Well they just released Thursday that the five largest banks in the United States provided $19 billion in write-downs to some 240,000 borrowers.
This is all part of the same state and federal resolution for violations having to do with foreclosure-processing involving Bank of America, Ally, J.P. Morgan Chase, Wells Fargo and Citigroup.
Incredibly these five banks gave upwards of 70,000 deadbeat homeowners over $7.4 billion in pure write-downs on their mortgages. This means the average homeowners’ mortgage was reduced by over $105,000!
Let’s see if we have this right, the neighbor to your right could not afford the house they originally moved into & instead of either renting or purchasing another house of lower value to which they could actually afford the United States government has decided to use your tax money to pay down your neighbor's mortgage so they can manage to pay for it. All this while you continue to pay your debts on time!
Not to be left out, individuals who took out second mortgages had the banks forgive an additional $11.6 billion to another 170,000 homeowners.
So, now the neighbor on your left decided they would go ahead and redo their kitchen and finish out their basement to the “T”.
Brilliant plan; adds equity, adds more living space. What could be wrong with that? Well now that neighbor can no longer afford their second mortgage, so again the U.S. government has stepped in and required banks to absolve those debts for an average of $68,000 homeowners.
Forget about coming out ahead you got screwed and you’re going to continue to get screwed! If serious changes are not made to how the US government is currently operating we’re all screwed!
Somewhere in the last 20 years the phrase “for the people by the people” has been forgotten and replaced with “take from those that have and give to those that don't whether they want to work or not”.