Economic Impact
What is the main problem with banking in Atlanta Georgia? While early reports show huge default and foreclosure rates inside the downtown loop, many homes were sold outside of Atlanta. Today, another bank was closed.
For many years it has been our opinion that predatory lending became the acceptable norm, followed by a period of aggressive Wall Street greed. When predatory became subprime, and with regulators totally asleep, these 25 institutions effected the entire world economy:
It one thing to be put in a position where you can’t make your payments. Job loss, illness, or loss of a loved one is beyond our control. On the other hand it is quite another issue when your credit card company raises the monthly payment well beyond your budget.
A startling report of the U.S. Foreclosure Index says that once Freddie Mac and Fannie Mae and a few other mortgage lenders lifted the politically forced moratoria on housing foreclosures, the number of foreclosures in March rose 44 per cent from February’s record high. Reasons cited were rising unemployment, a backlog of foreclosures during the freeze, and increased abandonment of properties.
Indiana is reported a jobless rate of ten percent for March as taxpayers feel the pain of deciding what to pay and when to pay it. Will unemployed workers file for an extension if they owe taxes on April 15th?