J P Morgan And Houses

Why Are Banks Bulldozing Foreclosures?

The particular subject matter on which Indiviglio tends to focus includes economics, regulation, the housing market, credit, unemployment, monetary & fiscal policy, taxes, banking, autos, and technology.

He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. His fellowship project will explore solutions for housing finance policy reform.

Indiviglio regularly appears on television and radio news shows, including segments on CNBC , C-SPAN , MSNBC , Fox Business , NBC , ABC , PBS , RT TV , Al Jazeera English , numerous NPR affiliates, WABC radio , and others.

Before journalism, Indiviglio spent several years as an investment banker and consultant for financial services firms. Before that, he graduated from Cornell University where he triple majored in economics, philosophy, and physics. He resides in the Washington, DC metro area.

If you can't sell 'em, demolish 'em. This appears to be a new strategy adopted by some big banks struggling with a glut of foreclosed homes on their books. A new report indicates that some houses are being leveled by bulldozers, rather than revitalized and sold. Is this really a smart strategy?

Lindsey Rupp from Bloomberg reports on the phenomenon. The idea is that a bank donates a foreclosed home and possibly even pays for its demolition. One recent example is Bank of America donating 100 foreclosed homes to a Cleveland-area agency that will revitalize the property for other uses. From the article:

"There is way too much supply," said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. "The best thing we can do to stabilize the market is to get the garbage off."

Bank of America had 40,000 foreclosures in the first quarter, saddling the Charlotte, North Carolina-based lender with taxes and maintenance costs. The bank announced the Cleveland program last month, has committed as many as 100 properties in Detroit and 150 in Chicago, and may add as many as nine cities by the end of the year, said Rick Simon, a company spokesman.

The lender will pay as much as $7,500 for demolition or $3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. Uses for the land include development, open space and urban farming, according to the statement. Simon declined to say how many foreclosed properties Bank of America holds.

The Federal Reserve Cartel: Part IV: A Financial Parasite

Colonel Ely Garrison was a close friend of both President Teddy Roosevelt and President Woodrow Wilson. Garrison wrote in Roosevelt, Wilson and the Federal Reserve, “Paul Warburg was the man who got the Federal Reserve Act together after the Aldrich Plan aroused such nationwide resentment and opposition. The mastermind of both plans was Baron Alfred Rothschild of London.” The Aldrich Plan was hatched at a secret 1910 meeting at JP Morgan’s private resort on Jekyl Island, SC between Rockefeller lieutenant Nelson Aldrich and Paul Warburg of the German Warburg banking dynasty. Aldrich, a New York congressman, later married into the Rockefeller family. His son Winthrop Aldrich chaired Chase Manhattan Bank. While the bankers met, Colonel Edward House, another Rockefeller stooge and close confidant of President Woodrow Wilson, was busy convincing Wilson of the importance of a private central bank and the introduction of a national income tax. A member of House’s staff was British MI6 Permindex insider General Julius Klein. [2] Wilson was a classmate of both Dodge and Cyrus McCormick at Princeton. Both were directors at Rockefeller’s National City Bank (now Citigroup). Wilson’s main focus was on overcoming public distrust of the bankers, which New York City Mayor John Hylan echoed in 1922 when he argued, “The real menace to our republic is the invisible government which, like a giant octopus, sprawls its slimy length over our city, state and nation. At the head is a small group of banking houses, generally referred to as the international bankers”. [4] But the Eight Families prevailed. In 1913 the Federal Reserve Bank was born, with Paul Warburg its first Governor. Four years later the US entered World War I, after a secret society known as the Black Hand assassinated Archduke Ferdinand and his Hapsburg wife. The Archduke’s friend Count Czerin later said, “A year before the war he informed me that the Masons had resolved upon his death.”[5] In the 1920’s Baron Edmund de Rothschild founded the Palestine Economics Commission, while Kuhn Loeb’s Manhattan offices helped Rothschild form a network to smuggle weapons to Zionist death squads bent on seizing Palestinian lands. General Julius Klein oversaw the operation and headed the US Army Counterintelligence Corps, which later produced Henry Kissinger. Klein diverted Marshall Plan aid to Europe to Zionist terror cells in Palestine after WWII, channeling the funds through the Sonneborn Institute, which was controlled by Baltimore chemical magnate Rudolph Sonneborn. His wife Dorothy Schiff is related to the Warburgs.