Today leading mortgage lenders JP Morgan Chase and Bank of America met with Washington State attorneys about the mortgage foreclosure crisis and seem unwilling to give anyone a break.
While the banks had no trouble taking tax dollars to bail themselves out in 2008, it seems the trickle down policy doesn’t find its way back to the taxpayers now in crisis themselves.
For the first time since the Attorney General launched an investigation into questionable foreclosure methods, the biggest mortgage lenders came face-to-face with the attorneys.
The idea was to discuss a possible resolution for troubled homeowners as ideas where thrown around between Bank of America, JP Morgan Chase, and the attorneys general.
The attorneys general wanted the banks to agree to principal reductions on home loans.Â Forbes quotes the CEO of JP Morgan Chase, Jamie Dimon, as saying, “Prinicipal [sic] writedown for people who couldnÂ’t pay their mortgages? Yeah, thatÂ’s off the table.”
Homeowners currently facing foreclosure because of soaring taxes wish they had the opportunity to squash the billions of dollars used to bail out banks.Â Obviously the consideration is not reciprocal as banks forget where the money came from.
Stocks rose this morning after ADP reported an increase of jobs in the private sector.Â However, these jobs might not be enough to cover basic expenses.
While the banks get on their feet and the stock market continues to forge forward, the everyday people are being trampled.
Foreclosure and unemployment are an ongoing crisis for a growing number of people.Â Despite these facts, the banks just don’t care though they helped to cause the problem.
This false state of prosperity is bound to catch up with everyone in the long run.