The screwing of homeowners just don’t quit!
by Lois Beckett
ProPublica, Aug. 25, 2011, 3:28 p.m.
With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners.
One place they won’t be looking: an estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.
Instead, Congress has mandated that the leftover money be used to pay down the debt.
More of business as usual, it looks like 2012 is finaly going to be the year that we can get rid of the good old boys and start over with a clean slate, vote for independents. Lets Ron Paul a try.
Although Congress has advised remaining funds should be used for to pay down the debt, the original intent and purpose for which the TARP (Troubled Asset Repurchase Program) was legislated was to assist banks that were allegedly “too big to fail!” Those banks that participated in the Program agreed to assist homeowners who were targeted with by subprime lending policies, usurious and/or antitrust like behaviors in the free, capitalist market.
For Congress to now say that money should be used for purposes other than which the original agreement was crafted is illegal.
Once homeowners are liberated financially through modifications in line with market conditions, and participate within a forced savings plan as they will not be able to further refinance and/or obtain home equities to fix their homes in the event of an emergency or other purpose, it will be crucial for homeowners to begin to save as never before.
It is only by saving that the US will be able to repay its credits. After all, it is the savings of our creditors’ population that the US has been using to run the government because savings of US residents has gone south ever since the 1970’s when the industrialists stopped permitting employees to share in the increased productivity that computerization and automation yielded.
Please see Professor Wolf’s, Economist, exposes on this subject for more details. God bless!