. . . I don't know who that could be. First off it was the bankers who wrote the crappy sub prime mortgages.
It seems to be hoped that the home building sector will dig us out of this recession. Frex, every home sale brings on sales in other sectors, appliances, furniture, etc. So you would think that our brilliant bankers would want the home building sector to expand. But no, they are flooding the market with foreclosures.
Now the home owner would like to keep his/her home but their mortgage is underwater and their job is at risk. So the bank will re-negotiate, right? Not bloody likely, they will foreclose and sell the house well below market value. Why? Because all those genius brokers are telling the nation -"We have not hit bottom yet". So who is going to buy a $250,000 home that may only be worth $200,000 six months from now. The bank will be lucky to dump it for $185,000. However had they re-negotiated with the owner they would have had a $250,00 mortgage and payments coming in.
Frankly it is a totally dumb-ass mortgage system in any case, but these brilliant bankers sure are not helping.
BTW ours just increased $9,000 in the last two months.
