While I tend to believe that the class warfare rhetoric of the Left tends to obscure the bad behavior of our entire establishment, both left and right- when I read this article, it did piss me off.
Basically, there's a growing trend of what are called deficiency judgements being levelled against foreclosed homeowners who just lost their house- basically, if it doesn't sell for enough, the bank will come after you to make up the difference.
How is that right? I mean, I know people have a fiscal responsibility to make sure they pay their mortgage on time and all that jazz, but what about the banks? Surely if they're going to give people a chunk of change that big, they've got an obligation to make damn sure people have the ability to pay that back. Some of these mortgages should not have been given to people in the first place- and the fault of that lies directly with the banking industry. And it's curious to me that in the middle of all this mess, there have been absolutely no consequences of any kind for the banks getting people into this mess.
And there should be- defeciency judgments should be 100% illegal. Plain and simple- this puts the onus on the bank to work with homeowners to preserve/refinance the mortgage and keep people paying their mortgages and it also means that there are actual real life consequences for banks making/lending dubious mortgages: they take a financial hit.
To me, if you take someone's house for whatever reason- that should be the end of it. These deficiency judgments are just fundamentally wrong and more than a bit cruel.
So, while I wish, wish, wish that people would read between the lines a little more and start seeing the Establishment for the cross-party bunch of theives that it is, I'd say go right ahead- Occupy Wall Street. Banks should have consequences as well- and so far, they seem to be getting by scott free.
But what else is new?
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