Posts Tagged ‘foreclosures’

banker’s still gambling with our money?

March 26, 2010

This is an extract frrom Today’s Fullermoney.

I have been dismayed about the latest actions out of Washington and Wall Street. The banks are now pushing all manner of mortgage mods and foreclosure abatements. These are little more than “extend & pretend” measures, designed to put off the day of reckoning. They are not only ineffective, they are counter-productive. They reward the reckless and punish the responsible, and create a moral hazard. Worse yet, they penalize middle America for the sake of giant Wall Street banks.

It may sound counter-intuitive, but the best thing for the nation (but not necessarily the banks) is to allow the foreclosure process to proceed unimpeded. We need more, not less foreclosures.

I don’t how it applies to the UK. If it  is applicable  (and banks have been boasting big profits!) , then we need to do something, although foreclosures are not very sociable and some sort of alleviation should be considered to keep families together, especially as many of the people not meeting their debts are those who have been adversely affected by the collapse of the economy caused by the  ▓ankers.