Foreclosure Connections Blog Articles And Foreclosure Information

America is facing one of the biggest real estate foreclosure crisis ever and some have even compared the crisis to the great recession. The auto industry, builders, homeowners, lenders and students got hit by the crisis, and yet no resolution seems to be taken by the government. It looks as if the government is waiting for something to act, and why is that? Elections of course!!

In one side of the fence we have the population struggling to keep their homes, no refinancing options and high oil prices. On the other side of the fence the lenders, on which the most affected by the crisis are major American and International Banks. And in between lenders and the average American is the government. We have seen many bills being discussed in the Congress and many veto threats by the Bush administration, as well as many failed proposals or ‘forgotten’ proposals that were simply forgotten because it would supposedly affect the lending industry. But who started the crisis in the first place, if not the high adjustable mortgage rates imposed by the lenders? And why is the Congress not hitting them as they should? The answer is simple, the major banks and mortgage companies have lobbyed and are still lobbying candidates and many sectors of the federal government itself.

The most recent story was the one reported by the MSNBC’s Keith Olbermann on Tuesday. Olbermann reported that the co-chair of Senator John McCain’s national campaign was lobbying Congress about the US mortgage crisis on behalf of a major Swiss bank at the same time that he was serving as an advisor to McCain on economic policy. Also According to Olbermann this Bank was lobbying to kill the Predatory Lending Act, the Emergency Home Ownership and Mortgage Equity Protection Act, and the Helping Families Save their Homes in Bankruptcy Act. Well. Surely if members of the congress and candidates are being financed by the major lenders affected by the crisis, it is likely that the bills and proposals will not hit them as it should.