Foreclosures Still Flooding

So in a summary of the 'home-front' of our financial situation, The housing market plummets, tax-payers cannot pay the enormous loan that the banks want back, the banks fail or come close, and the Obama administration supplies the necessary bailout money so that the economy can be remotely salvageable. It is to my understanding that instead of plugging the metaphorical dam that is the financial crisis, the administration and Congress cannot stop the overflow of current foreclosures. This overflow is resulting in sloppy work by the banks.

The Times’s Eric Dash and Nelson D. Schwartz reported in Thursday’s paper that in their rush to process foreclosures, banks hired inexperienced workers (“Burger King kids” as one former banker derided them) who barely knew what a mortgage was.

So where does that leave the middle and lower class that are struggling to make ends meet? Obama has our back...right?

Throughout this crisis, the Obama administration has been far more worried about protecting the banks than protecting homeowners. The big weaknesses in the administration’s main antiforeclosure policy is that participation by lenders is voluntary and homeowners have little leverage to get better terms — especially reductions in loan principal when the mortgage balance is greater than the value of the home.

So the ship is sunk. If we are in a deadlock with the banks about payment options and the government is not too keen on solving the problem readily, then the options are slim to none. This problem directly relates to whether or not the government should have a say in regulating the banks for the needs of the people. America cannot maintain the policies of pre-2008 because it is that naivety that makes this nation look weak. Thorough investigation is obviously needed, but current action is more important so that Americans can rebuild what was taken from them, their sense of security.