Friday, June 25, 2010

Update (Victims)...


Previous blog entries had discussed the evolution of how the "blame" for the housing crisis was being allocated - the 'Crashing the party' entry of September 2008 listed the numerous parties (the public, the politicians, the regulators, and industry) with a role in the crash; the October 2008 entry 'The elephant (and donkey) in the room', observed how the politicians were focusing the blame (on others, so as to give themselves a free pass); while the 'Musical chairs' entry showed pictorially how blame was being shifted to "fat cat" bankers...

This blogger recently ran across this article, They Keep Stealing - Why Keep Paying? Reading this it has become clear that the process is now completed, and memories have been 'sanitized' No one retains any responsibility except for "them" (unnamed banks, CEO, and other assorted guilty...), everyone else is a victim...

Quote: "... You didn't cause this mess. They did. Now you are struggling to make the same payments on this mortgage on your now overpriced home even in light of a crashing economy and massive deflation, all while the government does everything in its power to help Wall St. keep the bonuses coming. Well, it is becoming time to take matters into your own hands... I suggest that you call your lender and tell them if they don't lower you mortgage by at least 20%, you are walking away. And if they don't agree, you need to consider walking away..."

Hmm, this is the best way of guaranteeing that this will happen again!

Previous housing-related blog entries:
Thank you California and Florida - October 26th, 2008
The elephant (and donkey) in the room - October 25th, 2008
Mortgage mess - October 7th, 2008
Wall Street vs. Main Street October 1st, 2008
Crashing the partySeptember 27th, 2008
Confused and nowhere to go (updated)September 24th, 2008
Truth RIP (updated 9/22)September 22nd, 2008
Finely calibrated reactionsSeptember 16th, 2008
Fannie and FreddieSeptember 10th, 2008
Fannie Mae and Freddie MacJuly 24th, 2008
Mortgage meltdown (update) - April 1st, 2008
Mortgage meltdownMarch 31st, 2008
Housing Stories III July 29th, 2008
Housing stories – IIMay 6th, 2008
Housing storiesApril 5th, 2008

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