Better get a bigger bucket…
Wait. CLICK HERE to check out part one of this article – before you get wet. Then see how Martin Eakes wields the obvious:
Previous actions to bail out banks have been necessary to keep the economy afloat, but essentially amounted to bailing out the water in a leaky ship. By addressing the foreclosure crisis directly, the Administration’s housing plan finally begins to plug the holes that cause the problem.
“Bailing the water from a leaky ship” is actually the best thing Eakes has to say in this entire press release. The banking, automobile and Real Estate industries do not deserve bailout money if the same people are allowed to control the organizations. Their hands are dirty; they are complicit in the financial homicide. Repeat offense is what they know, and America can’t afford such a body count any longer.
Turn the tide now
It’s time to change the entire system, says Eakes:
With this plan in place, there will be more options and incentives for servicers and investors to avoid foreclosures that don’t need to happen. That will help families at risk, and it also will help the entire economy by stabilizing the housing market and preventing billions of dollars in spillover effects that occur when the market is weak.
OK, I agree with this as well. The tide of foreclosures must be turned back. Lenders must escape lunar gravity and the laws of mortgage lending physics must change if this country is to survive. This may mean that less people qualify for home loans, but that will open up a need for more low-cost housing that President Obama’s “New Deal” organizational ideas will have to address. But first, please do address the conclusion of this article; CLICK HERE.
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You know what would have really helped investors, financiers, and a lot of American families? If the companies that lent the money weren’t encouraged to take on so much extra risk at the behest of misguided social crusaders like Mr. Eakes. If the only loans that had been made were made to people that were definitely going to be able to pay them off, then there never would have been a problem, would there?