Although it is reported that the powers that be, namely the sitting Republicans, and would be Democrats, are close to reaching an agreement on the mortgage fiasco, the malaise continues.
Significant events are taking place both sides of the Atlantic. Bradford and Bingley, the UK's eighth largest bank has been nationalized, seemingly because there is no viable alternative. They were one of the biggest operators in the 'buy to let' mortgage market, and like the larger HBOS seem to have got their fingers burned.
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As the turmoil continues, many ordinary people are angry over what is going on, and find it astonishing that Bush in the US, and Brown in the UK, have allowed such situations to develop on their respective watches. It is almost as if they believe that Bill and Ben could have done better than Bush and Brown, to prevent Bradford and Bingley, and Fannie and Freddie going bust!
The main trouble with this unprecedented mortgage mess is that those who were largely responsible are not admitting it, and are being entrusted with sorting it out. This applies to both politicians and bankers and it seems to be a case of everybody loses except those who created the problems. People are in danger of losing their houses, and many more are so debt ridden, that in the present climate it will be difficult to recover. Meanwhile lenders and financiers have stashed their bonuses in safe havens and politicians retain high office.
The whole system is crying out for a breath of fresh air. With the presidential election imminent in the US, and the UK going to the polls in 2010, it may not be that long before someone appears with a new broom!
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free mortgage advice - mortgage malaise continues
free mortgage advice - mortgage malaise continues
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