Obama: Defends foreclosure program by saying a more aggressive program might help undeserving

[xiamiam]

WASHINGTON -- President Barack Obama defended his administration's beleaguered foreclosure-prevention initiatives on Wednesday by arguing that more aggressive steps to assist homeowners might help people who don't deserve to be helped.

Asked if his administration had done enough to stem the foreclosure crisis, Obama opted not to address the foreclosure fraud scandal that has forced banks to temporarily halt home repossessions across the country. Instead, he claimed that the government's efforts had stabilized the housing market, and argued that the "biggest challenge" was to make sure speculators and deadbeats didn't take advantage of the government's help.

http://www.huffingtonpost.com/2010/10/28/obama-foreclosure-program-_n_775553.html

Cant stop shaking my head at this one..read the link..there is no legitimate defense of this bs..utter nonsense..houdini bs with a smile..undeserving??? I'm ashamed that after 3 or 4 years of this mess ,an unravelled middle class, no legitimate effort to stop foreclosures... and we have yet to hit the bottom of the housing market, that anyone, much less, our president would even say this..whoa..we're toast..

[Demeter]

1. The only people undeserving of help are the Obscenely Wealthy

and you'll notice where all the stimulus money went....

[leftstreet]

2. There were no "speculators and deadbeats" on Wall Street?

Whew. That's a relief

[xiamiam]

6. speculated enough to destroy equity in any homes bought in the last decade

yet they go to the bank while everyone else is drowning...go figure..undeserving my ass

[villager]

3. "My bosses at the banks, however, are wholly deserving!"

n/t

[applegrove]

4. He's trying to get the support of independants who don't like people hard on their luck.

[Lyric]

5. One of our biggest social obstacles in America is our obsession with the "undeserving".

We hate welfare because we fear that someone, somewhere, is getting a free ride that they don't "deserve".

We love the death penalty, because we'd rather risk the lives of innocent people than let some "undeserving" guilty person get a "mere" life sentence.

Social Security, Medicaid, Food Stamps, unemployment, the EITC, WIC, school lunches, public education, immigration, universal healthcare--the root of the opposition to all of these things is simply this:

"What did (insert group here) do to deserve free money/food/education/healthcare? They don't pay for it, so they don't DESERVE it!"

[smokey nj]

17. +1

[City Lights]

32. !

:thumbsup:

[DJ13]

7. That sounds like a..... conservative excuse

Imagine FDR refusing to help people because a few might not need help.

This position sounds like an excuse for the failure of his mortgage modification plan.

[xiamiam]

9. sounds like a banksters excuse..nt

[TheKentuckian]

8. and I got blasted today for calling this Reagan's eighth term

Sounds like its not too big a stretch at all. Right down Broadway.

[area51]

15. Agreed, Obama is conservative. n/t

[earth mom]

55. Reagan's eighth term. Sounds about right.

Thanks for being honest! :thumbsup:

[CBR]

57. self delete

[shanti]

76. but

would you have rather had mccain and that failin? bad and badder...great choices :eyes:

[readmoreoften]

80. +1

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[xiamiam]

11. there are interesting comments at the end of the huffpo article.thousands with the majority seeing

thru it..this is quite a shift from the campaign trail..im still shocked that he actually said this..i knew nothing was being done but to say this..right out of the banksters pr releases

[EFerrari]

13. Worse than nothing. His program is being used as a honey pot to lure

people looking for modifications into foreclosure where their property is swiped.

[Better Believe It]

12. The purpose of HAMP is to give evicted homeowners a softer landing when they get kicked to the curb

Thanks.

On Monday, a federal bailout watchdog reported that HAMP sometimes actually causes the foreclosures it's designed to prevent, as applicants "end up unnecessarily depleting their dwindling savings in an ultimately futile effort to obtain the sustainable relief promised by the program guidelines." It's an allegation that had already been made by homeowner advocates.

Obama is unfazed by all of that.

"Obama and other officials in his administration have ditched the three to four million number and now insist that the purpose of HAMP was to help the broader housing market and give doomed homeowners a softer landing when they are booted from their homes. Even HAMP borrowers in trial periods who are ultimately bounced from their homes, the administration argues, benefit from reduced monthly payments, which are typically $500 less than their normal amount.

