The government has spent tons to bail out banks during the economic crisis, but according to middle class America, big banks are doing very little to help the average American.  Due to the increase in unemployment and a weak economy, more and more homeowners are finding it hard to make ends meet and pay their mortgages.  In fact, at this time, 6.5 million homeowners in the U.S. are behind on their mortgages.

Despite lofty promises banks made when the government bailout came into play, countless Americans say that they have been given little help and are now on the verge of losing their homes.  Of the 1.1 million Americans that have requested federal assistance, only 168,000 have been helped by banks, the very institutions that promised to give Americans the assistance they needed to recover from economic hardships.

A few days ago, ABC News published a story entitled Whistle-Blower: Banks Give Homeowners the Runaround.  To go along with the story, the news station casted a poll and the results were quite alarming.  According to the poll results, 60% of people feel that banks are not doing enough to help struggling Americans.

ABC News’ story revolves around an insider who works at a very large financial institution.  If you think he is a low man on the totem pole – you are wrong.  The insider reports that he has worked at one of the biggest banks in the U.S. for over 20 years and is a Vice President.  Deeply bothered by the bank’s response to struggling homeowners, the Vice President decided to come forward and discuss how the bank is giving the runaround to people who are in desperate need of assistance.

According to the informant, people who call the bank for assistance with loan modifications or with lowering their monthly mortgage payments are told to call an 800 number.  However, instead of answering homeowners’ questions and lending assistance, bank representatives simply give callers the runaround.

He also told ABC News that, “In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less.”  When asked how many loan modifications his bank has completed in the last year, he responded, “Fully completed?  Zero.”

After getting the runaround, many homeowners come to the informant in tears and are deathly afraid.  Not to mention, these homeowners often have to deal with astounding late fees and penalties, as well as the fear of losing their homes.  Each year, it is estimated that banks receive $40 billion in penalties and late fees alone, which proves these institutions are more focused on capitalizing instead of giving much needed assistance.

If the government does not intercede and banks continue to hold all the power, the middle class will continue to face difficult times.  In fact, some question how the middle class will even survive.

If you are finding it difficult to get a loan modification, contact the friendly staff at American Economic Solutions.  We would be happy to work with you and to provide you with dependable help when you need it most!

Watch full story from ABC News: http://abcnews.go.com/WN/saving-middle-class-whistle-blower-banks-helping-americans/story?id=10178938