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March 10, 2009

The blame game

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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pattytattat   March 10th, 2009 3:33 pm ET

AMEN


pattytattat   March 10th, 2009 3:36 pm ET

But how about we stop blaming each and everyone of us and FIND someone WHO REALLY WANTS TO FIX IT!! Gee that might be an idea wonder why no one else has thought of that???


tony   March 10th, 2009 3:47 pm ET

Thank you, In Session, Jami, Lisa, Jack, Ashleigh and Ron, for showing us about the foreclosure problem in Florida. Thank you for the attention you gave to this most painful and heartfelt subject. It was very refreshing to see you putting light on this subject. While I am glue to all the trials, this by far was the most important subject I have seen on In Session, and you tackled it very appropriately. It is so sad but we must all know and be aware about this overwhelming problem in America. Thank you.


pattytattat   March 10th, 2009 3:53 pm ET

I watched as much of that as could and it's sad. But I also learned things that will help me when I get there and at this rate it's not going to be far off!! But mine is not because of me not paying, mine is a GREEDY mortgage company that got BAILED out by the Feds and are trying every way they can to get more money out of me. And the sad part is Nobody CARES because just as you all said so many times yesterday one's loss is another's gain. As long as the banks, mortgage company's are allow to do this and use our tax dollars then it will only continue and the rich will keep getting richer and the poor will keep getting poorer!!


Joe   March 10th, 2009 7:07 pm ET

Instead of continuing to support the bailout of these financial institutions, redirect the money to the People so that they can pay off these mortgages and then the banks and the people achieve solvency.

There are 350 million people in the US. If you give each one a million, it’s a lot cheaper than 350 billion thrown away on the banks that got us here to begin with and it infuses cash at the root of the economy to feed this recovery that everyone says we so desperately need.

I can’t believe that nobody has put forth this recommendation and would like to hear your informed opinion.


Deb I   March 10th, 2009 9:17 pm ET

How about blaming the lenders who misrepresented the loans they offered people unable to read and understand the fine print? How about blaming lenders who wrote loans that with one late payment skyrocketed the monthly payment for the life of the loan? Or bankers who bundled loans and sold them to other larger banks who had no interest in helping people keep current on their mortgages? Regulation of loans and credit systems: let's get rid of all the bankers and start over. Except my bankers, because they didn't do any of the above.


Marie   March 11th, 2009 1:42 am ET

I just don't understand how the bigwigs think. They bail out banks. they bail out car dealers. People are losing their jobs and homes. the banks won't give credit to these people and yet they think they will spend what little they have on cars. Idon't think so. Give the people some of the money we waste in arak and they will spend it on food and clothes and whatever it takes to survive this recession


Spunky   March 11th, 2009 6:56 am ET

When are we going to prosecute the Wall Street types who got us into this mess?


Reign   March 11th, 2009 9:25 am ET

This foreclosure thing hits everyone in some form or fashion. As a renter, I moved into a condo where I recently found out the owner foreclosed. So now I have to vacate. I just moved there 9 months ago. Now I'm a little afraid to move into any rental property by private owners. It's so sad that the banks won't give people the proper amount of time to handle their business. In fact, this country is notorious for not allowing appropriate time to handle your business before ruining your credit and wreaking havoc on your lives. What are the banks going to do with these homes, they're not in the business of managing property, why wouldn't they come up with a plan to assist people in keeping their homes (and every individual is different) instead of forcing them to foreclose and then selling their home for way less. And who is going to buy the foreclosed property, everybody's credit is being ruined and jobs are being lost, so who is buying. This was a setup. There's no way the Government didn't know this was going to happen. Or perhaps, they don't 't know that every industry in the US has greedy and selfish individuals running the businesses into the ground and it was coming to a head. And bailing out the same individuals who failed us seems ridiculous. A bailout is needed but the ones who were in charge need to be FIRED!!! There are plenty of employees in these companies in every industry that can step in. In fact, a lot of the employees have more vision and progressiveness for the business than those in charge. I'm so sick of this mess!!!


