Remember when we had a President who help the 1% during economic recession

[FreakinDJ]

My Grandfather was able to keep the family home thanks to FDR's programs

So if I don't get all warm and fuzzy over economic programs that have handed over 1 million homes to Wall St and Foreign investors while completely ignoring the plight of America's Working Class - don't be surprised

This program worked - and was a proven example of what to do in economic crisis

Mortgage Loan Crisis: FDR’s answer would prove useful today

Once upon a time, there was a nation where, during an era of prosperity, large numbers of citizens used short-term, interest-only loans to purchase their homes. They apparently were unaware that once the good times ended, they would be saddled with unbearable debt. Which is exactly what happened in America roughly 75 years ago.


Roosevelt’s real goal was to create stability from both an economic and social perspective. With the HOLC and the Federal Housing Administration, his administration created the long-term loan, which soon evolved into the 30-year, fixed-rate mortgage. The local business community praised the program, which not only helped people keep their homes, but also provided employment for construction workers. From 1933 to 1936, more than 1 million people relied on HOLC loans. Close to 80 percent of the borrowers made good on their payments and kept their houses. When the HOLC shut down in 1951, it returned a slight profit to the government.

Many of the elements of the Home Owners Refinancing Act, which created the HOLC, would be useful today. Although foreclosure rates of the early 1930s still tower over today’s rates, foreclosures and defaults are advancing at a dangerous pace, as borrowers struggle to keep up with their adjustable-rate mortgages. “Our problems of today do not begin to approach those of 1933,” Kevin Pollock, a fellow at the conservative American Enterprise Institute, told Congress last year. “But I suggest that HOLC could be usefully studied by anybody thinking about this issue.”

http://www.tnj.com/archives/2008/march/mortgage-loan-crisis

[azmom]

1. They bankrupted everyone but

They got bailed out. Remember the bonuses they gave to each other with our taxpayers money. Greedy entitled assholes.

[PSPS]

2. I think you meant to say "the 99%"

[ashling]

3. That made me do a double take as well

[Live and Learn]

4. Then again, it probably helped the 1% to survive too.

Balance keeps the 99% from rebelling against the 1%. Something the 1%, in their greed, seem to forget at times.

[Rex]

5. 80 people now own more than half the worlds wealth.

So when I read people pretending we live in a fair society, I have to wonder what rock they've been living under for the last 30 years.