Politicians Grappling For Answers to Explain the Foreclosure Crisis
Filed under: Foreclosure
The issue uppermost in the minds of voters is the foreclosure crisis and politicians wooing votes are grappling for answers to explain away the tragedy.
Quite a few years ago Sister Barbara Busch had started a programme to make the community financially literate. Today Sister Barbara is thankful for having done so because in the middle of the foreclosure desert storms her people are living in an oasis of preserved houses. The problem right now is to keep it that way in the fringes of Ohio City.
Sister Busch comments that it is not unusual to see about 40 new families per week seeking help. Another problem is payday lending. These are cash loans advanced for a short term to those who receive payday cheques. Like the sub-prime loans these too carry heavy interest. These loans are being utilized to meet all sorts of requirements from medical bills to mortgage bills to stave off foreclosures. These debts kick off another chain reaction with interest being charged often to the tune of as much as 391%.
On the Wall Street stage the drama being played out has seen many heads roll. The jumbo banks having been slapped by huge write-downs are now seeking new doses of cash injections to make up for the heavy loans. Experts in the game, they know how to do it.
Ohio, Michigan, California and Florida are the worst impacted states and paying the price for what is going on in Wall Street. In many cases entire streets are lined with foreclosed houses flaunting For Sale signs. The boarded vacant houses come with their own set of problems blighting the locality. The value of houses falls, affecting those who are not in the foreclosure circle. Vacant houses become a paradise for drug pushers, prostitutes, and vandals while Nature quietly creeps in sending her emissaries – the bats, rats, snakes and mosquitoes wallowing in stagnant pools and tall grass. The local governments find their revenue dipping with record low number in sales while the pressure on the police and fire fighting forces increase.
This foreclosure issue is now taking centre stage in the forthcoming elections. For the time being Afghanistan and Iraq has gone into the wings. Candidates from both parties are increasingly facing questions relating to the mortgage market and foreclosures. In a CNN conducted exit poll in New Hampshire it was found that 97% of the Democrats as well as 80% of the Republicans were worried exclusively about the economy.
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August 28th, 2008 at 2:23 am
Predatory lending is the largest contributor to both the foreclosure crisis and the consumer credit crisis. Politicians need to work harder to curb subprime and predatory lending across the U.S.
In Ohio, the legislature took the appropriate step to curb predatory payday lending by capping interest rates on payday loans at 28% APR. Now, the payday lobby is working very hard to overturn one of the nation’s best consumer protect bills, HB 545! The payday lobby is engaged in some unusual tactics trying to get Ohio voters to support 391% interest (or as they call it - “financial freedom”). Watch this: http://www.youtube.com/watch?v=zDoeXujagE4.
We need to end predatory payday lending in Ohio! I’m going to vote yes on Ohio issue 5!