Stagemusic   March 11th, 2009 10:30 am ET

Jamie,

Thank you for a well written, thought provoking piece on a problem that is running rampant across the country. I live in SW Florida and have seen the problem spiral first-hand. It is easy to blame the banks, the government, Wall Street, or just about any institution you can name. However, the problem wasn't only their issue. Some of the blame has to rest on the homeowners who thought they could afford housing that was priced at 15 to 20 times their annual income. Under what kind of logic does a family making 35,000 dollars a year even begin to think that they can afford a house priced at 400,000 or more? Couple that with the low down payments, special financing for first time buyers, re-financing rates that were attractive, a previously booming real estate market, and you have a recipe for total disaster. Blaming someone or something for the results isn't going to get us anwhere and I'm really not sure that there is a good fix. People are taking hits for bad decisions. Somehow, I wonder if that isn't how it should be.


marion   March 11th, 2009 11:01 am ET

please read my post on best defense site about hair folical test on mister leav it would have showed how long the drugs had been in is system?


Ben   March 11th, 2009 11:58 am ET

Hello, what kind of news are you really reporting, I just heard anchor, Colleen McEdwards who actually claims to have lived around Detroit and, ignorantly said to the viewing audience that Pontiac, Michigan, was named after the automobile. Excuse me, I believe it was named for the Ottawa Indian Chief Pontiac, also known as Obwandiyag... not the GM Car as she definitively exclaimed.


Carrie   March 11th, 2009 12:27 pm ET

I have been keeping up with this mortage situations also. My reasons are that I have been trying to help my brother keep his home. Which now is in foreclosure. We paid Best Interest Rate Mortage Company 1250.00 dollars in November to lower his mortage payment and they just scamped him. In November his payments was paid and we let this mortage co know that we would not beable to pay our next payment and they also informed us that they could take care of this in as little as 10 days. We spoke back and forth for the next week on two and we assumed that they had everything under controll. Well as it turns out, we recieved foreclosure paper from his mortage co. an we called his mortage co and they said that hadn't hear anything from the company we hire. So we ask them to help us. Then next we contacted the company we hire and they told us that. They would get back with us and when they did they said his mortage company had lost the papers. Now take note that this is all happening in late Febuary. 4 months after we pay this other company to help him. So after being back and forth with each other,. we ask for our money back and they told us that they don't give money back to people whom cancel. Its now my goal in life to let people know not to deal with this company. They have turn out to be crooks in my eyes. Let me know if anyone has suggestion on what we can do. We are going to contact a Lawyer.


Spider   March 11th, 2009 1:13 pm ET

"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."

BRAVO, JAMI!!!

Excellent point.

Now, let's use that same philosophy to solve all of our other problems. Including racism.


mary sterns   March 12th, 2009 10:10 am ET

This defendant may be as guilty as sin, but I dont feel she is getting a fair shake. The judge seems irritated everytime he has to answer a question. He shows his irritatiblily by frowing and holding his head! Also, it seems to me that he is long overdue for retirement.
The defense attorney doesnt seem too alert and leaves a lot to be desired. I realize the defendant hired her attorney, but she is being dealt a bad hand, here.


Charles Rogers   March 13th, 2009 11:57 pm ET

Under all of the ailments that come along from being broke, I don't need anymore fees being thrown at me. I have the $35 fee from being late om my mortgage, the fee for being late on a card payment, then the raise in interest fee for the card I couldn't pay because Citibank conveniently had their website down the last day of payment. I did this once and got it waived, but a again and they say no. These banks and other organizations just don't get that they are pushing a good many of us over the edge. When a bank forecloses on a party that is paying but paying slow, they won't be getting any money at all, and when this happens to thousands, the banks are getting a huge reduction in collectible funds, thus the banks being in trouble do to lack of funds. They are no longer "gods" at this point, but people without money like the rest of us. Fees are killing us!


JF   March 17th, 2009 5:07 pm ET

The blame go to the people at the top. Those are all the peoples
that was making so much money in the stock markets. They make
all the companys try to make crazy money. Do anything to get big
money coming in. The people who know numbers did a flip flop that
they knew may or may not work. What Nation sent all of their manufacturing out side their waters knowing if they ever have to
close them, they have closed off their way of manufacturing anything.
The housing thing was sometime to put more homes in the hands
of special groups, that back fired. And I am not talking about in the hand of blacks.



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