Obama – The Foreclosure Presidency — 11 MILLION MORE FORECLOSURES

From capecodtoday.com

Obama – The Foreclosure Presidency

Eleven million homes will be foreclosed between today and 2015. Forty-four million men woman and children, more people than reside in most states will lose their homes. Obama has Sided with the Banks and the Republicans on this Issue. In Other Words, the Problem Worsens

By TRB

Barack Obama, despite what he represented to some well-intentioned people back in 2008, has become the king of home foreclosures, the Herbert Hoover of the practice.  He has failed miserably in easing the unemployment problem, mostly because he spent so much of his first two years passing and helping along a Republican health care plan designed by the man who might run against him in 2012, Mitt Romney.

He should have spent those first two years working on the unemployment problem, creating  jobs. He did eventually get around to creating some jobs, but we are stuck at almost 10 percent unemployment. And he has gone to India to find jobs for Americans. Does that mean he will go to China to find jobs for Americans? It’s like my neighbor said when I told him Obama was over in India finding jobs for Americans.

“How will we get there?”he asked.

At the present time,  nearly 10,000 people lose their homes every day, and Obama has done little to help them out. He instituted the Home Affordable Modification Program, otherwise known as HAMP, but it has been a dismal failure according to most participants, many who feel the banks were allowed to steal their homes right from under the government’s nose. Many attorneys general also believe the program isn’t working and at least one federal inspector general is investigating the way it is run.

HAMP was financed with $75 billion in tax payer money. It was supposed to allow homeowners to decrease their monthly mortgage payment to 31 percent of their income. All they had to do was meet certain financial requirements, wait a few months and they were assured of a HAMP mortgage

But a  big problem developed – a problem the president should have seen coming a mile away, especially since he created it. He put the banks completely in charge of  HAMP. Yes, Obama put the fox in the chicken coop.

At the present time the government claims  500,000 people are taking advantage of HAMP. But that is less than 20 percent of the families who were expected to take advantage of it.

Many families have complained to attorneys general across the nation that HAMP is just a way for the banks to “string  them along”  for months, getting every last dollar out of them, before denying their participation. Sometimes they are told of their “pre-approval” for the program, whose ultimate aim is to modify the conditions of their mortgage so they can stay in their homes.

So they continue making monthly payments, but at the pre-approved lower rate. This can be strung out for four or five months, Many have reported receiving foreclosure notification during this period, But, they say, when they have called HAMP officials they’ve been told to ignore the notices. Soon they will be allowed into the HAMP program.

But, more often than not, the exact opposite occurs. After four or five months of waiting and being told they are pre-approved, HAMP officals reject them, telling them they don’t meet income requirements – often when they clearly do.

One family was strung along for nearly 13 months before HAMP sent its letter of denial. Now they don’t qualify for any loan modification program government or private. They will lose their house.

The other day a news person on television said it almost looks like the government is working for the banks to strip the property rights of the people. It does begin to look like that when the government hands large private banks billions in taxpayer money, putting them in charge of a program to ease the numbers of foreclosures. But that number only continues to rise and the banks are doing an awful job of running the HAMP program. How much of that $75 billion is left, for example. And where has it gone? Has HAMP been audited? Further, HAMP should be run by the government and not by the banks who stand to gain if the owner’s home is foreclosed. Shouldn’t that be obvious to the president?

Foreclosures rose 45 percent under Bush’s presidency, and during his eight-year term nearly 2.5 million were foreclosed. Under Obama’s presidency, foreclosures have risen 81 percent. There were three million foreclosures in 2009 and things have just spiked from there. The below-prime people have already lost their homes. These new forclosures are mostly due to unemployment.

Twenty-three states have stopped foreclosures all together because the banks were found to be falsifying the paperwork, not in possesion of the true mortgage, and other discrepancies. Now all 50 state’s attorney’s general are investigating and are getting set to issue large fines against the banking industry and to make changes in the manner in which homes can be foreclosed.

Barack Obama, former community organizer, could also do his part beyond the controversial HAMP program. He could, for example call a moratorium on all home foreclosures, while some of these mortgages are studied for illegalities. But in these matters Obama might as well be one of the banks that issued the mortgages.

Obama believes that a moratorium on foreclosures would reduce the supply of home loans and increase the costs to future borrowers. These are almost the exact words used by editors of the St. Louis Federal Reserve Review – in other words, the banking industry.

Unemployment and foreclosures should have been the first problems on Obama’s plate when he gained the presidency. Instead he spent all of that time working on a health care bill that could have waited. And Bush and he threw all that money at the failing banks and investment houses, when it could have gone into repairing the nation’s infastructure and putting people back to work.

Instead Obama will go down in history as the president who put the most families out of  their jobs and out of their homes. Americans will have the decision on whether to foreclose on the family in the White House in two more years.

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