The Bank Bailout Continues: Mortgage Foreclosures

The foreclosure crisis in America is being distorted and diminished in the wake of the massive tax-payer bailout of the Banking industry. I personally know many people who have "under water" mortgages - trying to pay for a house that the Bank told you was going to go UP in value (while they bet against it doing so) - then the market price bubble "burst" (was caused by lying about the value of the item(s) and then massive stock dumping). So you have people who were told their $600,000 house would be easily refinanced in the rising market, now holding onto a $300,000 liability. And this is all a made up price for the "item" in the first place. An example from one person I know: Their Bank claims their house is worth $650,000. The house across the street of a similar size, with more land, was recently sold for $150,000.
So The homeowners beg for help from their Bank, who for the most part will run them around with lies and obstructionist tactics. The Banks are too big. If you can't get ANYONE to take responsibility for the actions of your company because it is always being filtered and lost through various departments, then evicting people who are trying to work with you after you sold them a bad mortgage - you deserve to be run out of town. But you can't run CHASE out of town - they are like a virus, everywhere. (And nowhere... lol)
What about help from the HAMP program? LMAO - Good LUCK, if you have been helped by this, LET ME KNOW!!! 6 MILLION - 4 MILLION (what's a few million homes between neighbors) people are in danger of losing their homes.
"The administration’s primary anti-foreclosure plan, the Home Affordable Modification Program, or HAMP, resulted in 295,348 permanent modifications by the end of April, the U.S. Treasury said on May 17." hmm...
If you start to talk to people in the hardest hit areas, you will see a common thread. In our community, it seems to be CHASE(Washington Mutual). They will not give the homeowner the same deal as they will sell the house for after foreclosure. They seem to "misplace" a lot of information. Some people have been told they have a modification, only to have people show up at their door to buy their house ("It was on the internet") or police come to evict them.
Why don't they just walk away? Because the Bank starts attacking people's credit. One popular trick with Chase seems to be telling the purchaser that they can't consider a modification until you DEFAULT on a payment. They tell you it won't go on your credit because it's "in negotiation." So they TELL you to default as a part of the made-up modification program. Then you get a call saying that you are in default so you can't be considered, or that your credit has gone down and/or are being threatened. A local woman I saw on the news described her experience with Chase as "going down the rabbit hole."
I think it destabilizes our economy and country to allow these Corporate People to commit crimes. Where is the regulation and Real help for the Homeowners? Why do we have to bail out the rich again, this time with our homes? If they took billions for US, why shouldn't they HAVE to loan money again and modify?
**From DN: *JPMorgan Chase Posts $3.3B Quarterly Profit*

"The financial giant JPMorgan Chase has posted a $3.3 billion first-quarter profit, a 57 percent increase from last year. The firm has received over $25 billion under the taxpayer-funded bailout."

http://www.democracynow.org/2010/4/15/headlines#2

http://www.businessweek.com/news/2010-05-19/mortgage-foreclosures-hit-record-as-...

http://sbj.net/main.asp?SectionID=18&SubSectionID=23&ArticleID=86963