December 1, 2012

Help Homeowner On The Cheap

As much as possible, mortgage relief should come from the wrong doers who precipitated the crisis in the first place; Wall Street and mortgage originators and services that are mostly affiliates of big banks. They are the ones who profited from the sub prime fiasco and they were bailed out while the homeowner suffered. The homeowner who suffered not only included those taking part in the sub prime boom, but every homeowner as a result of the entire market being pulled down.

It is not an accident that some of these culprits were the largest contributors in the recent presidential election. Most seemed to have bet on the wrong horse called Romney.

While the banks were bailed out very little was done to help the homeowner. The banks have been able to make substantial progress in getting on a healthier footing since the bailout. Now, per an article in the New York Times, http://nyti.ms/OY2Of1 , it is expected the banks will receive a large boost in their profits due to an expected refinance boom brought about by a new round of quantitative easing.

This expected "gift" to banks should be used to pay retribution to the homeowners that were brutalized during the last decade by the very same Wall Street and banking industries. The recovery of net worth of the consumer is paramount to the recovery of the economy. This could be a low cost stimulus having little impact on the federal budget.

We will find out whether Obama has the will to do what is right for the homeowner and the country.

Here is a plan on how to handle the retribution.... http://bit.ly/MMrfm

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