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Released: January 20, 2011

What’s Good for G.M. is good for homeowners

Source: William Cohan, N.Y.Times (Free Registration)

We have been fully conditioned by now to expect that the rich and powerful will get the biggest slice of whatever pie is being served, while those less fortunate — and less well connected — will get the crumbs. But it still rankles when we witness time and time again how big corporations get deals the little guy can only dream about, especially when a little creative thinking could alter the status quo. Take for instance the incongruity between what banks (and other creditors) are willing to do to allow troubled companies avoid paying back money that should never have been borrowed in the first place versus what banks are willing to do for distressed homeowners who can no longer afford to make their mortgage payments.

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