Foreclosures: Getting the Job Done
Political tongues seem to wag ceaselessly about the plight of the American people regarding the mortgage foreclosure crisis. The Bush administration and Congress have brought up all kinds of weak policies in the support of the U.S. taxpayer while piling trillions into all manner of political and business support, much of it behind the scenes. American Big Business and government is simply too smart to fail. With the massive support for over-education in the ranks of business and government, the bailouts of the last year are the rewards for the Big Business genius capital of America instead of supporting sanity, security and innovation. This relative blight of inaction beyond the “Hope Initiative” over the last year has proved that the U.S. taxpayer and American citizen have few friends in government compounded by the train wreck of mortgage finance.
The FDIC has 2 cents on the dollar to cover the ailing banking industry and respect to go with that clout. Sheila Bair, head of the FDIC has promoted the idea of using 24 billion in federal bailout money for home foreclosures, even though as much as $550 billion is actually needed. “As foreclosures escalate, we are clearly falling behind the curve.” Bair has been rattling this general statement for the last six months, but is anyone in Congress listening, even with the measly prospect of getting another sub-marginal bailout for U.S. taxpayers and homeowners?
While the real problem in the mortgage industry would seem to be the antiquated processes and lack of serviceability, the ultimate issue is a complete lack of will to abort the continual drain of foreclosures on the U.S. economy. The idea that the average American must take care of himself, while the Ivy League receives bailouts, only serves to cement the slavery and hypocrisy of the current system in place. Doubtless, you have heard consistent statements on the importance of re-qualifying for loans and continued sustainability. Unfortunately, this excuse-mongering does nothing to solve the problem even if these policies were implemented yesterday.
Isn’t it strange that banking and large business doesn’t need to qualify for anything, even though they have been instrumental in bringing about the economic crisis? They have received trillions in support and aid, while the bailout for the American citizen has been non-existent, a first in recent economic history. As government has fiddled, the mortgage crisis has continued to burn, adding more fuel to U.S. economic fires. 3 million foreclosures later, the U.S. government is still formulating excuses and moves to action that never come.
“We’ve been working very, very aggressively at helping struggling homeowners,” Secretary of Treasury, Henry Paulson maintains. He noted a program the government announced last week where borrowers with loans owned or guaranteed by mortgage giants Fannie Mae and Freddie Mac would get reduced interest rates or longer terms to make their payments more affordable. Still, no moratoriums or calls to stop foreclosures. The drain continues unabated as the nations spirals downward and the job market plunges. The continual fiddling merely emphasizes the need for change and the important nature of rescuing the American taxpayer instead of offering lip service. ~ E. Manning