Everyone is aware now of the slow housing market and the fact that many people are losing their homes. There is, however, another segment of the housing market that is seldom spoken of, but which is also being hard-hit by the current situation. And the banks – who started the whole “tumble” – and who “profited greatly” in creating the “tumble” – are still profiting BIG !
First, let’s talk about the homeowner. In the 1990’s, banks developed a GOLDMINE in the housing industry…the equity loan. They began a huge marketing program to encourage people to take their money (savings) out of their homes and spend it. They touted that the homeowner could “use the money for anything you want – a vacation, home improvements, college tuition, new car, whatever”. The banks then proceeded to appraise the home over the home’s actual value and loan people equity up to 125% of the home’s value. This meant that people would no longer have any savings in their home – they would owe the whole value of the home at that time. Anyone who didn’t take out the money and spend...
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