Borrowers and Bankers: A Great Divide

[ShockediSay]

Source: NY Times

THE credit crisis has exposed and worsened a dangerous and deepening divide in this country between a vast number of average borrowers and a fairly elite slice of corporations, banks and executives enriched by the mortgage mania.

Borrowers who are in trouble on their mortgages have seen their government move slowly — or not all — to help them. But banks and the executives who ran them are quickly deemed worthy of taxpayer bailouts.

On the ground, this translates into millions of troubled borrowers, left to work through their problems with understaffed, sometimes adversarial loan servicing companies. If they get nowhere, they lose their homes.

Taxpayers, meanwhile, are asked to stand by with money to inject into Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants, should they need propping up if loan losses balloon.


Read more: http://www.nytimes.com/2008/07/20/business/economy/20gret.html

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One nation, indivisible

[Maggie_May]

1. This is what pissed me off

We are bailing out wall street but when come to bailing out the average guy forget it. Its like if you don't pay your mortgage or credit card you cant just say oh thats ok the tax payers will bail me out.