The action of mailing back their keys to the house in lieu of the mortgage payment has been referred to as “jingle mail.” Both borrowers in trouble or who do not want to overpay for their house as well as investment banks are increasingly relying on jingle mail to relieve themselves of expensive financial burdens.

Judgment after foreclosure

Investment banks have also been relying on jingle mail, a form more subtle than homeowners but also more socially destructive. The Federal Reserve is encouraging banks to use as collateral defaulted mortgage debt in exchange for loans, which is encouraging the entire financial system to get these toxic loans off of their accounting records and maintain an appearance of solvency.

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When banks send in nonperforming mortgages to the Fed in exchange for Treasury securities and loans, they are creating an edifice of financial fraud and sticking the rest of the country with their bad mortgage debts. Giant financial corporations sending in jingle mail and sticking the American people with the cost is a clear reflection on the criminality, corruption, and financial manipulation of corporations taking advantage of the feds.

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This entry was posted on Friday, January 27th, 2012 at 5:43 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.