What is happening was forewarned and foretold all the way through the 2008 Presidential Primaries and the following post nomination campaign right up to the last day on Nov 3, 2008… but Nooo… the majority of US voters just had to go with Mr Smiley the Wealth Spreader …the no experience, excuse making, finger pointing, lying, flip-flopping, everyone is a racist, stealth Socialist, dumb ass who has more arrogance than your typical know-it-all 15 year old teenage boy driving the family dirigible on a joy ride to hell.
And, he not only has gotten himself in serious trouble… he is taking We the People with him as he goes down in flames.
I Told You So
The crux of the problem that created this economic mess was the collapse of the US housing market due to the Socialists like Barney Frank and ACORN bullying Fanny Mae, Freddy Mac, and other lending institutions into giving home loans to people who were high credit risks with no money down.
As these high risk borrowers began defaulting in droves on home loans, a domino effect went into very predictable action… which started driving down the value of homes owned by good credit risk borrowers coupled with interest only payment loans which adjusted their interest rates on the fly.
Suddenly homes were worth less than the loan values… people who before could have sold their homes now found themselves unable to do so. So… many of them were forced into foreclosure… further devaluing home values as buyers dried up.
Lower home values and empty homes meant loss of real estate tax revenues for cities and counties which was a negative effect on states. It escalated into mounting job losses… which further dried up tax dollars that otherwise goes into the Government bank account to pay for things the government does.
The Damn Socialists Created this Mess and blame it on the Conservatives… in their typical slime ball lying ways.
Well… The Socialists and their Enchanted One were given carte blanche control of the Government to fix Your Economy. They have been in control of Congress for going on three years and over six months in the White House.
And in a typical brainless clueless Socialist way, the Socialists have been throwing gasoline on the fire and driving the tax payers into further and further tax debt… borrowed money that has astronomical interest payments and it has to be paid off. And none of the near one trillion dollars ramrodded through congress is even making a dent in the continuing housing collapse… and job loss is headed to 11% to 13%.
Things are going to hell and it is fault of Obama and the other Socialists.
Lets see what is being reported over at Politico.com, shall we????
by Victoria McGrane | 7/17/09 8:53 PM EDT
Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years.
That’s bad news for the economy — and bad news for the Democrats.
The Democrats’ political and policy fortunes rest on their ability to persuade voters that they’re fixing the economy. But experts say that rising foreclosures will only exacerbate the nation’s economic woes, pushing down home prices, slashing state and local tax revenues and imperiling consumer confidence.
“Everybody understands that getting out of this broader crisis requires that we stabilize our housing market and stem the tide of foreclosures,” Senate Banking Chairman Chris Dodd (D-Conn.) said in a hearing Thursday. But in unusually harsh words for a Democrat, Dodd said that the Obama administration’s progress in stopping foreclosures has been “disgraceful” so far.
“It’s just hard to explain to the working families in America how it is we could move so fast with extraordinarily complicated deals with the huge financial institutions, and we are moving so incredibly slowly, mired in paperwork, in rules, in talking to banks back home,” said Sen. Jeff Merkley (D-Ore.).
The foreclosure listing service RealtyTrac Inc. reported Thursday that the number of homeowners in foreclosure in the first six months of 2009 was up 15 percent from the same time period a year ago.
The Center for Responsible Lending, a nonpartisan research and policy organization, projects at least 2.4 million additional foreclosure starts this year, causing nearly 70 million surrounding households to lose a combined $500 billion in property value.
The group estimates there will be 9 million foreclosures through the end of 2012, at the cost of $2 trillion in lower home values — enough to pay for the House Democrats’ health care plan, twice.
The White House realizes the stakes. Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan took the 27 participating servicers to task in a July 9 letter to their CEOs, telling them to add more staff, improve training, create an appeal path for borrowers dissatisfied with the service and fulfill other measures to do more modifications, better.
The servicers were told to designate a liaison with the administration who will meet with Treasury and HUD on July 28. The servicers have to tell the administration by July 23 what specific steps they’re taking to improve performance.
In addition, the administration announced that next month it will start publishing company-by-company results, including how many modifications each servicer has made and how quickly. At the least, that will give policymakers ammunition to shame recalcitrant lenders.
“We think that that type of disclosure, servicer-by-servicer, will be important to spurring greater activity on their part,” Herbert Allison, assistant treasury secretary for financial stability, told Dodd’s committee.
But assurances that the administration is paying attention were not enough to satisfy senators on either sides of the aisle — and Republicans are ready to make the case that slow progress on the foreclosure front is just one more example of the Obama administration overpromising and overspending.
“I see these extravagant promises in just about everything that happens here, … and then I see this terrible execution,” said Sen. Mike Johanns (R-Neb.). “The stimulus money isn’t getting out, you’re not getting on top of the foreclosure numbers, you know, and that has nothing to do with what you inherited. Execution is what you do every day.”
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