(Edit update Feb. 20, 2010) This article was found at Mountain Sage. Then, in the comments section, there was a response that provided a link to what Barack Obama is trying to do about the situation. This link to the president's proposal is eerily similar to what I am suggesting in my article below and although the president's press release actually was released a couple of hours before the article I have written below was first released, I never saw the link above until well after I had written my article below).
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A couple of weeks ago, a homeowner bulldozed his own home when the bank wanted to foreclose on it even though he may have had as much as 200,000 dollars of equity established in the home. The homeowner found someone to pay what was owed to the bank but the bank said no, they could make more money by foreclosing.
If the bank foreclosed, the homeowner would probably lose his 200,000 dollars of equity.
Yesterday, a frustrated american burned his own home and then crashed his small plane into an IRS office.
In both instances, the government backed institutions seemed to be doing things by the book. Can I suggest that the government quickly change the book?
This is what concerns me about Barack Obama. He roars like a lion and then backpedals in situations that are crucial to main street's survival.
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I can understand the difficulty of legislating to help homeowners who owe more than their home is worth, but to then allow banks to go after homeowners that have some equity built up in their home and just take the home is outrageous and goes to a disturbing pattern concerning Barack Obama's administration.
Barack Obama seems to want to tackle entire problems head on, but then is not able to come up with anything that would at least begin to partially solve the problem, and americans are suffering as a result.
