On Thursday, lawmakers bowed to pressure from the bank lobby and killed a crucial piece of anti-foreclosure legislation, poisoning the economy in an effort to keep money flowing to Wall Street. Meanwhile, jobs continue to disappear, retirement accounts are evaporating and families are struggling to cope with economic hardship.
This appalling statistic brings home the punishment working families are taking from the foreclosure crisis, a crisis acting like a cancer on the economic recovery. We at ACORN applauded President Obama's "Making Home Affordable" plan to stop 3 to 4 million of the expected 9 million foreclosures over the next four years, but more needs to be done - much more.
As documented in a new report that ACORN released Wednesday, "Road to Rescue", strong community organizing resulted in Philadelphia pioneering the most successful anti-foreclosure program in the country.
Somewhere in America, a man loses the job he has held for more than thirty years. Somewhere in America, a woman cleans out the office she had occupied for close to a decade. Elsewhere in the United States, a teen unsuccessfully tries to find work. He knows he needs to help his Mom and Dad; each toiled in the factory that closed just down the street. A young woman searches for a professional position, just as she has for the two years since she graduated form the University. Each of these individuals is not startled by the headline, Economy Shed 598,000 Jobs in January. All ask, where have the "experts," Economists, and elected officials been?
The Bush Bailout Giveaway outlined today isn't just a huge redistribution of wealth from poor to rich. Its also illustrates a depressing double standard between irresponsible lenders and the CEOS who profit from their crimes, and the hapless borrowers who are often being asked to pay back loans for the rest of their lives to make up the difference between their mortgage loans and what the houses they are selling are worth.
We have all haerd about how refugees from natural disasters still have to pay back loans for houses that are now gone. Well, similar things are happening to mortgagees as shown in a
NYT article today.
It makes me very angry that the American taxpayer is being asked to cough up money to make CORPORATIONS whole, many of whom get away with paying NO taxes, when the government cannot do the same for TAXPAYERS who were hit by the result of the wholesale manipulation and then deflating of the housing market by the banks pushing easy credit at usurious rates on people.
In an NYT article today, "
The Pain of Selling a Home for Less Than the Loan" this double standard between the standards of gentility and generous treatment used with the rich, and the brutal greed applied to the poor and middle class becomes painfully clear.
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