Foreclosure After 50

Dear Mr. President,

The lead story in the National section of yesterday’s New York Times was “Facing Foreclosure After 50.” It turns out that homeowners in their 50s, 60s and 70s are now the fastest growing age group facing foreclosure. 1.5 million of them have lost their homes to foreclosure and those most at risk are the oldest: “Among people over 75, the foreclosure rate grew more than eightfold from 2007 to 2011, to 3 percent of that group of homeowners.” Among those profiled in the article was Roy Johnson, 79, who had lived in his home outside Atlanta for 48 years. He could no longer make the mortgage payments and moved into his daughter’s basement. It had nothing to do with subprime loans—“most foreclosures are now the result of prime loans” —or living beyond his means—“most older Americans facing foreclosure are frugal but are unable to live on fixed incomes with the rising cost of living.” No, it’s because of the economic meltdown brought on by the Banksters of Wall Street and the grossly unequal distribution of wealth in America. “[O]lder Americans are losing their homes because of pension cuts, rising medical costs, shrinking stock portfolios, and falling property values…” Mr. President, you’ve done almost nothing about foreclosures, legal or otherwise. No prosecution of flagrant criminal activity, no regulation of banks to keep it from happening in the future, and no effective programs to help those in distress. In 2009 you announced a program to help homeowners in danger of losing their homes but it had so many restrictions and requirements that almost no one qualified. Then, in March of this year, you announced a $25 billion settlement with the 5 biggest mortgage lenders that would help underwater homeowners but almost none of it went to homeowners; instead, loopholes for banks diluted much of it and state governments siphoned off most of the rest. Once again, the people it was supposed to help were left to twist in the wind. But what do you care? You’re set for life, part of the 1%. You have nothing to worry about. That is, you have nothing to worry about, unless you’re indicted by the International Criminal Court for war crimes and crimes against humanity. I won’t hold my breath however. Justice has a double standard and people like you with wealth and power and friends in high places rarely find themselves hauled into court no matter how egregious their crimes. It’s why we need a new vision, a new era, a new leader. Jill Stein for president!