The Obama administration, with all of it's weighty might, the Presidency of the United States, wants to really bear down on mortgage lenders and use shame to force financial institutions to help homeowners.
....are you f@#king kidding me? Shame?
How can you provoke shame in corporate entities? They have no soul! That's like thinking one will get remorse from a serial killer. Seriously.
What happened to good old fashioned regulation, oversight and legality? As I recall the government makes the laws...right? How about plain make their current scheme, which is sucking up huge profits from late fees and foreclosures, not profitable?
Ya gotta shake your head when just like that Hank Paulson and the Bush administration hand over $250 billion to selected banks yet try to fight any of the bail out money going to homeowners.
FDIC publishes $24 billion plan to avert 1.5 million foreclosures by end of 2009
Testifying on Capitol Hill Friday, Neel Kashkari, the Treasury Department's assistant secretary for financial stability, said the aim of the $700 billion plan was to make investments with the hope of getting the money back. That he said, was "fundamentally different from just having a government spending program" that would disburse money with no chance of ever seeing any returns.
Government spending program? No returns? Seems like financing executive pay packages for do nothings who already ran their companies into the ground is the real spending program with no returns.
The U.S. Treasury and the Federal Deposit Insurance Corp. are considering a program that may offer about $500 billion in guarantees for troubled mortgages to stem record foreclosures, people familiar with the matter said
The terms, not official would be:
The plan, which might put as many as 3 million homeowners into affordable loans, would require lenders to restructure mortgages based on a borrower's ability to repay
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