Thursday, May 3, 2012

5.6 Million U.S. Homeowners Are Behind On Their Mortgage Indicating More Help Is Needed To Rescue Taxpayers


Barack Obama

According to the latest housing numbers coming out of America, 5,600,000 Americans have fallen behind on their mortgages, skidding into foreclosure. This is sad and preventable. It is an indication the government is not doing enough to help homeowners, who are the taxpayers. Money designated by President Obama for exploratory initiatives, such as those in the solar and environmental sectors, which have failed, could be used to help homeowners.

Already billions have been lost on the aforementioned exploratory ventures, best suited for a time America is not in a financial crisis, as the Judiciary Report has maintained from before they failed. The rest of the money intended for said exploratory ventures need to be diverted to homeowners with troubled mortgages.

These delinquency numbers would not be so astronomically high, if bank and government modification and foreclosure prevention programs were working correctly. Something is wrong in the system and it needs to be fixed. At some banks, you can't even get modification and foreclosure prevention specialists on the phone. It's often an answering machine and they call you back at the strangest hours, when you are at work and unable to properly discuss your financial situation.

America will not be made better by people losing their homes, so banks can add the properties to their stockpile of homes that are not selling. The stagnation is not healthy for any economy, as the empty homes sit there devaluing and rotting away. More government intervention is need immediately.