During the Mortgage and Financial Crisis banks have received Government assistance and their staff received bonuses. The banks need to be forced to give mortgage principal reductions to Middle Class homeowners that have not missed any mortgage payments but home values have drastically been reduced during the crisis.
Why is this important?
I am one of the people that have been harmed by this unfair practice. I have applied for modifications and have not had any positive results. I have seen people with no jobs receive help, banks received help, people in all financial situations got help which is great, but the middle class is getting left out. Home values in certain areas are almost back to their pre crisis prices, but home values in other areas are not going up. Principal reductions would level the playing field and keep people from walking away from mortgages as well as strengthen areas often left out behind.
