US Banks - America's domestic terrorists. Ah, you say. What a bold statement.
As we approach the 4th of July holiday and honor the founding of America I contend that we have a new threat to America's economic safety and recovery. That threat is the US banking system.
Being in real estate and working closely with banks regarding purchase loans for home buyers, short sales for homeowners that are underwater and REO's (properties that have been foreclosed on and are now bank-owned) I can tell you that the banking system is the #1 reason we are in a housing crisis and the #1 reason it is not recovering.
You don't have to take my word for it, talk to any mortgage broker or real estate agent trying to negotiate a short-sale for a troubled homeowner. Let's not even get into the sham that is called loan modification for which so many have applied and so many have been denied. It is such a certainty loans will not be modified that it can only be seen as pure lip service with no substance at all.
What about short sales? God forbid there is more than one loan with one bank. Otherwise the petty fighting and lack of cooperation between the banks would be comic if it weren't, in reality, creating unbelievable stress for already distressed homeowners.
Is this the fault of the government or the banks themselves?
Here's an example of our government tryingto reign in the greed and scams perpertatrated on us by the banking system and the banking systems sleazy reaponse to it. http://www.huffingtonpost.com/2009/07/01/credit-card-issuers-getti_n_223448.html
As an accomplice, whether willingly or not, the government is coddling the banks and allowing them to run rampant on US citizens. It's time to raise our unified bvoice and demand cooperation from the bansk to get us out of the very disaster they foisted on us. Strong words? Damn right! Just not strong or loud enough.
On this July 4th let's make a combined and concerted effort to demand real changes to the way the banks are handling this crisis. Until we make ourselves heard we can expect no relief and no recovery.
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