If the Wall Street executives who ignored ethical lending standards had a theme song, I imagine it would be "For the Love of Money" by The O'Jays: "For the love of money, people will lie, Lord, they will cheat. For the love of money, people don't care who they hurt or beat."
Unlike the fate of the people in the O'Jay's anti-greed ballad, Treasury Secretary Henry "Hank" Paulson rewarded the Wall Street executives who wrecked our economy with a $700 billion handout -- while millions of regular folks are losing their homes, jobs, nest eggs, retirement accounts and college funds. Families lucky enough to still have the money to pay their mortgage are watching their equity implode as housing prices plummet.
Nevertheless, addressing the immediate and crushing problems of the average American family paying for the $700 billion bailout, says Paulson, a Wall Street multimillionaire, wouldn't be a good investment. Paulson will be removed from the Treasury Department come Jan. 20, 2009.
Unless we address the tsunami of foreclosures still sweeping through every town and city in America, the forecast for the financial health of the average American family will be even bleaker. According to Credit Suisse, a minimum of 2 million family homes will be lost to foreclosure in 2009. That's on top of the 700,000 homes already lost to foreclosure. Almost 3 million families -- that's approximately 12 million men, women and children in America kicked out of their homes. read more
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
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