When Will Homeowners Facing Foreclosure Get The Help They Need?

January 11th, 2010 by Reed Allmand

Well it’s official, according to the latest pundits and economists, the recession is behind us and we’re well on our way to another boom.  But of course they aren’t basing this assessment on the reality faced by ordinary Americans; but on the fact that the banks are doing better, filling their pockets and many are repaying the bailout loans given to them by the American taxpayer.  In the eyes of those claiming that the recession is over, if the banks and Wall Street are doing well, then America is doing well. We all know that just isn’t the truth.

The Wall Street bankers received the help they asked for and now  they are doing so well that they can repay their loans and return to their old ways.  But what about the American homeowner?  Many of them are still facing foreclosure and they haven’t received the help they thought the bailout would bring.  Who is going to throw them the lifeline they need to turn the corner of this recession and head down the road to prosperity? For homeowners facing foreclosure, this recession is far from over, it’s only getting worse. Job losses, false promises of foreclosure prevention and other financial setbacks are sending many to bankruptcy. Some ordinary Americans are even describing this “recession” as a Depression.  But semantics aside, if we are to restore the faith of the American people in our government and leaders we need a “Marshal” plan for homeowners facing foreclosure.  And I’m not talking about a watered down band-aid like the Making Home Affordable scheme, I’m talking about a real foreclosure plan that will force banks to modify toxic loans, prevent foreclosure and by extension save communities who are being ravaged by the foreclosure crisis.