Hi All,
I heard about this march and thought I would inform others who would like to be active. The march is to help many who have been and will be affected by the after effects of sub-prime loans. Homeowners who have lost their home's due to the hike in interest rates. Led by the the prominent civil rights leader Rev. Jesse Jackson, the march is calling for action. The rally/march to Wall Street in New York City on December 10, 2007, goal is to put pressure on the corporate community to address the issue. Two million homes nationwide will be at risk of foreclosure by 2008, hopefully acts such as this will help pressure the City Council to pass a resolution to convene lenders to agree to freeze or have a moratorium on foreclosures and renegotiate and restructure and not repose homes. The truth is that not only do the homeowners need something to be done, the whole economy is being affected by this issue.
Many have said, Although what has happened to these homeowners is devastating they are in part to blame for buying a home they could not afford. Is it up to the Fed to help these homeowners and lenders? If so then wouldn't people expect similar bailouts in the future. But ...
If lowering interest rates will help keep the economy on an even keel then reducing the penalty incurred by some people who exercised poor judgment must be done. We all should take this as a lesson. As educated professionals, it is our job to educate our buyers.
Comments(1)