Last month – the Wall Street Journal pointed out that the ongoing housing crisis is killing progress on job creation. More than 10.7 million Americans are unable to move to find better work because they’re stuck in an underwater mortgage. Yesterday – the Federal Reserve called on Congress to take concrete steps to address the ongoing collapse of the U.S. housing market that “continues to impede the economic recovery.” Ideas include making it easier for struggling homeowners to refinance and restructure their mortgages – changing how mortgage lenders are paid – and allowing banks to rent out foreclosed homes. The Fed argues such policies will lead to banks saving money and more homeowners saving their homes. 4 years after the economy went into full meltdown – the banks are doing just fine – while homeowners are still screwed. Banksters got bailed out – we got sold out.
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5 comments:
The only people that got "sold out" are the poeple that couldn't afford the house to begin with.
Why should I feel sorry for someone that borrowed way more money then they could ever pay back?
The banksters helped the ones who could'nt afford homes to purchase them so they could fund their lavish lifestyle and then they got bailed out but of course we know how the homeowners made out.
The banks need to have a fire sale and unload all the houses on the market and start over.We are all on the hook for them anyway.Just look at the money we put into Fanny and Freddie every month!
The government is the entity that told the lending institutions to give out risky loans.
Any plan our representatives will enact, is a plan that helps the bankers and attorneys.
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