ice

I have not posted for a while, sorry, the foreclosure crisis continues, but not a lot new to report.

We hear about the housing bubble, which we in Michigan missed.

But our housing market burst anyway!

And, with unknown trillions of our tax dollars committed to saving the bank and mortgage companies that brought us this mess, the government still takes credit for programs that clearly are not working in preventing foreclosures.

And the banks continue to benefit, with our tax dollars bailing them out when people who lost jobs cannot pay mortgages any more.

Even the latest program, helping unemployed people keep their homes, is another bank welfare project and not a foreclosure prevention program.

We are two years past the Bear Stearns crash that precipitated the crisis, which yours truly and many others in the trenches long predicted.

That apparently did not give us any credibility in prescribing a remedy, judicial mortgage modification.

Which would have allowed Fannie and Freddie, and the mortgage companies and banks, to fail, as they so richly deserved.

And would have allowed the housing market to find bottom.

I believe we would have been on the rebound by now.

But Noooooo!

Uncle Sam, panicked by Wall Street, pulls out all the stops to prop up housing prices.

Keep interest rates low, pay the mortgage companies (?) to write modifications.

Which then fail again anyway, if you are lucky enough to last through the process.

Which, as with most government designed programs, is difficult to figure out.

So a new scam industry is born.

Mortgage assistance, we know the guys in the back room, we can get your mortgage modified, we know how to not only stop foreclosure, but get your payment lowered! and the other slogans of con men adapted to this situation.

Desperate people trying to save their homes, willing to do anything to avoid foreclosure, overwhelmed by incompetent mortgage company employees, bombarded by slick ads and news stories about government programs to help them.

We believe what we want to believe.

I see:

No end to foreclosures in sight.

Foreclosure Crisis Continues

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