5.6 Million U.S. Homeowners Are Behind On Their Mortgage Indicating More Help Is Needed To Rescue Taxpayers

 

Barack Obama

According to the latest housing numbers coming out of America, 5,600,000 Americans have fallen behind on their mortgages, skidding into foreclosure. This is sad and preventable. It is an indication the government is not doing enough to help homeowners, who are the taxpayers. Money designated by President Obama for exploratory initiatives, such as those in the solar and environmental sectors, which have failed, could be used to help homeowners.

Already billions have been lost on the aforementioned exploratory ventures, best suited for a time America is not in a financial crisis, as the Judiciary Report has maintained from before they failed. The rest of the money intended for said exploratory ventures need to be diverted to homeowners with troubled mortgages.

These delinquency numbers would not be so astronomically high, if bank and government modification and foreclosure prevention programs were working correctly. Something is wrong in the system and it needs to be fixed. At some banks, you can't even get modification and foreclosure prevention specialists on the phone. It's often an answering machine and they call you back at the strangest hours, when you are at work and unable to properly discuss your financial situation.

America will not be made better by people losing their homes, so banks can add the properties to their stockpile of homes that are not selling. The stagnation is not healthy for any economy, as the empty homes sit there devaluing and rotting away. More government intervention is need immediately.

STORY SOURCE

5.6 million mortgages in America are delinquent

Report: "Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods"

New Report Alleges Discrimination And Racism

A newly released report by the the National Fair Housing Alliance indicates foreclosed homes in white neighborhoods, were treated better than those in minority areas. This means, after evicting occupants, homes in white neighborhoods received better maintenance by banks, than properties in predominantly black and Hispanic areas.

These prejudices are prevalent in the banking system. For example, the now defunct Washington Mutual Bank, was forced to pay a large settlement for targeting blacks and Hispanics for high risks loans. In another legal action against the kaput bank, it was discovered they targeted non-English speaking customers and those with black or Hispanic sounding names, to saddle with extra mortgage fees, for services they did not need. Regrettably, racism is alive and well in the corporate sector.

STORY SOURCE

Report: Banks Treat Foreclosed Homes Better In Mostly White Neighborhoods

By Chris Morran on April 4, 2012 2:15 PM - While Americans of every possible ethnic and racial group were hit by the massive foreclosures when the economy went KABOOM! a few years back, a new report claims that banks are often giving short shrift to the upkeep and marketing of foreclosed properties in areas with predominantly non-white residents.

Earlier today, the National Fair Housing Alliance released the result of its undercover investigation into how bank-owned properties are treated in nine major metro areas — Atlanta, Baltimore, Dallas, Dayton, Miami/Fort Lauderdale, Oakland, Philadelphia, Phoenix, and Washington, DC.

http://consumerist.com

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