Ask any economist - and they will tell you that the housing crisis is still very real - and it's still one of the major headwinds for our economic recovery. Yet - in the last Presidential debate - there was virtually no attention paid to this crisis and the millions of Americans who are on the verge of losing their homes. Why is that? Well - it's because both candidates know that the one best solution to the mortgage crisis is to make the banksters take a hit. And - as anyone who's familiar with post-Citizens United politics knows - if you're in favor of a policy that's gonna hit Wall Street - and you want to be elected to political office - then you need to keep your mouth shut about it. And that's exactly what both men did.
But in Ireland - they're not afraid of the banksters. This year - the Irish government is expected to pass a law will force the banks to write down principal on their home loans, which will substantially lower monthly mortgage payments for struggling homeowners. Of all the nations hit by the global housing crisis - not a single one has taken bold steps to help homeowners at the expense of the banksters. But Ireland is trying to change that now. Here's what they're doing. They're changing their bankruptcy laws to make it easier for struggling homeowners to walk away from an underwater home mortgage. And when a homeowner declares bankruptcy this way, the bank gets nothing.