Tuesday, July 28, 2009
Is the American Dream Dead?
Now that the Banks and automotive companies have got their bailout monies, and the DOW hit 9,000 (causing many market manipulators to declare the depression/recession is over) it is timely and appropriate to bail out the people at the bottom of this financial debacle.
Current laws and banking institutions love nothing more than foreclosing on homes. When there is no "adequate" foreclosure defense, the Bank's foreclosure engine chugs into action, seeking to collect anything they can from the oppressed homeowner, and rebuffing any modification applications that get them less money or slower payments. Banks readily concede that modification does not work - since their one-sided modifications are nothing more than an interest reduction, or forbearance agreement - many of which are offered as a "debt collection mechanism", which ultimately benefits just the banks.
The courts need to enforce a new remedy for foreclosure, and that must recognise that
1- Even late payments damage a FICO score enough to keep a formerly good payer from refinancing (especially under today's tightened rules).
2- Credit scores damaged by foreclosures, job loss, and bankruptcy will keep that person from getting any job where the credit score is a hiring consideration - regardless of the cause (no employer will openly admit this, fearing a lawsuit) - they only say they have hired a candidate "who's qualifications are better suited for the job".
3- If foreclosure is successful, there is yet another house boarded up, with uncut lawns and temptation for vandals and scavengers.
4- The property will go at auction or bank sale for a reduced amount, especially if it is abandoned or boarded up by the bank.
5- The American Dream, embodied by home ownership, will fail.
It is very clear that our government, with it's bailouts to financial and auto markets, does not have the best interest of the homeowners in mind. The "help for homeowners" program was, and continues to be a bust because it was created by BANKERS!
Let's let Washington know that the Lobbyists and special interests are not the only ones that count here.
Make your voice heard, send emails, USE YOUR VOTE.
My Name is Alan Chenkin and I vote, I own a home, and I am frustrated by the lack of concern for us little guys and our friends facing job loss, home loss, and worse. Let's keep the American dream Alive.