Despite protestations the obvious truth is that banks have preferred foreclosures to other alternatives because they have the profit incentive to egg them on with it – harmful to the individual, the community and the country. The incentive is coming from the power lords. It was the federal government that made taking of housing loans [...]

Activists of Massachusetts marching to Washington lobbied for federal funds to stall foreclosures. They demanded a share of $1 billion earmarked to help the house owners at risk from foreclosures. This scheme was part of a multi forked attempt by Washington to tackle the foreclosure problem. The money from Emergency Homeowners Loan Program would give [...]

Unless the lenders are persuaded to reduce payments foreclosure crisis will continue. But this seems to be more difficult a task than landing on Mars. Karina Montenegro has been trying to make this impossible become possible. Her job entails contacting lenders to pursue the matter of loan modification. She dials one of the big giants, [...]

There are many solutions to the foreclosure problem but unfortunately Washington has not seriously weighed the pros and cons of the ideas that are being put forth. As such there is no noticeable progress. A large number of residential houses have gone underwater – the loans being bigger than the value of the house. This [...]

Driving through miles and miles of foreclosed America is no longer a pleasure – it just evokes memories of happier days. After Pennsylvania the Ohio turnpike snakes on towards Canada. The traffic is thin on the six-lane highway that was once snarling with full loads of tuck. For miles on end there is nothing in [...]

Washington is in a dilemma. Unemployed people are being thrown out of their homes. Are they to be defined as homeless or are foreclosure evictees to be considered homeless? For 20 odd years according to the federal law those living in streets and shelters were termed as homeless. But now the House and the Senate [...]

No matter what the pundits say the dramatic jump of foreclosures in June points to recession. Bush, Bernanke and Paulson know it but will not admit the truth. Foreclosure activity has reached record heights since the 1930’s Depression. The trio thinks that by ignoring facts and looking aside they can roll on till the November [...]

Most of the Republicans headed by Bush seriously believe that they have Time on their side and that things will solve itself out by allowing foreclosures to follow the course of classical economics. Many opine that they are wrong. The river of sorrow will not dry up as it regenerates itself – clouds become rains [...]