Excellent post on Foreclosure crisis.
What happened to all the homes foreclosed on when the housing bubble burst? Millions of people lost their homes and most of their life savings when the value of their homes plummeted during the most recent financial collapse. Many found they could not keep up with mortgage payments, either because they lost their jobs during the recession or because they were overextended financially for some other reason. Some would say many never should have been offered the loans in the first place. The fact remains that many people went from pursuing the “American Dream” of home ownership to struggling just to keep a roof over their heads by renting in a very short span of time.
The banks lost tons of money on loans that would never be paid in full, but they did have something very tangible in place of the money – the property. The real estate still…
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4 thoughts on “The Foreclosure Crisis”
Great article. Yeah, I remember a journalist pointing this out – if any one of us (in other words, an individual in the US) perpetrated this type of fraud, we’d be sent to jail. But these lenders instead, they are “prosecuted’ but instead of going to jail the government simply asks for a cut of their earnings and they get away with it. I don’t like the idea that someone can buy their way out of jail and still get to keep their earnings.
Who you telling? SMH The skullduggery and shenanigans are unending or so it would seem. CRETINS.
It really is an excellent post. Concise, well-explained. I’m not sure that many non homeowners understand the severe, emotional and financial impact of foreclosures. Those affected by foreclosures often don’t share because of stigma, pride, and shame. The web is far more intricate beyond one’s ability to pay their mortgage. It is intertwined with the loss of a steady stream of income, as well as exploitative practices and corporate greed of banks and government alike.
I say shame on the banks, and shame on the institutions that helped the banks, without being accountable to those who truly needed the help in the first place. Looks like someone foreclosed on their end of the deal!
Thanks for sharing, L.
Thanks for reading, A. It disturbs me deeply, as I imagine it does many others, how little compassion has been extended to our fellows in crisis. It’s like a loud boom happened but was deadened by lack of media exposure, greased by corporate monies in a collusion to spirit the bodies away undercover of darkness. Of course, more important than compassion would be actual help.
There is nothing pretty or honorable about it, the silence, act and inaction.
Clearly, I am too empathetic because I get sad every time I pass an empty house. I think of what mine has meant to me and that while to many people a house is just four walls and shelter, it is a representation of someone’s dreams and it, though inanimate, was once deeply loved…