We Know How To Do This
John W. Schoen writes at MSNBC: Frustration rises over mortgage relief program
Nearly two years after the federal government’s first program to slow the relentless rise in the pace of home foreclosures, the latest attempt, known as Making Home Affordable, is turning out to be another painful disappointment for millions of Americans at risk of losing their homes.
…More than 13 percent of homeowners with a mortgage are either behind on their payments or in foreclosure, the Mortgage Bankers Association said Thursday. As of June, more than 4 percent of all borrowers were in foreclosure and about 9 percent had missed at least one payment. A separate report found that more than 272,000 borrowers were at some stage of foreclosure in July, up 8 percent from June and 55 percent from July 2007, according to RealtyTrac, which maintains a national database of foreclosure filings.
Under FDR the Home Owners’ Loan Corporation was created that not only dealt with this problem, but when it finally closed its books, it had made a profit for taxpayers. We know what works, so why aren’t we doing it instead of screwing around with all of the banks that haven’t been able to do anything in two years? As Albert Einstein pointed out: “We can’t solve problems by using the same kind of thinking we used when we created them.”
