Much has been made in recent weeks about the “1 percent” vs. the “99 percent.” Occupy Wall Street’s movements have put a focus on looking at the disparity between the rich and the middle class.
What hasn’t been said much, though, is how the federal government has contributed to the problem. Many of us know at least one person who has been struggling with a foreclosure in Miami with no help from the government’s poorly planned programs.
Many homeowners’ mortgages are underwater, meaning they owe more than what the house is worth because of tanking real estate prices. They are trying to do the right thing, but have nowhere to turn.
And as the Miami Foreclosure Lawyer Blog reported in September, banks received $1.2 trillion from the government in loans that were never disclosed to the public. The Fed kept it secret even though it was taxpayer money. That money would have paid off every house in foreclosure in the country and yet banks used it to stay afloat after causing our economy problems. And not just for operating costs, but to hand out big bonuses to their executives, too.
Because of the collapse of the economy, people are losing their jobs or have been hit with high medical bills or high interest rates on loans and credit cards and can’t afford their house payments. Rather than working with them, banks get aggressive and try to take away their homes.
Miami foreclosure defense lawyers are aware of the stories about how the 99 percent struggle while the 1 percent manage to get along just fine. It’s time for a change — for people who want to keep their homes but have gotten no help from the government and who have been lied to by their banks to get some relief.
But it doesn’t appear to be happening just yet.
As The Hill reports, Republican Senator Tom Coburn (R-Okla.) recently released a report that details tax breaks for the wealthy that he says amounts to welfare for millionaires. People in that demographic category enjoy about $30 billion of “tax giveaways” and federal grants each year. That’s about twice NASA’s budget.
The giveaways include write-offs for vacation homes, gambling losses, yachts and subsidies for giant homes and properties. On top of that, millionaires received $74 million of unemployment checks between 2005 and 2009, along with $316 million in subsidies for farms from 2003 to 2009. About 1,500 rich people didn’t pay taxes in 2009.
This is unfair and it’s refreshing to see someone bringing up these issues because the two political parties are clashing about whether to change the tax structure in this country. It’s obvious that our country has allowed the rich to get richer, but has done little to help the middle class.
This is especially true for those who are struggling to make house payments and who face foreclosure in Miami. If the government is going to hand out millions in breaks to the rich, maybe they can do something for the 99 percent.
If you’re battling foreclosure in Miami or the surrounding areas, contact Jacobs Keeley for a confidential appointment to discuss your rights. Call (305) 358-7991.
More Blog Entries:
Republican Presidential Candidates Not Talking About Miami Foreclosure Crisis: November 14, 2011
Banks Look to Get Away With Misdeeds in Home Foreclosure Cases: November 5, 2011
GOP sen.: Feds send checks to millionaires for not working, by Alexander Bolton, The HIll