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Thursday, October 11, 2012

What About The Mortgage Crisis

Did you notice during last week's Presidential debate – there was no talk about how to fix the ongoing housing crisis in America? 

That's because both candidates know that the one best solution to the mortgage crisis is to make the banksters take a hit. Ireland knows it, too – but they're willing to take on the banksters anyway. The Irish government is expected to pass a law this year that will force their banks to substantially lower monthly mortgage payments for struggling homeowners to stem the tide of foreclosures. Ireland would be the first nation to force the banks to take a hit to help homeowners since the global housing crisis started. And one of the reasons why Ireland can do this is because instead of giving the banks a blank check bailout – the Irish government took substantial ownership of them as well – basically nationalizing them. So now the government can tell the banks what to do. Since we didn't do the same thing in the United States – the banksters took all their bailout money, paid each other massive bonuses, started gambling in the market again, and left homeowners high and dry. But here's the thing – it's not too late to do what's right. Wall Street's gotten enough favors over the last 4 years – American homeowners need help now.

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