How to Stop Foreclosures? Debt Relief and a Moratorium

[What_Goes_Up]

globalresearch.ca/index.php? … &aid=17188

**How to Stop Foreclosures? Debt Relief and a Moratorium **
January 25, 2010
by Danny Schechter

It is Time For A Moratorum and Debt Relief as Government Aid Fails To Reach Those In Need.

Stung by the election of Scott Brown in Massachusetts and the abandonment of his health care initiative by members of Congress, and fearful of a political backlash President Obama may himself not be “too big to fail.” He has now “pivoted,” to use a favorite phase from the pundits, and shifted his focus to trying to fix a still deteriorating economy.

He has gone from coddling the banks to turning on them with strong rhetoric that has financial stocks reeling, and progressives cheering. Analysts who have looked at the content of his new rules though say they are vague enough to dive a supertanker through. Another reform in name gesture but not in reality!

The administration is also floating new proposals to reenergize a foreclosure relief program that has brought little relief to beleaguered homeowners. More liberal terms for loan repayments are being introduced especially for those who have trouble paying their mortgages because they have lost jobs.

…(cont’d)

[fishfoodie]

Why is stopping repossessions/foreclosures regarded as such an imperative ???

I can half understand why in Ireland; because our bankruptcy system means that it effectively amounts to a life sentence of debt.

But in the US, with the current meltdown, it would be only a temporary issue for most people.

Is this just a matter of conning people into believing that continuing to pay off a crazy mortgage on a property that is in massive NE is a good thing; just to keep the banks afloat ??

[needle]

Zzzzzz… I suppose hope for the debts-plebs must be inflated every now and again…

Cant wait to hear the detail…