e.g. Miami or Miami-Dade or Florida or 33132
The escalation of the foreclosure crisis has increased bank distress. The banks are no longer interested in the massive number of foreclosed houses they have repossessed. The millions of foreclosed houses weighing down the lenders have resulted in the collapse of banks making them go to the government for help with hats in their hands.
The foreclosure crisis is a result of the sub-prime mortgages. These were aggressively peddled to gullible borrowers with teaser rates. But when the mortgage amount began to increase, millions defaulted and fell into foreclosures.
The banks failed to sell the houses. There was more supply of property than demand. With mortgage payments having dropped to a trickle, banks were without funds and one by one began to collapse. The foreclosure processes itself and the subsequent expenditure of maintaining vacant houses began to make holes in the pockets of banks. Bank distress became grave.
Banks are the mainstay of the economy. Their flow of credit keeps the markets moving benefiting the ordinary man. Keeping this in view the government did not remain idle but injected funds to save the banks. The hope was that with the end of bank distress the economy would stabilize.
But so far this hope has not materialized. It was expected that the banks would start lending again leading to borrowing and subsequent sale of houses. But the banks took the money and either sat on it waiting for better days or gave bonus to its employees. Nobody is quite sure because the banks are famous for their secrecy and there were no strings attached to the bailout funds that the government released from the taxpayer’s kitty to alleviate bank distress.
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