Final solution to the debt crisis should be a fair deal for all mortgage-holders
The majority of mortgage debt forgiveness just covers up the mistakes made by lenders, writes James Fitzsimons
HEADLINES regarding our exit from the bailout have given new hope to those in the grip of the mortgage crisis.
Substantial amounts of debt have been written off by lenders since the crisis began -- but the reported numbers have been few and far between. Official debt forgiveness is only starting -- but deals have been done behind closed doors to cover up lenders' mistakes.
Banks are relying on fear to get most delinquent mortgages back on track. They use legal action and threats to get what they want, even if it's unreasonable. What they are doing is wrong, but there's nobody to stop them.