http://www.rutlandherald.com/article/20110109/FEATURES15/701099947
Published January 9, 2011 in the Rutland Herald
Resisting predatory banks
Your story on Sunday expressing relief that only 1,500 Vermont families lost their homes to foreclosure was the brightest spot in the foreclosure news for 2011. Now that Citi, Bank of America, Wells Fargo and their ilk have legally reviewed their robo-signing ploy and sent their lobbyists to greet the new Congress, foreclosures will accelerate tremendously in the next few months. The Home Affordable Modification Program, for all its liberal intentions, proved a way for banks to squeeze the last pennies out of families by lying, omitting full details and presenting false hopes. Since the Treasury gave them $1.3 billion on the side (through the Primary Dealer Credit Facility) in exchange for worthless paper, the federal government has to let them acquire real estate to rebuild their assets and continue to be too big to fail.
Every Vermonter having difficulty with his or her mortgage should contact David Dayen at FireDogLake.com to find out how to organize to resist the banksters.
CHUCK GREGORY
Springfield
Resisting predatory banks
Your story on Sunday expressing relief that only 1,500 Vermont families lost their homes to foreclosure was the brightest spot in the foreclosure news for 2011. Now that Citi, Bank of America, Wells Fargo and their ilk have legally reviewed their robo-signing ploy and sent their lobbyists to greet the new Congress, foreclosures will accelerate tremendously in the next few months. The Home Affordable Modification Program, for all its liberal intentions, proved a way for banks to squeeze the last pennies out of families by lying, omitting full details and presenting false hopes. Since the Treasury gave them $1.3 billion on the side (through the Primary Dealer Credit Facility) in exchange for worthless paper, the federal government has to let them acquire real estate to rebuild their assets and continue to be too big to fail.
Every Vermonter having difficulty with his or her mortgage should contact David Dayen at FireDogLake.com to find out how to organize to resist the banksters.
CHUCK GREGORY
Springfield
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