Sheila Bair: Remembering the families at the center of the financial crisis

Categorized | STOP FORECLOSURE FRAUD

Sheila Bair: Remembering the families at the center of the financial crisis

Sheila Bair: Remembering the families at the center of the financial crisis

The plight of the Americans that were hurt most has been largely forgotten in the power politics that have overcome financial reform.

 

Fortune-

I told myself I wasn’t going to do a “Lehman” column given the media frenzy over this month’s five-year anniversary of that institution’s bankruptcy. But in researching a new book I am writing for young adults about the 2008 financial crisis, I have been uncomfortably reminded of the hardship so many families encountered because of the crisis, particularly their kids.

Their plight has been largely forgotten in the power politics that have overcome financial reform. It’s all about winners and losers, with regulators and reform advocates pitted against a powerful industry lobbying machine, oiled by political money and the grease of revolving door jobs. The objective of protecting the public from another recession brought on by an unstable financial sector seems lost in the Washington shuffle.

So let me recount the heartbreaking memories of the families I have interviewed. They bear tragic similarities. Their problems usually started with a steeply resetting mortgage payment, or job loss or cutback, frequently combined with an unexpected health problem not covered by insurance. Whatever the catalyst, it is almost always followed by high levels of stress for the family, sleepless nights for parents and kids, deteriorating grades at school, lost hope as savings are depleted, and finally the loss of a home. The kids give up their rooms, their pets, their schools, their neighborhoods, and will always live with the traumatic memories of their forced dislocation.

[FORBES]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8576 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

2 Responses to “Sheila Bair: Remembering the families at the center of the financial crisis”

  1. DolleyMadison says:

    The idiocy of the comments on the CNN site are staggering.

  2. Sarah says:

    It’s worse than a clueless, angry public, that blames victims, it’s a former regulator who can’t quite bring herself to write that banks such as BOA, gave loans that could not be paid back:

    “Their problems usually started with a steeply resetting mortgage payment, or job loss or cutback”

    Nonsense, it began when banks,thrifts, lenders were given free reign to steal from people. I wonder if Sheila has the ability to see any difference between the affordable BOA mortgage she has on her home, and the plight of millions of other people. It’s not clear that she does after all these years.

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives