Undeterred by the several states that have banned the use of private transfer fees, Freehold is apparently still trying to find a way to securitize them.  The Wall Street Journal has reported that Freehold has approached several Wall Street banks to develop the securities, but has not yet struck a deal.

When Sherry Smith and her fiance, Patrick Greenwalt, moved into their home in April 2007, they believed that they were buying it on land contract for $30,000.  Sometime thereafter, Allan Tidwell, the owner, mortgaged the property for $55,000 and fell behind on the property taxes.  Facing foreclosure, and a tightening credit market, Tidwell filed bankruptcy.  Smith, in a precarious position, has consulted her attorney to find out if she has any right to remain in the home.

We seem to be getting mixed signals from the media about the economy and the housing and mortgage markets. I do not doubt those who say this is the worst economy since the Great Depression.  In response the Government bailed out banks, insurance companies, Fannie Mae and Freddie Mac, and even GM and Chrysler.  But has the billions of dollars in taxpayer money really helped?  Let's take a look...

It is kind of sad that we, the taxpayers, have to loan hundreds of billions of dollars to our banks to keep them from failing.  Last I checked, the banks were supposed to be loaning us money, not the other way around.  The first $350 billion in TARP funds has been handed out and our financial markets are still in turmoil.  Things aren't getting better. 

We hear that this a "global banking crisis," but is it?  Not every nation is facing the problems we have here.  Canada, for instance, has a thriving financial industry.  What have our friendly neighbors to the north done differently?