One of the biggest changes to HAMP since it started last year has been the requirement that as of June, borrowers must prove their eligibility with documents like tax forms and pay stubs. The administration argues that many people were denied permanent modifications because they were put into trial plans before their ability to pay had been verified.

Obama pointed out that what's driving foreclosures nowadays is the jobs crisis, rather than predatory lending and exploding mortgages. "And so the single most important thing I can do for the housing market is actually improve economic growth as a whole," he said. "If we can get the economy moving stronger, if we can drive the unemployment rate down, that will have probably the biggest impact on foreclosures, as well as housing prices, as just about anything."



And let's not hearing any of that talk about a foreclosure moratorium that would help those "deadbeat" homeowners.

[EFerrari]

45. No, the purpose of HAMP was to lure people into foreclosure

"We can't help you unless you're late with your payments" stories are all over the intertubes.

[xiamiam]

14. k

[Kurt_and_Hunter]

16. Better a 1,000 innocent people be screwed...

...than that one undeserving man benefit.

Never forget that this is primarily a Calvinist nation.

[alcibiades_mystery]

18. So you want speculators and deadbeats to get federal money?

We're talking house flippers and people who wouldn't have paid their mortgage in an up economy.


That's fucking fine with you, I guess.

There's no doubt that the foreclosure and home-saving policies should have been much, much more aggressive. But even a more aggressive program would have to take into account that many people would be trying to game the system. I'm not against the careful assessment of policy to prevent that. Why should I have to pay for some deadbeat's mortgage, or subsidize people who took risky loans for profit and got stuck on the downside?

[EFerrari]

21. Not really. The bank's program is to prey on homeowners

who need a modification. Speculators and house flippers don't have time to be jerked around for over a year. They can go elsewhere. Anyway, no one is flipping houses right now. They're sitting on them.

[alcibiades_mystery]

25. The fact that they can't jerk around for a year

is the way to block them from the program. There are, of course, better ways to have done this, but my point is that any way to organize the foreclosure policy would have to take into account such abuses.

Plenty of house flippers are indeed sitting on their bum properties. I hope not to bail them out on those, as a more lax foreclosure assistance program might force us to do.

[xiamiam]

29. you are looking at the wrong group to blame..abuses by the banking industry destroyed the housing

market..it is well documented..there are millions of pieces of evidence which prove the reason for this meltdown..i can't do your homework for you..when millions of people suffer at the hands of a few something is wrong..please do not send back another pr meme from the banksters who have yet to be held accountable..real estate as an investment is a part of this capitalistic system ..even rental properties owned by mom and pop..they are not the culprits..they ARE NOT..even the young college grad who bought a house to fix up and flip is not the problem as you think...the problem is that house values have yet to hit bottom across the country..that tens upon tens of millions are underwater because greed by the banksters had them betting against their own loans..and tarp paid to cover some of those bets as well..to the tune of 25 billion dollars paid to aig and then paid to goldman sachs..25 billion would have helped a lot of homeowners..instead those bets which took down our present and our future were paid by you, the american tax payer..and you worry about a few house flippers?..incorrect focus in my opinion..

[EFerrari]

36. A loan modification program is NOT a bailout, first.

Seoond, all this does is centralize the flipping. Instead of Joe and Suzy flipping their investment (as if they could in this market), they're losing it and probably their home, too. And so are some of their neighbors who aren't in real estate investments. Meanwhile, Chase and BofA and Wells Fargo are massively grabbing properties legally AND illegally -- to flip.

This has nothing to do with handouts. The president's program is not a handout. It's only a chance to rewrite the terms of a loan on a value that no longer exists.

[xiamiam]

23. you've been influenced by the banksters public service messages

do you still think the subprimes are what caused this mess or have you looked deeper

[alcibiades_mystery]

26. No, I haven't

Sub-prime loans were an element in the larger stupidity, which was the movement of high risk securities based on such optimistic collateral.

[xiamiam]

30. it wasn't stupidity on the part of the banks..it was greed and corruption..nt

[EFerrari]

37. It wasn't stupidity, it was a program.

They put people in loans they can't handle and then they swipe their property on the other end.

[Ginto]

38. And take a huge loss. The only way for such a scam to work is if they knew they were going to

get huge bailouts. Not saying they didn't of course.

