To: President Donald Trump
"Cleaning Up the Mortgage Mess"
The President has taken an important step, by demanding that refinancing be made available to those who have kept up their mortgages whether they are upside down or not. This is an important step in the process, but it is not enough. More must be done to assist those in trouble and greater regulation on the financial institutions.
Too many of these financial institution have become loan sharks, mobsters and thugs out to get as much as they can. (1) Therefore strong legislation must be in place to curtail Vegas type investments (gambling with others money) and make financiers criminally responsible for abuses. (2) Provide resources to assist struggling homeowners without modifications or poorly structured Modifications to correct the inequities.
Also (3) To either reduce balances owed to present day values or mortgage rates to enable home owners to have affordable payments. Adjustments can be processed if economy speedily recovers on a case by case basis depending on the financial situation of the home owner. Agencies or groups that assist cannot receive or charge the home owner, but must receive compensation based on the extent of success of their efforts to homeowner built into the process.
Too many of these financial institution have become loan sharks, mobsters and thugs out to get as much as they can. (1) Therefore strong legislation must be in place to curtail Vegas type investments (gambling with others money) and make financiers criminally responsible for abuses. (2) Provide resources to assist struggling homeowners without modifications or poorly structured Modifications to correct the inequities.
Also (3) To either reduce balances owed to present day values or mortgage rates to enable home owners to have affordable payments. Adjustments can be processed if economy speedily recovers on a case by case basis depending on the financial situation of the home owner. Agencies or groups that assist cannot receive or charge the home owner, but must receive compensation based on the extent of success of their efforts to homeowner built into the process.
Why is this important?
A grave injustice has been fostered on the American public that was done under the watchful eye of several republican administrations and had its fulfillment under the administration of George W. Bush. The criminal acts that were committed that caused the cataclysmic upheaval of the world economy under the guise of fiscal responsibility.
Since the Reagan administration the republicans perpetuated gross fiscal irresponsibility and in spite of the fact that President Clinton balanced the budget and left a surplus it was vacuumed up by President Bush and the reckless warmongering administration, plunged the nation into debt and countless lives have been sacrificed unnecessarily.
Regulations that had been put in place for the banks was bypassed by the same banks creating financial institutions, mortgage brokerages that bypassed all the safeguards and recklessly rushed unsuspecting citizens into loans that would soon become nightmares and this mad rush cause the housing boom and bust.
Instead of righting the wrong, the very criminals that created the situation were then given billions of dollars to fix their mess, which was tantamount to the fox guarding the hen house. The result of this fiasco was that the bonuses for executives continued and the financial institutions hired phone operators and gave them scripts and the homeowners who had been seduced by these same institutions were now being raped.
The loans turned upside down quickly as the inflated home prices slid past previous lows and the maze of loan modifications destroyed any possibility of recovery. The value of my home went from 500,000 to less than 275,000 and although billions of dollars went to financial institutions to assist the homeowners, the trickle down effect never genuinely assisted the homeowner nearly as much as it benefited the institutions.
Modifications were and still are a long and tedious process and few modifications were actually set up to benefit the home owner. If one third the money had gone to the direct assistance of the home owners, it would have stabilized the home market and the financial institutions also.
Since the Reagan administration the republicans perpetuated gross fiscal irresponsibility and in spite of the fact that President Clinton balanced the budget and left a surplus it was vacuumed up by President Bush and the reckless warmongering administration, plunged the nation into debt and countless lives have been sacrificed unnecessarily.
Regulations that had been put in place for the banks was bypassed by the same banks creating financial institutions, mortgage brokerages that bypassed all the safeguards and recklessly rushed unsuspecting citizens into loans that would soon become nightmares and this mad rush cause the housing boom and bust.
Instead of righting the wrong, the very criminals that created the situation were then given billions of dollars to fix their mess, which was tantamount to the fox guarding the hen house. The result of this fiasco was that the bonuses for executives continued and the financial institutions hired phone operators and gave them scripts and the homeowners who had been seduced by these same institutions were now being raped.
The loans turned upside down quickly as the inflated home prices slid past previous lows and the maze of loan modifications destroyed any possibility of recovery. The value of my home went from 500,000 to less than 275,000 and although billions of dollars went to financial institutions to assist the homeowners, the trickle down effect never genuinely assisted the homeowner nearly as much as it benefited the institutions.
Modifications were and still are a long and tedious process and few modifications were actually set up to benefit the home owner. If one third the money had gone to the direct assistance of the home owners, it would have stabilized the home market and the financial institutions also.