Sunday, August 28, 2011

Food or Shelter?

Great Jumpin' Jehosaphat's ghost, has anyone thought that this happens to folks in A-Merry-Ca?

Anyone in political office?


Take the facts that mortgage companies intent on producing maximum profits created the last bubble: selling Adjustable Rate Crap, and qualifying buyers by fabricating higher income than people actually had.

Country Wide in particular failed to do due diligence by auditing the actual mortgages, and Bank of America now stands liable for damages after buying assets and liabilities.  For those who preach the morality of all individuals taking care of themselves, hungry children creates a moral if not legal crisis.

Banks got trillions in bailouts, which saved the world economy.

Well whoop de do; hungry humans, especially children who need nutrition for brain development, need to eat or they die.

[Irish families are going without food in order to meet their spiraling mortgage costs as the recession grips.

The reality has been exposed by a letter writer to the Irish Times who revealed the full torment of his family’s situation.

Writing as MP Mac Domhnaill from Tralee, the man revealed how the cost of a $120,000 mortgage has left his family with nothing to eat but bread and cereal.

The writer described his family’s predicament as a new torment as he struggles to pay his lender.

He wrote of the "anxiety and pain” as his $1,000 a month dole payment is used to fund the mortgage.

The Sunday Independent reports that such cases are not unusual in modern day Ireland as calls grow for mortgage debt forgiveness.

The paper reports that there are currently up to 60,000 mortgage holders in arrears in Ireland.

Economist Morgan Kelly, the man who predicted the downfall of the Celtic Tiger, told the paper the Irish state ‘must move’ on mortgage debt forgiveness.

“There are measures the States must introduce to end the anguish of many ordinary Irish families”, said Kelly.] emphasis added

[Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.

Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.] emphasis added

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