NEGATIVE EQUITY - A FORMULA FOR ECONOMIC DISASTER - BUT NO RELIEF FROM CONGRESS!
THE BIG BANKS WIN AGAIN. Through the lobbying efforts of Bank of America, J.P. Morgan Chase and Wells Fargo, the "people"'s representatives in Congress again exhibited their skill in:
Keeping home owners with negative equity safely imprisoned in their real property for the foreseeable future.
SENDING THIS BILL FOR RELIEF FOR HOME OWNERS, MANY WHOM ARE CURRENT WITH MORTGAGE PAYMENTS, erffectively removed about 15,000,000 home owners from the retail, real estate, education, travel, consumer markets. Again, Congress can't see beyond their last political contribution.
Rewarding the big banks for their perfidy in the mortgage mess by denying consumers the ability to remove the heel of the mortgage industry from the necks of home owners who cannot sell, move up, move away, sell their property, or do much of anything except pay about 50% or more of their monthly gross, and in many cases, net income to their mortgage company.
The more things change, the more they stay the same. Big bank wins again. American home owners lose again.
Legislation that would have allowed bankruptcy judges to modify mortgages died in the Senate yesterday, handing the Obama administration a significant defeat in its plans to mitigate the foreclosure crisis
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.
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