In this article in the New York Times, they discuss that many people are not receiving the assistance from banks that were suppose to be taking place. A certain number of individuals were suppose to receive some sort of relief based on the $25 billion that the banks settled with state and federal government. Although the banks are "helping" individuals, they seem to be looking out for the best interest of themselves and making sure they improve their balance sheets by helping people with second mortgages and home equity loans while overlooking people who need help with their primary mortgages. I have no issue with what the banks are doing because that is what is in the best interest for them but the question I ask myself is whether there could have been more guidelines in place so that people who are struggling with their primary mortgages received attention too.
http://www.nytimes.com/2013/02/25/opinion/what-mortgage-relief.html?_r=0
2 comments:
I think that there definitely needs to be more regulation in this area, considering how much it contributed to the recession. People who have outrages mortgages need to be helped so that they can spend less money month to month on mortgage payments, and more money on purchasing goods in the economy.
I have no sympathy for many of the individuals who are underwater on their mortgages and facing foreclosure. Joe Bagofdonuts making 50K a year shouldn't have bought a million dollar house, he got greedy and is now paying the price.
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