2010-08-31 — moneymorning.com
"Despite all the monetary and fiscal firepower the U.S. Federal Reserve and the Treasury have deployed, economic growth has slowed to an agonizing pace. The slowdown has hit the housing market particularly hard, as evidenced by home sales that dropped to record lows in July. "
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Ed Wright at 09:46 2010-09-01 said:
“Extend and Pretend,†Obama’s $75 billion initiative, ($50 billion from the bank bailout, $25 billion from Fannie and Freddie), seemed like such a bold move; but is so “last year.†HAMP was supposedly designed to “Induce†lenders into working with distressed home owners, but instead has left them wondering when the sheriff is going to show up to kick them out of their homes. Few would admit that the HAMP program was designed to allow banks the time to attempt to stabilize market prices, but today it is clearly the result… and it is failing. It's not working; or is it? It's working just fine if the actual goal was to help the banks! Tell the voters the goal is one thing while extending the foreclosure process. This allows banks to maintain these loans at full market values and delays showing the loss. WOW!! What a concept; This allows unhealthy banks to appear healthy. It also delays bank failures, making it possible for democrats to claim the economy is improving. But who is fooled? Hopefully not the American Public… because we are the one’s paying the bill for this administration’s ignorance. Now Obama’s administration is launching a "New" Federal Housing program to “help borrowers†who are struggling to pay their mortgages. Sounds great… plus now the government is going to establish an emergency program for unemployed borrowers so they can stay in their homes! INCREDIBLE IDEA if your goal is to help your banking friends. (Again) And once again, the program does nothing to permanently reduce home foreclosures, it only delays them! How many more Billions of Dollars will this boondoggle cost tax payers! Let’s fix the problem and kick these idiots out of office! Clearly we need to get banks lending again, PLUS Americans working again. Working again does not mean bailing out unions and pensions that vote democrat… it means help all Americans; including those who need help paying their rent! Let’s get real and address the real issues, and not just help our "Obama Friends." Permalinkadd a comment | go to forum thread
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