In My View - US consumer advocate - 27 May 08

While the US economy remains volatile, many Americans are finding it difficult to buy new homes or keep the ones they have. Al Jazeera talks to Bruce Marks, whose advocacy group is on a mission to fight for people's rights to own a home and protect them from predatory lenders.

Category:

News & Politics

Tags:

• Al
• Jazeera
• Bruce
• marks
• US
• economy
• homes
• predatory
• lenders

[javierenchina]

let's not forget an individual's responsibility to understand the financial situation he's getting himself into...and not overborrow

[sugarpuddin88]

It is too late for the USA to come back from this debt

The USA lets banks print all its money

Our Gov had pledged 96 trillion dollars to SS and medicare - That equates to one million dollars from every single adult in the USA

Our annual taxes aren't enough to even keep interest payments

There wouldn't be interest payments if the US Gov printed its own money!

Both Abe Lincoln and JFK tried to take back the right to print money - Both were killed over it

Two attempts on A Jacksons life!

[maxbeachguy]

Great video. Very thoughtful.

[trueuniverse2100]

Why should the middle class keep their home mortgage when they can afford a small apartment, but the lower class can hardly afford an apartment?

[JAZIBZAH]

very true and rarely talked about

[lastnymleft]

OgoTomO: "My hope is that people can overcome this debacle and be able to purchase a home, again"

That will only happen after the Big Crash. The Fed is currently prepared to do ANYTHING (eg BSC) to sustain this unsustainable bubble, but it will burst eventually, and when it does, look out

When you see headlines about it raining brokers on Wall St, and layoffs in the tens of thousands per Fortune 500 company, that's the time to buy, because housing will finally be affordable again. Be prepared!

[lastnymleft]

EsotericDesi: People have the ultimate say - by voting with each and every dollar they have. They choose to take out the loans, etc., and invest in bubbles. The problem is they are largely uneducated about economics, and can easily be sold snake oil by the MSM.

[lastnymleft]

The Fed creates the environment in which these practices arise. After 2001, Greenspan kept bank lending rates too low, for too long, effectively flooding the market with cheap and easy money. It's only natural that the subordinate banks act similarly. In fact, it's each bank Board's fiduciary duty to use that money, to try to get maximum returns for their shareholders. And here we are in the housing bubble, still in the early stages of collapsing.

Predatory lending, however, is beyond the pale.

[lastnymleft]

"...take them hostage..."

"...invade their homes..."

"I enjoy the confrontation"

Hmm. Militant homeowners? Perhaps that's from where the next American revolution will come?

[DrBenDoverHere]

It is not the Fed Reserve bank who approves mortgages. It is the banks who do so. They are pressuring their employees by giving them unrealistic sales targets to acheive. It has absolutely nothing to do with the Fed Reserve. It should be illegal for banks to force there staff to meet sales targets - particularly home loans. Ask any bank employee and they will tell you they are pressured into getting people to sign up for mortages.