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Two major banks are modifying loans but adding to uncertainty.
Banks are making huge profits again. Banks contributed to the housing crisis.Home As a result, houving values, and therefore the net worth of homeowners, has fallen significantly. The conclusion should be to start a class action suit against banks and bring about a just transfer of wealth from banks to individuals. The key will be defining the class.
Maybe it is because the bankers are getting back to being bankers by determining who can and will pay their debts and who cannot and will not. That always was and should still be the art of banking. The crisis was caused by "bankers" making loans to those who ultimately could not and would not pay the debts incurred. The writer is suggesting a "one size fits all" solution that would only add to the administrative nightmare.
US policy got us into this mess. They then make a bigger mess trying to fix it.
"The crisis was caused by "bankers" making loans to those who ultimately could not and would not pay the debts incurred."
The banks did this because of the pressure (threats) Clinton made on them in the 90's. They were offered a guarantee on these sketchy loans through Fannie & Freddie and the rest is history. The banks are not blameless, but how quickly people forget how this mess started. It is so easy to blame the banks, especially when you have a political party like the Democrats who refuse to accept any responsibility, wage an all out attack on the banks and turn citizen against citizen in the name of Social Justice.
Get all government out of the way and let those who will fail, fail. We will never get to the other side if we keep propping people up. This will never get better until Obama and his policies are out of office. This will not improve until unemployment will recover because each week more people are loosing there jobs and there fore we will continue to have more homes go into foreclosure. Now we are seeing a double down effect, many of those people who got help are now loosing there homes at the taxpayers expense because they don't have jobs and couldn't afford it to begin with. More spendulous, unaccounted for taxpayer dollars down the drain. 14 trillion in debt.
This whole thing still infuriates me. The people who bought what they shouldn't have, no one put a gun to their head to force them to buy something they couldn't. I in the meantime am right on with my mortgage payment, have never missed a payment, but got to watch my home value drop so now when I'd like to move up, I no longer have the ability to sell and do that. And I can't even refinance into these really low rates that would save me a couple hunderd in interest a month because my house isn't worth what it was...why do the responsible never get any reward for being responsible?
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