Wednesday, 12 March 2008

Many More Going Bankrupt

"People can't keep their houses because they can't afford the monthly mortgage payments, they can't refinance because there's no equity in the house, and they don't qualify for a loan," said attorney David Madoff, a US Bankruptcy Court trustee in Boston who oversees some 600 cases a year. "More and more people are coming up in front of me and saying, 'I'm surrendering my house to the bank.' "

As more and more people lose their houses and/or go bankrupt, the US Federal Reserve continues to bail out the big banks. It's okay to go bankrupt or insolvent if you are a bank. Financial recklessness is rewarded (or at least covered by the taxpayer).

It seems the collateral damage from a bank failure must be averted - but where is the justice for those people who are suffering because of the games played by the big end of town ?

[Posted at the SpookyWeather blog, March 12th, 2008.]

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