Mortgage Crisis: Why has failed Making Home Affordable?
In these hard times, millions have wanted to pay their homes to keep them, but not employed. Others can not afford. Seek government support with a good verb but does not connect with the masses yearning to answer. They go to the banks to agree but only evasive answer them and the vast majority of habitat lost their dreams. They are the orphans of justice of the mortgage crisis.
However, strictly speaking, the huge conglomerate has been found – as they say in my village, like stray dogs, adrift. They are caught between a government inconsistent between its rhetoric of grants and has really achieved by them, and some unscrupulous bankers who only see them as a hindrance to continue its enrichment vertigo.
Millions seek justice but in such adverse conditions as much as it is proposed to locate a needle in a haystack, in a dense thicket.
Four years have passed since the outbreak of the subprime crisis and the time to assess what has been done by public and private sector, we see minimal changes affected results and superlative. We have more than three million people have lost their homes since then and this year the guillotine will fall into another million, despite a decline in foreclosures (foreclosure) in the last month, judging by the report of the specialist firm Realty Trac.
Now we have to add another ominous element in this scenario: the radical right-wing Republicans, those who have launched a furious tirade against Latinos and union members have turned their sights-those who want to avail of the benefits-less than meager, for true, Making Home Affordable Program.
These petty politicians of ideology cowgirl want President Obama cancel the millions of applicants to the program that blew, which is dreadful as it has only allowed the credit change between three thousand and five thousand people.
This fits the question: why has not worked the Making Home Affordable? As is known, this action was launched in the current federal administration and applicants are those who are at risk of losing their property. It was designed to pay the monthly payment or interest mortgage debt to help with the second mortgage and to encourage the unemployed. It also allows the application of a new loan when a house has been devalued.
I believe that those responsible for not operating properly, the Making Home Affordable program are the government and banks.
The government created this tool because with the best intentions, but with the terrible failure of the discretion left to banks to decide the cases, instead of having taken with maximum sensitivity because it is a social issue involving large parts of the American society in these times of deep crisis, characterized by unemployment and what this means in terms of income and decreased quality of life, require a strong government committed to them to ensure social welfare.
We have warned of the high risks of the mortgage crisis since it was incubated. And on the stage of the bubble bursting talk about excesses, deficiencies, omissions and sinful attitudes of the protagonists. As students of this phenomenon that has turned against the wall to the nation has been making critical remarks against the government, bankers and Wall Street. One of my conclusions is that I have noticed that the authorities have shown they do not want to assist homeowners with economic solvency problems.
The banks have in place a machinery to promote one side with generous attitude with debtors houses. So I repeated are wolves in sheep. They have devised a bureaucracy that eats only dreams and desperate debtors purposes as processing the changes there were diluted with the usual answer: ‘the investor did not accept your application.’
At all costs the banks want to give the impression that one is at fault (ie the government) and, while living in boom times for the wealth they accumulate, while debtors are increasingly impoverished and with marked distress. The human problem of this is incalculable depth.
We also have the Treasury Department ruled that the Attorney General of the States of the American Union take action against banks for their abuses and modifications programs. The result is that neither have done anything of substance to submit to the credit institutions to comply with rules and regulations of the Making Home Affordable program.
Only one button, which clearly illustrates what happens in this area: when someone complains to the Department of Banking Control is turned over to the case of banks to the corresponding investigation and ultimately not getting anything out or anything less than lean. A mockery.
Another lie from the banks and government is that applicants for a modification turns them with government agencies to help them in processing, without payment, but the results speak for themselves: very few are those who manage the change. So I want to repeat that the safest way possible for this type of agency is using a legal advice. So we left the sphere of government populism and brutality bank.
credit to: John Ramos