Job loss spreads foreclosures
Letter to the Editor
By Inman News, Thursday, October 29, 2009.Re: 'Foreclosures spread from bubble markets' (Oct. 28)
Dear Editor:
I am not surprised that foreclosures are spreading from the initial core markets to areas that we thought more conservative. These are the people out of work for which there is no voice and no recourse politically. Banks were allowed to sell mortgages to unqualified or marginally qualified borrowers to feed Wall Street.
In no other country is this allowed. Freedom is not measured by how much money one can borrow but by the type of stable life one is entitled to live. All these ups and downs in the end break people's back.
Gabriella Albano
Stewart Title Guaranty
New York, N.Y.
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Submitted by Nick Chucales on October 30, 2009 - 7:52am.
Gabriella,
Don't look now but those same irresponsible individuals on Wall Street are now going to get huge bonuses for investing taxpayers money and not losing it. Sounds like capitalism at it's best.
Nick