Illegal and reckless behavior that had real-life consequences, for millions upon millions of American Citizens. “Heads they Win, Tails we Lose” … and lose and lose some more ...
RealtyTrac notes (via North Carolina State University) that:
From January 2007 to December 2011 there were more than four million completed foreclosures and more than 8.2 million foreclosure starts ….
CoreLogic reported a year ago:
Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of May 2012 compared to 1.5 million, or 3.5 percent, in May 2011 and 1.4 million, or 3.4 percent, in April 2012. The foreclosure inventory is the share of all mortgaged homes in some stage of the foreclosure process.
Given that there are currently around 316 million Americans – more than twice the number during the Great Depression [...]
Shelter is shelter … so what’s the problem? Camping’s fun!
Behind those tragic numbers … there are millions of untold tragic stories that resulted from Wall Street’s scrambling of our Mortgages … tragic stories such as this (just one among millions):
Sheila Ramos' grandsons, 10 and 13, started crying. They wanted to know where the house was. There wasn't one. There was only a tent. [...]
The story of how she ended up in a tent is the story of how America ended up in a foreclosure crisis that has not ended, that still drags down the economy and threatens to force millions of families from their homes. Already, banks have foreclosed on more than 4 million homes since the crisis began in 2007. With almost 6 million loans still in danger of foreclosure, 2012 could very well be the worst year yet. Ramos' story is remarkable not because it's unique but because it isn't.
No wonder so many average Americans “are angry” at the TBTF Banks. Are any of the Bankers forced to live in a tent, because of their reckless behavior?
Has a single robo-signing, Document-mill Banker gone to Jail — for their failed Wall Street bets — with our lives’ work, invested in our meager home mortgages?
Hint: No, they got a get-out-of-jail card instead, in the form of robo-signing Immunity, from the status-quo system at the time.
……...
There’s more of their reckless story here:
How a 21st century Glass-Steagall Act would target the Rot within