The AP published an article on July 19, 2012 titled “Foreclosure Crisis Hits Older Americans Hard”, which is further validated by another article published in Washington’s Blog on August 12, 2012 titled “Bankster Fraud Has Driven 100 Million Into Poverty Killing Many”.
The AP article states “More than 1.5 million older Americans have already lost their homes with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says.”
A frighting and disturbing picture of so many of our fellow Americans. And even more disturbing is the imagery of our parents and grandparents suffering this fate, many without a support group to help them.
Then there is the Washington’s Blog article (Oh My God), which states, “The World Bank notes that the financial crisis – you know, the one caused by financial fraud– has driven between 64 and 100 million people into destitution.”
It goes on the state, “Some estimate the figure to be much higher. For example, one 2009 study estimated that 140 million people would be driven into povery in Asia alone. The global financial crisis has pushed the ranks of the hungry to a record 1 billion people….. The United Nations food officials said Friday in Rome.”
And, “The global financial crisis sweeping through Wall Street and the European banking sector will touch the lives of the world’s most vulnerable, pushing millions into deeper poverty and leading to the deaths of thousands of children, according to a new United Nations study”.
I don’t know about you guys, but these two articles flat out make me sick! This is not the type of world that I or anybody I know wants our parents, children, brothers and sisters to live in. And, it’s totally unnecessary.
As I’ve said time and again, the banks can afford to work with their customers to help them stay in their homes. Their profits on the sale of the Notes they bought at deep discounts from other failed institutions, or their cash profits from the securitization leverage they received when they pooled the Notes after initially funding them, are “huge”. They can easily afford to rework the terms of the Notes to “back load” the arrears and lower payments for a few years to allow folks to get back on their feet.
But, it seems like the banks would prefer to foreclose and in many areas just bulldoze the properties to the ground, rather than work with folks.
What I would like to know is how can the banks afford to take
multiple six figure losses on short payoff sales, but they can’t afford to take no losses and work with folks to stay in their homes. Somebody explain the math to me please!
THE LINK TO THE AP ARICLE IS:
THE LINK TO THE WASHINGTON’S BLOG ARTICE IS: