Corporate welfare steals from mortgage aid effort

Tennessean
by staff

10/28/08

For all the talk of relief for distressed homeowners since the financial meltdown went into high gear six weeks ago, precious little has been done to help those either who lost their homes to foreclosure or are daily confronted with that threat. Large financial institutions, meanwhile, are doing much better, as the government continues to funnel billions to prop up their business. We know that homeowner assistance is piddling because of some worrisome data. Each day from July through September, more than 2,700 Americans lost their homes to foreclosure — up from 1,200 a day one year ago, according to Mortgage Bankers Association figures quoted by The Associated Press. At the end of June, more than 4 million homeowners with a mortgage were at least one month behind on their payments, and 500,000 had entered the foreclosure process, the association said...

//tinyurl.com/5azftg


Informant: Thomas L. Knapp



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