Repub Housing Appointees Sabotaged Mortgage Assistance Programs To Stop ‘Backdoor Economic Stimulus

[kpete]

Source: Think Progress

Republican Housing Appointees Sabotaged Mortgage Assistance Programs To Stop ‘Backdoor Economic Stimulus’
By Travis Waldron on Oct 26, 2012 at 9:45 am

.....................

After the Obama administration instituted the Home Affordable Refinancing Program (HARP) to help homeowners refinance their mortgages at lower interest rates, Freddie Mac placed heavy restrictions on the program out of fear that it would hurt the company’s bottom line and its ability to repay taxpayers. But two Republican appointees and one executive also held back the program, ProPublica’s Jesse Eisenger reports, because they thought it would help the economy under a Democratic president:

In closed door meetings, two Republican-leaning board members and at least one executive resisted a mass refi policy for an additional reason, according to the interviews: They regarded it as a backdoor economic stimulus.

Robert Glauber, who left Freddie’s board in March, contended in board meetings that aspects of the refinancing program were “designed to be a stimulus” for the economy, said John Koskinen, who served as Freddie Mac’s chairman from 2008 to 2011, during which time he also served briefly as its interim chief executive.

Glauber, director Linda Bammann and head of risk management Paige Wisdom resisted mass refis. One executive viewed their objections as colored by partisan unwillingness to help the economy recover, something that would benefit President Obama.

Read more: http://thinkprogress.org/economy/2012/10/26/1094901/republican-housing-appointees-sabotaged-mortgage-assistance-programs-to-stop-backdoor-economic-stimulus/

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http://www.propublica.org/article/why-freddie-mac-resisted-refis

[xtraxritical]

1. Trash treasonous Republicans! Obama/Biden/Congress 2012. Forward!

[Tigress DEM]

18. Agree 1,000%

[magical thyme]

2. well, maybe it wasn't partisan. Maybe it was simple greed.

The more people thrown into the street, the more homes they and their friends could snap up for pennies on the dollar and rent back to "You People."

Oh, what the hell. From their perspective it was a two-fer. Hurt the stimulus *and* steal more houses even cheaper.

[Raster]

7. Perhaps it was both: partisan efforts to crater the economy and simple greed.

And considering that we are talking about republicans, it was probably both.

[noiretextatique]

16. it certainly wasn't doing their jobs, that's for sure

[Berlum]

3. Republicans really do want America to FAIL. It's sickening.

[SamKnause]

4. Traitors

I am so sick and tired of these traitors !!!!!

Party before country sickens me.

Hurting and harming the very people you are paid to represent to the best of your ability.

When the 'Ark Replica' is complete, maybe we can load all of these traitors aboard and set them adrift in the ocean.

[NBachers]

12. With a secret cargo of fleas, bedbugs, rats, and roaches

[surrealAmerican]

5. Robert Glauber, Linda Bammann and Paige Wisdom

They don't deserve anonymity for this.

[lumberjack_jeff]

10. They should be personally sued. n/t

[tridim]

6. I'm getting a settlement check, but wow this is pure treason.

I want prosecutions.

[Tigress DEM]

22. Me too. I want prosecutions.

[HooptieWagon]

8. I hope they are now EX-board members.

Obama needs to start ferretting out these Bush-era moles, and fire them.

[shanti]

23. too little, too late

he should have done that as soon as he came into office, but nooooooo, gotta be bipartisan. you can be damn sure that *ush did that when HE came into office, and r$ would do the same if he were elected.

[SaveAmerica]

9. I've said here on DU that I thought Big Business leaders were

holding on to jobs and not hiring because it would help Obama. Now I'm hearing about the behind the scenes phone calls from Romney to Business CEOs to encourage employees to vote for him and this little detail and I feel that I'm right on the money.

When will people realize exactly why they don't have jobs? Can't get in on programs designed to help them?

[Tigress DEM]

19. Ya' think? Of course you do, but they don't - ergo the difference. nt

[mopinko]

11. reading a book about harold washington and i can tell you

that every single damn thing that has been done to barack obama was done to harold washington (chicago's first black mayor). including this crap.
fortunately, he was here during that time, so he was well prepared to be "first".

[Tigress DEM]

20. I believe that. Harold fought back and so is Obama. YEAH!

SOME people in Chicago really loved Harold Washington. The library named after him is unbelievable!!

[mopinko]

24. that was about the time i moved here, and i was proud to have him

for my mayor. i still have one of the blue buttons that were so popular that they called it the blue measles.
i wonder if i would have moved here if i had watched it all play out first. i loved the diversity of the city, and was terrible disappointed at the number of people who didn't.

the parallels are just stunning, and anyone who goes back and reads this history cannot tell me this is not about race.

this is the book i am reading, btw-
http://www.amazon.com/Fire-Prairie-Chicagos-Washington-Politics/dp/0805014683

very good.

[maxsolomon]

13. but if it's economic stimulus through the DoD

full speed ahead.

just don't call it economic stimulus.

[caveat_imperator]

14. This doesn't surprise me. :(

I remember reading something about these rethug operatives appointed in order to sabotage any Democratic administration before President Obama was inaugurated.

[WillyT]

15. HUGE K & R !!!

[WRH2]

17. t5his makes me sick

we need to start preparing for mid term elections. Right after we win this one!!!!!!!!!!!!

[Tigress DEM]

21. YEP - keep the momentum going and knock those rethug busturds into the street.