Thursday, June 11, 2009

May US Foreclosures 3rd Highest Month on Record

How will we ever be able to turn the corner if we can not stop people from losing their homes?
U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace as President Barack Obama's rescue programs had not had time to fully take root, RealtyTrac said on Thursday.

Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.

The reasons for this foreclosure crisis are much more than bad loans to people who could not pay. It is systemic greed by big corporations that are shipping our jobs overseas which in turn is forcing more and more people to compete for the few jobs that remain. This is causing wages to drop and the prices of homes are plummeting as a result.

If these corporations really care about America why don't they stop shipping our jobs overseas and help rebuild the middle class? It is time to outlaw corporate money in politics. Until we do that our slide to a country of haves and have nots will continue with most of us ending up in the have not column.

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