The Big Banks still don’t get it. Bank of America recently announced that it will start charging its customers $5 per month to use their debit cards. Wells Fargo and JPMorgan Chase are considering similar fees on their customers.

The June jobs numbers, which came out on Friday, show just how dire and desperate the situation is for unemployed workers. As I travel the country, I hear the heart-wrenching stories over and over—including many of those who have been out of work for months and are on the verge of losing their homes. So this week’s White House announcement on helping homeowners with foreclosures is welcome news. Amidst the worsening foreclosure crisis, millions of unemployed homeowners facing imminent foreclosure will finally get some relief through adjustments made by the Obama administration.  

The foreclosure crisis just keeps getting worse. More than 12 percent of residential mortgage loans are in foreclosure or at least one payment past due. Millions of homes have been needlessly foreclosed on because banks have not modified homeowners’ mortgages to affordable levels. On top of this misery, the U.S. Department of Housing and Urban Development’s (HUD’s) funding for counseling to prevent foreclosures has been cut to zero.

The top six executives of the two mortgage giants, Fannie Mae and Freddie Mac, received a combined total of $35.4 million during 2009 and 2010. According to a newly issued report by the inspector general of the Federal Housing Finance Agency, the CEOs of both companies alone were paid a shocking $17 million over the past two years.

While it is good news that the national unemployment rate dropped to 9 percent in January, it is important that we look deeper into the statistics to find the real story of this recession.