Bailed out banks foreclosing on record number homes
Two years ago, American bankers cried like babies because they gambled on mortgages and lost. So the US government bailed them out. But the banks didn’t use the taxpayers money to stabilize the housing market. Instead, they keep the bailout money and are taking the houses anyway. Sounds like a great deal for the banks, but what about the homeowners and the crushed housing market?
For the seventeenth month in a row, foreclosures in this county have gone up. According to Realty track, more than 300,000 homes were foreclosed on in July 2010, by many of the banks that were already paid for the unpaid mortgages by the US government.
What is wrong with this picture? Everything.
When there was talk that the US Treasury could have bought up all the bad mortgages in America themselves and stabilized the housing market, good mortgage-paying homeowners cried foul. Their argument was – why should I have to pay when others don’t? Fair enough. But how is it any more fair for banks to get taxpayer money from the government for bad mortgages, and get the houses as well?
The truth of the matter is, if the bailouts were a success, America might be well on her way to recovery by now. Instead, we still have lenders refusing to lend, or modify enough loans to make a difference. And why would they?
The bailed out banks have already been paid for their bad loans, they are posting record profits for their stockholders, and they are still allowed to foreclose. It’s like getting paid for the same house twice.
Quite a deal. How do you suppose they managed to pull that one off?
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