The "Obama" Dead beat bailout

Discussion in 'Politics' started by Nova78, Aug 9, 2012.

  1. Nova78
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    Nova78 Silver Member

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    It’s hard to imagine a less-deserving group of victims: people who gambled during the housing bubble by purchasing homes with borrowed money that they knew or should have known they couldn’t afford, but who are now able to stay in the homes they should have never bought because of what amounts to paperwork errors on the part of the nation’s big banks.


    Everyone — from the president, to officials at the Department of Housing and Urban Development, to at least some of 49 state attorneys general who cobbled together the pact, including New York’s Eric Schneiderman — took the all-too-familiar class-warfare route in selling the deal to the public and national media. They’d like us to believe that the nation’s largest banks are finally paying for their bad behavior during the housing bubble and its aftermath, when millions of Americans either lost or were in jeopardy of losing their homes


    Problem is, almost all of the “logic” behind the deal isn’t logic, but a combination of half truths and outright lies. Even worse, the settlement will likely prolong the housing slump and set the stage for it to happen again.

    Take the “victims,” who faced eviction from their homes because of the banks’ supposedly corrupt foreclosure practices. These home-owners didn’t really own their homes; many, in fact, barely plunked down a downpayment for a mortgage.

    By borrowing far more heavily than what they could afford, they were also gambling that housing would keep rising in value, defying basic rules of economics.

    Now they’re being rewarded for their mistakes. Ironically, even the government officials who were part of the deal have privately conceded that, with few exceptions, more than 95 percent of the so-called victims weren’t victims at all; they faced imminent foreclosure because they were delinquent on their mortgage payments — often for a year or more.



    Read more: The president bails out housing ‘deadbeats’—Charles Gasparino - NYPOST.com

    The Obama way, reward the deadbeats , and destroy the the rest......

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  2. Chris
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    Chris Gold Member

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    Republicans want the middle class to fear the poor, so they won't notice the rich walking away with all the money.
     
  3. LilOlLady
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    LilOlLady Gold Member

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    CAUSE OF THE 2007-2009 FINANCIAL MELTDOWN.

    http://apps.americanbar.org/buslaw/committees/CL130055pub/materials/201001/causes-report.pdf


    WHO CAUSED THE HOUSING CRISIS?

    WHO Launched the Housing Crisis? Bush, in His Own Words | One Utah

     
  4. LilOlLady
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    LilOlLady Gold Member

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    Obama did the right thing when he bailed out some homeowners whose homes were in foreclosure and most were because they lost income and not over spending. Illegal aliens were given loans they could not pay and millions of them defaulted.
    Again Obama spending trying to fix what Bush broke adding to the deficit.
     

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