Jesse Jackson called for more government mortgage assistance in a recent article in the Chicago Sun Times. Here is some of the article:
It is time to act. Join us on Dec. 10 on Wall Street and in cities across the country. Stand up to stop the wave of home loan defaults that threatens to foreclose not just on people’s homes but on our hopes.
The problem keeps getting worse. Two million homeowners face foreclosure over the next year. Their neighbors will lose billions of the equity they have in their homes. Millions will find themselves stuck, unable to get a decent price for their homes in a flooded market. Tens of millions more will tighten their belts. Communities, from Cleveland to Las Vegas to much of Florida and beyond, will struggle with budget crises.
This is a recipe for recession. Fed Chairman Ben S. Bernanke told Congress he expects slowing growth and rising unemployment. How could he not? The financial sector, which generates nearly one-third of all corporate earnings, has written off about $40 billion in troubled loans this year, with more to come. Gas prices are hitting $100 a barrel, even as we head into the cold winter months. Food prices are rising. Americans, already burdened with stagnant incomes, now are piling up credit card debt just to make ends meet. We’re headed into rough waters.
But so far there has been no action on any program of any scale to keep people from losing their homes, fouling their neighborhoods and driving cities and schools into budget crises and the nation into recession.
January 28th, 2008 at 7:39 pm
My mortgage rose to $2000.00 on a 950.00 mortage since July as I was a woman targeted in one of those bad loans while a graduate student. Now I’m struggling with unreasonable fees imposed (hidden) and an interest rate that is at 11% which keeps going up. Wilshire Mortgage of CA are just horrible. It is very sad that companies can act so unethical.