American Housing System Blog#5

Watching the video on the housing system and the mortgages is so sad. One million AMericans right now are in default  of their mortgage, 9.9 million people since 2008 have foreclosed on their houses thats so sad.  One person explained these lenders and banks is socialism for the rich. These  big banks and corporations are laying off people , people are foreclosing their homes while they sit back and get hundreds of thousands of dollars in bonuses, bonuses.  The government bails out these banks  when they should be the ones going bankrupt. Honest people that lost jobs and foreclosed can’t even sell their own homes the economy is getting worst and theses bankers are still making money.  The government bails out the banks with  low interest rates seeming as though these banks didn’t have any repercussions for their deals. There was a story about Bank of America foreclosing a couples home. This couple paid for their house in cash not even having a mortgage with Bank of America. After all the legal fees and BOA realizing their mistake they still did nt pay the couple back their money. The couples lawyer turned it around and had BOA foreclosed, they seized their desks and electronic and eventually the couple was handed a check from the bank manager for the couples legal fees. Thats pretty awesome. Theres so many horrible stories, my friend bought a condo few years ago for $280,000 , so her mortgage was for this amount it is now worth  $225,000 . People have mortgages higher than what their property is actually worth. What do you do? People were buying houses and paying double for what they  are worth.  We are all hoping that the market goes up again but who knows. I couldn’t agree more this corruption socialism for the rich.  The report even explained how much money these banks were making during this market boom like Goldman Sachs and it brings me to that picture after hurricane Sandy all Manhattan dark except for the Goldman Sachs building. Everyone has the American Dream and when unfortunate circumstances happen its sad, but some people should face some consequences because, seems the rich are getting richer and the poor are getting poorer. 

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2 responses to “American Housing System Blog#5

  1. I completely agree with you , its so sad what the government and come down to doing. Although there actions are not justified we as the “common people” cant do much except sit back and hope things will change for the better if and when they do. But when people get ready and try to fight back then we are held responsible and said to be corrupted. What more should the common man do if not to fight for there rights. Seems as though equality and freedom and starting to lose all meaning in this country.

  2. That is terrible how the bank did that to that couple. I am so glad the bank foreclosed. So many awful things are happening in the society today. Whatever someone does it seems like it is the wrong thing to do. Do you fight for it? You might get into trouble with government. It’s a tough decision.

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