Foreclosure Primer: Winners are Banks, Investors, and Losers are Homeowners, Taxpayers

Posted on May 27, 2011

The sad fact is this:  Big Banks that helped in large part to bring the economy of this nation down have not suffered but prospered in the wake of the debacle.  One key area of profit: mortgages.  Consider the latest moves of two of them to reduce or shift fines for their mortgage practices (Bank of America, Wells Fargo) [read about it here.]  And read how they profit from the heartbreak of others here and here.

Further ingratiating themselves to the Feds, BAC and Morgan Stanley settled foreclosure cases with the military.  Read about it here.

Investors are cleaning up in the foreclosed properties and newsletters and organizations are flourishing to accommodate this growing sector of the economy. Read one such newsletter with great articles and links here.

In all of my reading one thing is clear:  The foreclosure racket in this country is firmly entrenched.  They no doubt have lobbyists in Washington.   As long as banks hold mortgages, there will be foreclosures.  Just another area of feeding the greed compliments of our Federal Government.  All of the laws recently passed to protect homeowners are too little too late.