Majority Want Banks to Take Hit

An over-whelming majority of those surveyed want banks to be forced to modify mortgages to aid the ailing U.S. economy and help homeowners at risk of foreclosure. 


That’s the finding of a just released poll which asked respondents whether banks should take the hit for errors they made handing out loans to anyone who could sign their name on the bottom line.
 
The foreclosure crisis is heating up as millions of unemployed American families lose their homes to foreclosure. Visit Housing Predictor to find the full details on the survey.
 
As the foreclosure crisis heats up, unemployment remains in the double digits in most of the country and the economy sputters most of the banks that sold the mortgages are reporting high profits, despite the rest of the ailing U.S. economy.
 
Efforts to get banks and mortgage companies to voluntarily modify mortgages by the Obama administration have been weak, as foreclosures reach record levels. Growing partisan talks in Washington, D.C., however, could eventually lead to a plan to force bankers to modify mortgages similar to the Great Depression. 

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Mike Colpitts

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Housing Predictor

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