Banks to pay $20 billion to help borrowers avoid foreclosure, but what about self accountability? Is this another way to strip the American public of self reliability?

So many people claim to be victims of the hyper-inflated housing market of 2007. Apparently, the average American thought that an average working class family would be able to afford a $900,000 single family 3 bedroom home in Arizona by 2013. Others were just lured by the temptation of buying a new boat or vacation when they didn't have the money for it. Or scarier yet, maybe they just didn't think at all.

After reading an article from the AP about the $25 billion lawsuit settled between the federal government and the banks, I felt relieved that the banks are officially being held accountable for the role they played in creating the foreclosure crisis. But what about the role that the average American consumer played in their own downfall? Without formally placing responsibility on consumers as well, are we reducing the accountability of the average American? Has it become fashionable to admit that Americans are incapable of resisting the will of corporate greed? 

Now those who have the means to buy all of these homes at foreclosure auctions are transferring the wealth and power to themselves. It seems we are in the midst of a huge shift of wealth and power in the U.S.

Phil Mahr is a Realtor, real estate investor and foreclosure auction specialist in Arizona and California. He can be reached at (310) 663.5478 with questions or comments.

FORECLOSURE AUCTIONS IN ARIZONA