Obama Buying Votes instead of Prosecuting Fraud
A sinking President Obama is trying to buy votes from those who are already underwater. It is a waste of valuable government time and resources that could be better used.
The federal government has never accepted that all of its attempts to “rescue” the housing market are fruitless. Bad loans and unqualified homeowners are a sad fact of the real estate bubble. Nothing that Congress or the White House says or does can change that.
Actually, the White House probably does understand that. However, Obama and his team have been accurately labeled by most voters as economically incompetent. This is bad for them because election season is now upon us. It is time to buy some more votes, this time from “underwater” homeowners. According to the White House, these poor souls must be allowed to refinance their mortgages. The banks won’t do it and Congress won’t do it. So out come the “executive orders.” Source: President Obama To Announce Major Revamp Of Home Lending Program, HARP.
This is so transparent. Don’t you agree?
Being underwater on your mortgage does not mean that you can’t afford your mortgage payments. It just means you aren’t highly motivated to make those payments. So this is really an effort by the Obama team to make the underwater homeowners feel less buyer’s remorse. They bought the wrong property at the wrong time and in the wrong place. It happens.
The Obama team should instead spend its time and resources prosecuting all of the bank fraud associated with stated income loans a/k/a “liars” loans that played a major role in the real estate bubble. Not even one lender or investment banker has been charged for their participation in this. To this extent, I agree with the Occupy Wall Street protesters.
After the much smaller savings and loan failures and scandals of the ’80’s, numerous criminal charges were brought, with great success. Why not now?
If you want a very clear explanation of how our government has failed to bring the Wall Street criminals to justice, listen to this report from NPR. You will become angry. I did.