March 10, 2009
Posted: 02:02 PM ET
NEW YORK – Yesterday, our network aired a special report from foreclosure court. With the economy in shambles and millions of Americans in danger of losing their homes, we wanted viewers to see what is happening to folks in court in Florida and across the country, homeowners of every class and color, lining up to ask a judge for just a little more time to get their financial houses in order.
Another foreclosure notice on a Florida home
In some cases a reprieve is granted. In others foreclosure imposed. But every case is the story of the American dream distorted into a nightmare of overwhelming debt and loss. A cancer patient, a veteran, a widower and so many others forced into foreclosure, the debt on their homes now greater than the value of the home itself.
How did this happen? How could so many Americans be in such dire financial straights? Well, if watching the foreclosure process teaches anything, it is that there is enough blame to go around.
Blame the homeowners who took on more debt than they could afford - victims of a consumer culture that could not sustain itself. Blame the mortgage brokers who should have known better (and probably did) but who approved these loans anyway, blinded by their own greed. Blame the federal government that deregulated the banks and allowed our deficit to spiral into the trillions leading to this major recession, property devaluation and job loss. No job and you can't pay your mortgage; and so it comes full circle.
It becomes obvious that none of us is entitled to play the blame game. We all share in the responsibility. Therefore, we must shoulder the responsibility of fixing the problem together.
-Jami Floyd, In Session anchor
Filed under: Uncategorized
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