obtained adjustable rate mortgages, or ‘variable’ interest rates. Many are likely to lose their homes as rising home mortgage rates add hundreds of dollars to their monthly payments, he said.”
While “most listened solemnly and some expressed concern, one was heard to say, ‘stupid Americans deserve their fate,’ ” AFP reported.
(Issue #5, January 29, 2006)
AFP correspondent James P. Tucker Jr. is a veteran journalist who spent many years as a member of the “elite” media in Washington. Since 1975 he has won widespread recognition, here and abroad, for his pursuit of on-the-scene stories reporting the intrigues of global power blocs such as the Bilderberg Group and the Trilateral Commission.
IF YOU DON’T HAVE A COPY of Jim Tucker’s Bilderberg Diary, now is the time to get one. The book contains Jim’s insightful reflections on every meeting he has attended over the past 25 years in a light and highly readable style. Bilderberg Diary (softcover, 270 pages, reg. $25) is available from now until the 2007 Bilderberg Conference is over for just $18. Order online by clicking here or call 1-888-699-NEWS toll free to charge your copy to Visa or MasterCard.