A summary of the current Banking Foreclosure Crisis from Jon Stewart. Banks have halted foreclosure proceedings for thousands of homeowners while they straighten out the paperwork with the help of a whole bunch of lawyers. I said in 2008 when the financial crisis started that the smartest thing the banks could do would be an immediate, paperless modification of every single homeowners mortgage regardless of their financial situation. If every 30 year mortgage had been modified to say an Interest Rate of 4.5% two years ago it would have dramatically helped improve the average households balance sheet which is critical when you’re a consumer spending based economy. Perhaps this Foreclosure Crisis is Karma in play for the banks?
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