By accepting bailout money, banks owe us mortgage help
Editor,
The banks that received federal modifications are treating the taxpayers, who helped bail them out, like second-class citizens.
The moment the banks took that bailout money, it changed the whole dynamic of the contract with them. We the people bailed them out of their financial problems; consequently, we should be bailed out of ours. But if your bank did not receive taxpayer dollars, and you were dealt with honestly, you would have to shoulder the responsibility of a bad deal since the bank is doing the same.
I have yet to get a full explanation on how the banks received hundreds of millions of dollars (or billions of dollars) to fix their accounting, yet it did not affect us immediately in the same manner. In other words: If our bad loans were fixed on their books, why were our loans not made right simultaneously just as an accounting principle?
The same applies to commercial loans. This was a one-sided deal, and we were cheated.
Alfredo Guardado
Assistance Realty International Inc.
Kissimmee