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Loanowner bailouts were designed to benefit banks, an insider’s view

By golfplan18   2012 Nov 4, 10:37pm   784 views   4 comments   watch (0)   quote      

http://ochousingnews.com/news/loanowner-bailouts-were-designed-to-benefit-banks-an-insiders-view?source=Patrick.net

The bubble collapse was rife with denial caused by false rumors of homeowner bailouts. Many homeowners held out hope that if they could just keep current on their mortgage long enough, the government would come to their rescue in the form of a mandated bailout program. Many such programs were attempted, but if their stated goal was to keep loanowners in the properties they occupied, these programs were a dismal failure — thankfully. If they had succeeded, the moral hazard would have served to inflate an even more massive housing bubble in the future.

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1   upisdown     2012 Nov 4, 11:40pm  ↑ like   ↓ dislike   quote    

Nope, it wasn't ever going to happen. The NAR has lobbyists, and so does the MBA, and that's just one sub-section of the baking sector that has lobbyists.

Where's the lobbyists for homeowners? There isn't any.

2   Tenpoundbass   955/956 = 99% civil   2012 Nov 5, 1:09am  ↑ like   ↓ dislike   quote    

What are you talking about, Obama personally helped 50,000 homeowners from going in foreclosure, it was an accomplishment. He got a Noballs Piss prize for it. It was in all of the Papers, Iwog cites it as his crowning achievement.

3   upisdown     2012 Nov 5, 1:10am  ↑ like   ↓ dislike   quote    

The Professor says

Those statistics are shocking and disturbing. A crony system that rewards incompetence with largess is doomed, but not before the perpetrators loot our economy and the government coffers for their own personal gain."

But was it really incompetence? Their own actions before and after shows that it wasn't.

4   upisdown     2012 Nov 5, 1:11am  ↑ like   ↓ dislike   quote    

CaptainShuddup says

What are you talking about, Obama personally helped 50,000 homeowners from going in foreclosure, it was an accomplishment. He got a Noballs Piss prize for it. It was in all of the Papers, Iwog cites it as his crowning achievement.

Who appropriated the program, and why did they do it?

Comments 1-4 of 4     Last »

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