New rules favor flipping to move foreclosures | Real Estate News | eastvalleytribune.com.
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Excerpt…
by Bill Quigley
“Over 2.8 million people lost their homes in 2009 to foreclosure or bank repossessions – nearly 8000 each day – higher numbers than the last two years when millions of others also lost their homes.
At the same time, the government bailed out Bank of America, Citigroup, AIG, Bear Stearns, Fannie Mae, Freddie Mac, the auto industry and enacted the troubled asset (TARP) program with $1.7 trillion of our money.
Wall Street then awarded itself over $20 billion in bonuses in 2009 alone, an average bonus on top of pay of $123,000.
At the same time, over 17 million people are jobless right now. Millions more are working part-time when they want and need to be working full-time.”
Read more here
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