Tuesday, October 25, 2011

More "help" for struggling homeowners and communities

This is a paragraph from an article written by Yves Smith At Naked Capitalism. READ the full article HERE The details of the new Obama plan to help his image, because it certainly doesn't look like it will help any homeowners. It is clear the administration is not going to hold the banks accountable for their fraudulent behavior. The government is afraid to step on the toes of the banks. It could not be more clear in this proposal. It is a pointless attempt at PR for Obama. The government is being run by the TBTF Banks. They two-the government and the TBTF banks have merged into one giant machine of propaganda and lies that is conducting a massive attempt to bury as much of the truth as possible. " This plan is yet more proof that this Administration is not about to inconvenience banks to help homeowners and communities. It has tools in its power than would change the incentive for banks and make them far more willing to do what the overwhelming majority of mortgage investors would prefer, which is provide deep principal mods for viable borrowers. Forcing banks to write down seconds, and taking an aggressive stance on foreclosure fraud would restructuring debt more attractive than it is now. But just as the banks and their captured governments in Europe seem intent on grinding down entire economies to extract their pound of flesh, so are banks in the US continuing to operate a doomsday machine that grind up housing with no regard for the economic and social costs. "

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