The homeowners are bleeding for long time and the scant help has given them no respite. The statistics are increasing and still Las Vegas is number one in foreclosure sale. None of the higher constitutional authorities had done any thorough probe in this matter. We hear lots of news but no solution so far. Only half-hearted measures had been taken and none of that has produced any tangible result to correct the rampant situation. Now, we have another fiasco and that is that the Standard and Poor’s has purposely overrated the toxic mortgage rating/securities before this financial fiasco erupted with full force. Yes, the same S&P which has decreased the rating on USA which resulted and still bleeding our markets by a descent of 1500 points so far.
We rather not say much about Congress as much has been said in the media. As usual we have assembly of incompetent, nincompoop, and do nothing people who like to come to the house, fight and then go to long vacation. As we know,tens of millions of Americans are continuously being crushed by this mortgage crisis. See for example, the stock of Bank of American. They had taken a big hit–some 10 billion loss only this years, and there stock price has been reduced to half the size. Yet, when it comes to loan modification, they resisted every request for loan modification. At least the homeowners were reaffirming the original debt. But BAC rather let it go to short sale for one third of the original loan, then give a reduced payments to the genuine, and hardprssed homeowners. We tried, we called several times, sent innumerable paperwork, and yet same annoying people gave us the same annoying news.
Obama administration has no mechanism to enforce, no accountability other than advice to bank to “do their best”. There were two other crook organization who thanks got are bankruptcy now i.e Freedie Mae and Fannie Mae. Banks took advantage of their idiocy and incompetence and made millions dumping bad securities upon them. Of course, there is no let up in sight. We have left with one thing, and that is reducing principle once for all. The reckless borrowers are no more on the horizons. Thus, this is good time to reward genuine homeowners. Also, we suggest to let the bankruptcy courts do the loan modification. Somehow they are already involved via chapter 13 this time.