Slow Response to Housing Crisis Now Haunts Obama

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Slow Response to Housing Crisis Now Haunts Obama

Slow Response to Housing Crisis Now Haunts Obama

He has the control but done absolutely nothing to help homeowners but everything to let his Wall Street pals get off with massive fraud. Do you realize how many families, seniors, and veterans were done wrong & left out in the streets? Many thousands. He does.

Either way if Romney wins, we will see no change in him as well.

New York Times-

After inheriting the worst economic downturn since the Great Depression, President Obama poured vast amounts of money into efforts to stabilize the financial system, rescue the auto industry and revive the economy.

But he tried to finesse the cleanup of the housing crash, rejecting unpopular proposals for a broad bailout of homeowners facing foreclosure in favor of a limited aid program — and a bet that a recovering economy would take care of the rest.

During his first two years in office, Mr. Obama and his advisers repeatedly affirmed this carefully calibrated strategy, leaving unspent hundreds of billions of dollars that Congress had allocated to buy mortgage loans, even as millions of people lost their homes and the economic recovery stalled somewhere between crisis and prosperity.

[NEW YORK TIMES]

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3 Responses to “Slow Response to Housing Crisis Now Haunts Obama”

  1. TrickleUpPolitics says:

    Where’s an executive order fixing this crisis? I mean, if Obama can bypass our immigration laws, Senate confirmations, War Powers Act, ad nauseum, why is he waiting for Congress to act? If he hopes to buy off another voting bloc, he’d better hurry. Tick, tock.

  2. Fred says:

    Rather than a campaign, impeachment proceedings are in order.

  3. Charles Reed says:

    This article is saying Obama was not up for the job. Now Rick Santelli is no out there today talking about contract law because as it turns out the contract/Notes are non-negotiable pieces of paper as the Washington Supreme Court has ruled you need to have the Note in order to foreclose.

    This is what I been writing to President Obama when he was just elect however as only America’s only Black Bank Prime/FHA/VA mortgage loan officer my cries where only seen as a blank man playing the race card even that over 80% of my clients were white who with all type of FICO score from 500 to 619 were receiving FHA & VA loans and scores up to 850 as it include millionaires to the working poor.

    First Obama did not understand the bankruptcy rule in regard to primary residency where he and all his staff failed to realize a bankruptcy judge could not change the term of the mortgage loans. Second they did not realize that a lot of loans had 2nd mortgages behind the first as lender were getting around PMI and banks had attack this market when Fannie Mae & Freddie Mac changed it rules in 2005-2006 where any 2nd mortgage not simultaneously done with the first was a cash-out refinance and not eligible for a refinance.

    Obama did not look into the report I informed him about which was the State Level Subprime Loan Characteristic dated Jan 2008 which within 2 minute you could see that almost ever one of the 3 million subprime borrower from 2005-2007 would have qualified for at least a FHA or VA loan and about a 1/3 would have qualified for Prime loan.

    While President Obama was having his meeting with the heads of all the large banks in 2009 I was faxing that FHA could solve a lot of this situation as the 1934 program had increased in market share over something like 600% from the end of 2007 to 2009. FHA has gone from 4% to around 35% of market share but nothing was being done about refinancing the subprime folk even as Wilbur Ross had purchase some of the toxic loan and refinance them making money which is what could have been done.

    As the interest rate lowered the economy could have healed however Obama and team did not understand and for some on that team there were other motives in not refinancing families. Where was Mr. Buffett who owns every bank stock at to give Obama advice like was promise during Obama campaigning in 2008.

    Now the shoe will drop on the handling of government insured loan by Ginnie Mae and America should be shocked at what been going on!

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