Subprime help makes one ask what is wrong with this picture

Maybe it’s just me. Perhaps my old age made me cynical. Maybe it is because my friends gripe and complain about less and less disposable income. In my mind the country is in worse shape now than it was since the 1930’s. At least back then it was America in trouble, and America rescued itself. If you study the great depression you see that the economy was functioning, but it functioned on such a low level that it could not sustain the population. Ohio is like that today, in some ways. Subprime caused problems, but one would think that solutions touted by the news media and federal and local governments are really doing a lot of good. Here is a reality check, quoting one homeowner:

“We tried working with HSBC before we knew we were to fall behind with payments. We were told , no, you’ve been on time for 6 years you have to wait till you are 3 months behind and we’ll see what we can do. One year later, after struggling to get refinanced, the house went to sheriff’s sale, even though we had a buyer for a short sale that was $5,500.00 more than the first offer. HSBC said that they couldn’t find our file. For three weeks they couldn’t locate it. So the house went to auction and a rep for HSBC bid $66,000.00 and got it back for HSBC. Even though they could have received $99,590.00 in the last offer we had on it. Now you tell me, whats wrong with that picture??”

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