First I would like to let everyone know why I have been absent, and let them know what it is going on. Many of my friends and readers know I work in the mortgage industry. In the begining I was in total agreement with the goevernment bailout. But now, after seeing what has happened, and the passage of the second bill, I see how bad it really was. There were no where near enough regulations in place to make the banks and mortgage companies do the right thing.
I want all to know, the bailout did not do what it was intended to do, nor what I hoped it would do. I had hoped it would save jobs and help keep people in their homes. It did not, even come close to doing any of the above. The money was given to the exact people who missused it to begin with. Homesowners have not been helped, believe me I know. You see, I work with the borrowers everyday, and they get no help at all. The money was pocketed by the banks ect, and not one cent of it went to the people who need it.
As far as jobs, it did nothing to help those of us at risk. That would include me, as a person who works in the industry. I have been given 30 days to improve the delinquncies and forclosures or I have no job. Believe me, no one can save this snowball, it is way to large for any bailout to do any good. Mainly due to the banks keeping the money, and just using it to buy more bad paper. Which is what they intend to do.
There are still adds trying to sell mortgages to people who cannot afford them being aired as i write this. This snowball, will continue, until there is nothing left.