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And yet homeowners got fucked and Wall Street got bailed out. Where was the mythical homeowners' political power when prices were plummeting (in my neck of the
by clipsy 3y ago
And yet homeowners got fucked and Wall Street got bailed out. Where was the mythical homeowners' political power when prices were plummeting (in my neck of the woods by 30-50%) and they were threatened with the possibility of foreclosure on an upside-down mortgage?
- taylodl 3y agoYou're only threatened with foreclosure should you fail to pay your mortgage. Your mortgage being upside-down has nothing to do with it. Having said that, the major banks shouldn't have got bailed-out either. Smaller banks that were responsible would have had the opportunity to grow when the larger banks faltered due to their bad decisions. As another commenter here quipped, the first houses Wall Street bought were in Congress.