- Real Estate
Banks and Mortgage Companies Love Uncle Sam
American Dream: Paradise or Nightmare
In 2009, many people lost income and jobs with the recession bang. Daily news reported about stock market busts and losses, increased crime, lost health insurance, spouse and parental violence and abuse. Stories about people who were unable to keep up with inflated mortgages, car payments, and credit card payments were televised daily. For some, any memory of the comforts they had were now gone, and remembered only as luxuries.
With the ability to support and pay for accumulated family assets that had been removed from everyday lifestyles, many people faced life on the streets. Many families would be torn apart by the stress, anguish, and anger of having nothing and living in poverty. Violence and robbery would, most likely, rise from the need to eat and survive, by these otherwise, normal, everyday people.
People who had or would lose everything they worked for encountered each day finding less than the day before. These same people found themselves standing in lines at places, such as, welfare, free health clinics, food stamp counters, and shelters to get something to eat or a place off the streets to sleep.
But, wait! Uncle Sam (government) so proudly announced the “Make Homes Affordable” program, and big business (banks and mortgage companies) embraced the bags of money handed out in 2009.
How wonderful! The mighty federal government actually cared about the worker bees that provide the 'ivory' castles in which they live! Yes, citizens of the U.S., there really is an Uncle Sam, and he cares about you! The ones riding in limousines, dining on gourmet food, and curling up in their 1000-thread count sheets at night, really do feel pain for the people that made them great!
So, the people of this great country clung to the hope and promise made by Uncle Sam. Diligently, they gathered the necessary documentation to prove to their mortgage holders that they did, indeed, owe their soul to the company store. Reams of paperwork were filled in, written with care, and the fax lines and post offices buzzed with increased traffic.
Days, weeks, and months went by without word from big business. Hours were spent punching numbers on phone pads to satisfy the automated answering devices at banks and mortgage companies. Then, one by one, banks were going belly up. And, the helpful U.S. government ran to their defense and bailed them out, and filled their vaults with money in order to save the American Dream and keep roofs over the struggling families.
Uncle Sam, once again, jumped to action to bail out troubled car manufacturers. Negotiations and hearings took place immediately, none of these conglomerates were put on hold, frustratingly punching numbers into an automated phone system, or were required to wait and wait to be heard or helped.
All the while, families continued to hope their pain would be alleviated by the “Make Homes Affordable” program. I mean, after all, this is the United States of America and its powerful government we're talking about here. The system that was built on “for the people and by the people,” right? Surely, the voice and pain of the American people would be heard and answered.
In among the lavish events, catered dinners, and gala parties on Capitol Hill, American Joe's watched as their cars were repossessed, houses foreclosed on, and credit scores plummeted. They watched their mailboxes and waited for their phones to ring; they believed Uncle Sam and the big banks and mortgage companies were going to follow through as promised.
As days, weeks, and months went by, the lingering spark of hope began to dwindle for many of these people. Their hopes turned into nightmares as it became evident Uncle Sam and big business were helping or standing by their words. People desperately tried to jump through the hoops that mortgage gurus threw their way. Prove this, prove that, fax this, notarize that, and we'll get right back to you (well, maybe).
Maybe one day you will actually get to speak to a warm, live, body at the other end of that phone line. However, in the meantime, keep your spirits up and hopes high as your utilities are shut off. Remember to smile, proudly, as you watch as your kids sport clothes and shoes from the local second-hand shop. And, through good old ingenuity, you found that water can double a quart of milk, and can satisfy the hunger in your baby's stomach.
Elderly people who could no longer afford the high price of fuel gave up driving to the drugstore for needed medicines. But, then that really doesn't matter, because they can't afford those medicines anyway. Some elderly dined on stale bread or old potato chips by the light of candlelight in a shelter of cardboard. Later after the gaiety of the dinner party, they can curl up on the crumpled newspapers that serve as bed and blanket.
Think this is exaggerated? Try getting assistance as promised by Uncle Sam's “Make Homes Affordable” program, at your local bank or mortgage company.
Perhaps some did get the help needed to save their homes and the payments were lowered to an affordable level. However, many more did not. Just where did the billions of dollars go that Uncle Sam gave to the lenders?
Think anyone cares or that Uncle Sam is going to require banks and mortgage companies account for the money they so eagerly accepted? Not in this lifetime! But, if it was the average American citizen, justification would be necessary, required, and demanded! Bet on it!