The only one who doesn't seem to know the government is working for the banks seems to be the AmeriKan media.
"As part of the bank bailout, the Treasury Department was given $46 billion to spend on keeping homeowners in their houses; to date, the agency has spent about $1.85 billion.... mortgage servicers and investors often make more from foreclosures than from offering aid"
And the PROPERTY in the form of a HARD ASSET is worth a hell of a lot more than those colored pieces of paper called currency.
Related: Slow Saturday Special: Boston Globe a Banker's Paper
That kind of explains it all, doesn't it?
"Efforts to spare unemployed from foreclosure stall" by Andrew Martin, New York Times / June 5, 2011
NEW YORK — The Obama administration’s main program to keep distressed homeowners from falling into foreclosure has been aimed at those who took out subprime loans or other risky mortgages during the heady days of the housing boom. But these days, the primary cause of foreclosures is unemployment.
As a result, there is a mismatch between the homeowner program’s design and the country’s economic realities — and a new round of second-guessing about how best to fix it....
After four years don't you think it is a little late?
Data released last week suggest that the administration’s task is growing more difficult as the problems created by unemployment and housing trends persist....
I thought those geniuses at the Fed fixed it.
Last week, a widely watched index found that housing prices had dropped to their lowest level in nearly a decade. And while the rate of homes falling into foreclosure has slowed, the reason is delays in processing foreclosures, not a housing recovery, according to RealtyTrac, a company that tracks foreclosures....
Critics of the Obama administration’s approach to preventing foreclosures have pressed for two years to get officials to focus more on unemployed homeowners, with meager results. As part of the bank bailout, the Treasury Department was given $46 billion to spend on keeping homeowners in their houses; to date, the agency has spent about $1.85 billion....
Administration officials said their programs have had a positive impact, although not as large as they had hoped. But they say the problems of unemployment and negative equity on homes are not easily solved. They also say programs to curb foreclosure are voluntary, so they are limited in how far they can push mortgage servicers and investors, who often make more from foreclosures than from offering aid.
What more do you need to know to $ee who and what call$ the $hot$ in Wa$hington?
“We are trying to be careful in designing programs that at the end of the day aren’t just about spending money but getting people back on their feet,’’ said James Parrott, a senior adviser at the White House’s National Economic Council.
Then YOU HAVE FAILED MISERABLY!!
President Obama has been scrambling to curb the number of foreclosures ever since he arrived at the White House....
PFFFFFFFFFFFFT!!
By now I have realized JUST BECAUSE THE NEWSPAPER CLAIMS ITS TRUE does NOT MEAN IT IS!
In fact, it is MORE LIKELY the VERY OPPOSITE of what the "newspaper" claims!!!
And he still had time to start another war, too?
--more--"
Maybe one day a war will stall.
