Consumer Outrage Continues
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The home mortgage crises continues to increase and with it consumer outrage as well. Just last week a group of high powered mortgage bankers attending a Mortgage Bankers Association industry conference in Chicago were met with the protest of about 3,000 people in downtown Chicago. The protestors blame, fairly or not, the mortgage industry for the financial crises the country has been in the last several years. If you do want to buy a home try FHA home loan for all your needs.
Adding fuel to the fire is that the housing situation continues to get worse despite everyone's best efforts. Housing prices in some parts of the country are down 30% from their original purchase prices and many owners are struggling to make payments. In August alone there were over 200,000 default notices, bank repossessions or home auctions. Unemployment is still high and the economy is struggling.
Protesters claim that the taxpayers have been milked and that the mortgage industry is responsible. They insist there is no accountability in the system and are calling for the resignations of top bank CEO's such as Jamie Dimon from JP Morgan Chase and Co. and Bank of America's Brian Moynihan.
The international distrust and unrest of Wall Street and the global financial system is adding to the problem. Now in it's 2nd month, Occupy Wall Street has created a back lash that continues to grow. Just this weekend they held an international day of protest that saw mixed results.
Around the world thousands gathered to join the cause in a day of protest. Most protest were peaceful, but some led to violence and arrest. In particular, Rome had problems as a group broke off from the peaceful march and began smashing windows, destroying shops and flipping cars. Riot police were forced to rein them in with tear gas and barricades. It has been estimated that the damage caused is around 1.4 million. There were a handful of arrest in protest in New York, Germany, England and Tokyo but things remained largely peaceful. There were, however 175 arrest in the Chicago protest.
A sympathetic MBA released this statement:
"We all recognize that our industry faces a trust deficit with policymakers and the public and that people in our industry contributed to the events that led to the financial crisis."
Bankers, though, feel they are being targeted unfairly and made into scapegoats. Recently a poll showed more Americans blamed Washington for the economy then the actual mortgage industry. Now is a great time to refinance with home refinancing at GMAC.
There have even been personal verbal attacks on bankers and CEO's. One CEO, who wished to remain unnamed, said a women recently accosted him asking, "how I could sleep at night and said she was glad that Lehman Brothers and Bear Stearns failed." He then went on to explain that this kind of thing happens all the time.
Regardless of who is to really blame, the protest show that the issue is complicated and won't be solved easily.
Article Source: Articlelogy.com
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