Not a Kinder and Gentler Washington
With rampant fraud, greed and ruthlessness, we are all familiar with the money grab American banks ran on the poor and middle class with their sales of mortgages. It is estimated that more than a million homes will be put into foreclosure and leave many homeless with the loss of their down payment, closing costs, and whatever improvements they may have made.Most of the mortgages were made to unsophisticated borrowers, not to the Donald Trumps of the world. There used to be a time in America, when homeowners had some protection from unfair business practices on purchasing homes.
The banks and brokers were caught with their pants down when people could not make their payments when their interest rates increased. The banks enticed the home buyer with very low rates of interest for a short period of time after which the interest rate would jump higher sometimes exhorbitantly. The banks made their money up front with fees, points, whatever interest they charged until default, and bundling the mortgages and selling them to others, mostly brokers.
The mortgages are funded through our deposits in our checking, savings, certificates of deposit, and clubs such as Christmas club which are protected up to $100,000 by the FDIC. The Fed and others are supposed to audit the banks for sleezy or questionable practices which they failed. Rating agencies failed. Under the Washington free market philosophy, Washington just let it happen. Now it looks like the banks and brokers will be able to recapitalize with foreign funds from Arab states and China, but rank and file Americans will suffer total loss.
Washington and the Banks are showing themselves as sadists to rank and file Americans again by freezing Social Security direct deposit accounts of our elderly and disabled. (see link). Most elderly and disabled rely on their Social Security checks to pay for necessities such as food, medicine, and housing. The banks are not verifying that any judgements to freeze accounts are not Social Security direct deposit accounts. The are heaping bounced check fees on the Social Security recipients when their accounts are frozen as checks come in as well as other bank fees when the fee also bounced because the account is frozen. And Washington is doing nothing about it.
Exempt funds such as Social Security and Veterans Payments are not supposed to be frozen or garnished, but this practice continues. The link does not mention any similar problems to veterans, but they may also going through hell by having their Veterans Benefit checks on direct deposit accounts being frozen, too. Washington and the Banks do not want to do this to our veterans also..
One has to be cowardly to treat people this way that are too disabled and elderly to defend themselves.
George Bush's administration and the Republicans in Congress have been cruel and sadistic to our elderly, disabled, and our veterans and it is time to stop. They have also crippled the labor market for low and middle class workers with outsourcing to foreign countries, allowing millions of illegal aliens into America, and even enabling H1B's to replace Americans on the job here in America.
The George Bush tenure has not been kinder and gentler, but cruel and sadistic.
posted by God Bless America - Bob @ 6:06 PM
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