The Financial Reform legislation did not entail either Fannie or Freddie yet it was those programs which initiated the downturn in our economy. People lost homes, jobs, and it in turn affected all businesses. Obama’s anti-foreclosure program has provided loans to liars, people no more qualified than those considered fundamentally sound by Fannie and Freddie.
A Florida resident was ‘not touched’ by Obama’s economic turnaround decided, based upon his bank’s recommendation, to short sell his house. He was quite successful, in fact on ten separate occasions. His mortgage lender, Bank of America, is part of the nationalization effort. That’s the company Obama, through TARP, created a shareholder position for government. He proceeded to cap salaries and went on to fight Merrill about bonuses. The goal was to restructure fairer loans for everyone.
Our homeowner sold his house ten times for cash on every sale yet Bank of America ignored each.
WINK: “I don’t have any answers. I would like– obviously I can’t get anything from this, what’s done is done, but I think it should be investigated because something is not right with this procedure. When I can have this place sold for over $200,000 two years ago and continue the process for two years and get ignored and then they can buy it back for $66,000 is not right.”
Obama announced a new and improved supercharged economic plan to stimulate his recovering recovery even further. No different than the new anti-foreclosure plan, let alone Financial Reform’s no mention of Fannie or Freddie, Obama yet again ignores past failure, blames others, and attempts to recreate proven disaster. Our former homeowner realizes the ineptness of these people and what they did not contribute in what lead to his unnecessary foreclosure.