I just watched the CNBC special “House of Cards” about the inside of the mortgage industry, rating agencies and the Wall Street banks that pumped loans to consumers that they knew people could not afford. And now that we are faced with a national foreclosure crisis, the very same banks and lenders now won’t workout arrangements to allow people to keep their homes.
It is nothing short of shameful to see how banks took advantage of people, placed people in impossible financial situations that banks knew people would not be able to afford, and now label the people that trusted the banks as fools and white trash idiots.
More information on the show and excerpts from it can be found online here.
If you want to read more about the current Wall Street position that consumers stung by the mortgage industry don’t need help through bankruptcy by allowing bankruptcy judges to modify mortgages to help keep people in their homes, read “Mortgage, Bankruptcy, Nonsense“. It will make you ill.
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