Thursday, October 21, 2010

The mortgage mom raps about foreclosure: Is this your story? (Video)

The Mortgage Mom Rap About Politics, Stated Income Mortgages, ARMs, Low Money Down Home Purchases, Mortgage Securitization, Wall Street, Modifications, Broken Promises, Deep Recession, Housing Market Crash And Finally Foreclosure

The lip syncing may not be the best, but the story that this mothers rap tells is one that is being repeated around the country in droves. Should the people who overextended on a home purchase have known better? Should they have known that if a loan sounds to good to be true then it probably is? Should they have know that teaser mortgage rates at some point will become market mortgage rates and that there is something called a default interest rate? Absolutely.

But where are the politicians who were complicit in the scheme that helped create this mess of home ownership for the masses? The Barney Franks and the Chris Dodds of the world. Well Dodd is out and Barney Frank is facing the battle of his political life, but the story below that they helped to create just goes on and on. These politicians will be okay whether they are in Congress or in the private sector. No one has to cry for them.

But what will happen to Rapper Mom and other moms and dads just like her? Most likely they will lose their homes unless it becomes politically expedient for them not to. And therein lies an entirely new can of worms.


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