In several articles that just came out, the banks are halting the foreclosure processes because they found errors in their procedures....These errors are being brought to the surface via lawsuits filed by foreclosed upon homeowners who fought back
Let's not debate weather someone should be in foreclosure or not. Instead, I just wanted to mention how the 3 foot hole that the banks found themselves in has just turned into a 6 foot hole...of their own doing.
Why would the banks not heed the advice of trying to work things out with homeowners....? Because the government offered them a cushion or bail-out enabling them to conduct irresponsible business practices and when that failed, guarantee their recovery.....no matter what
Now, where did all the money that was lost really go....? What you will not hear about is from the people who made fortunes. They got in and out with the money and then went underground.....
POINT OF THE POST: What is so hard about rolling back interest rates, lowering monthly payments or reducing principal amounts......? Surely anyone who has had to depend on cash flow knows the value of having something coming in versus nothing coming in.
Just subsidizing millions of people for 5 years so that unemployment and being kicked out of your home doesn't line up. When you lose consumers via their lack of confidence, everyone suffers.......
Now, the courts will be clogged, the Real Estate recovery will be averted, and millions of people would have suffered needlessly...for what....the love of......MONEY ?