New Orleans Bailouts continue at the rate of bulging billions, but foreclosures for homeowners in US and aboard are still all talk, no cattle.
Center for Responsible Lending put out a notice that 1.7 million homeowners took a banking or what we used to call a “beating,” when the majority of the Senate voted to not allow bankruptcy courts to amend the terms of mortgages.
This while the Obama jawboned a bankruptcy down Chrysler and the bondholders and seems to have turned most of previously settled bankruptcy decisions for secured bondholders, topsy-turvey. The Lenders Obama Decided to Blame (NYT)
Soon we will be hearing that it could be worse. We could live in England. The Guardian reported that the much touted 287 pound foreclosure avoidance program announced more than six months ago has now been able to prove they have stopped foreclosure on exactly ONE home. www.guardian.co.uk/money/2009/may/01/mortgage-protection-scheme-homeowners
Different songs, same verses, little people, big problems, no help in sight while big companies and big dogs run wild, and we pay for all of these tunes with little relief to show for it.