[EFerrari]

41. This has to be the biggest redistribution of wealth and property upward

in American history or very near anyway. But we can't help any deadbeats! :puke:

[Ginto]

43. No argument there.

And now they'll snatch up all the REO properties.

[sabrina 1]

33. The system WAS a game. It was a vast, pre-meditated

crime of massive proportions. Millions were driven out of their homes without due process, while the Lenders were profiting from the foreclosures, which is WHY they were not responding to requests from homeowners for loan modifications.

Is it 'fucking fine' with you that mortgages were divided up and sold as part of investment packages, and if they went into default, all those packages were insured, meaning the same mortgage could be collected on several times? It was MORE profitable to drive people out of their homes than to help them stay?

And often when they went to court to file the final papers, these criminals never revealed to judges that they had already profited possibly four or five times over on the same home?

I think you need to educate yourself on the massive fraud involved in this Ponzi Scheme. The homeowners are the very least of it. WE were all cheated.

I would love to hear this president do what other nations are doing, start investigations and prosecutions of the actual criminals. But this statement from his is just beyond belief to anyone who has been following this story.

In fact he is clearly doing the bidding of Wall St. as it was reported recently that as more and more of the corruption is revealed, the Banks planned to use homeowners to deflect from the crimes committed against the American people.

Why, eg, do you think there were so many foreclosures over the past few years? There have always been legitimate foreclosures and the % of those probably remains the same. But this mass foreclosure crisis was NOT because people are deadbeats, it is because we have a crime some are describing as one of the biggest in history, that has yet to investigated.

I am very grateful to the few homeowners who stood up and fought back leading now to several major lawsuits which made it possible to start looking into the fraud. And this administration would like to limit people's right to file civil suits when they believe they were wronged? Can it be any clearer whose side they are on?

[Ginto]

40. Worked in that industry for years.

No lender makes a profit from a foreclosure. Even if the property has equity, any amount that is received over the outstanding costs must be returned to the previous homeowner. Now if they knew they were going to receive bailouts then it's a different story. There is a simple way to end this all. Go back to the way it was under Carter where you couldn't purchase a home unless you put down 20%. Unless we return to more sensible policies then this will never end.

[xiamiam]

46. not quite true about banks not profitting from foreclosures

there is no reason to be punitive with the original homeowner if they are going to take the same loss anyway..defies common sense and decency..expecially when the market has spiralled out of control
secondly, anyone who put down 20% in the last 10 years has lost that money..many areas are 50-60% under 2006 values..a correction was in order, but a lot of folks have lost everything due to circumstances beyond their control

i'd find the links for you re the banks but i have to get to work..readily available..just google banks and profit from foreclosures..you will find heaps of legitimate articles..and some not so much..

[Ginto]

47. My point wasn't very clear

If everyone was forced to put 20% down, zero exceptions, then the bubble and downward spiral would have never occurred.

[sabrina 1]

49. You're talking about before the swindle was put in place.

At The Root Of The Crisis We Find The Largest Financial Swindle In World History

The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is so large that the attorneys general of up to 40 states are launching investigations.

People's homes are being taken when they didn't even hold a mortgage, and the big banks have been using "robo signers" to forge mortgage related documents. Indeed, even president Obama has been hit by robo signers (see this and this).

Its so blatant that foreclosure mills have published price lists for forging documents, including such gems as:
"Create Missing Intervening Assignment" $35

"Cure Defective Assignment" $12.95

"Recreate Entire Collateral File" $95

This is not just a few pundits talking, this is based on evidence emerging from court cases based on witness testimony and documentation.

Johnson confirmed that a high housing default rate was part of the banks' models. The financial giants knew they would make huge sums during the boom, and then transfer their losses to the American people during the bust.

As William Black noted last October:

Everyone involved knew that the CDOs which packaged subprime loans were not AAA credit-worthy (which means that they are completely risk-free). He also said that the exotic instruments (CDOs, CDS, etc.) which spun the mortgages into more and more abstract investments were intentionally created to defraud investors
In November 2007, one rating agency - Fitch's - dared to take a look at some loan files. Fitch concluded that there was the appearance of fraud in nearly every file reviewed

Some of the country's most respected people have been warning about this for a long time. But the banks and the Republican party and their enablers in the media, have succeeded in diverting attention to those 'deadbeat homeowners'. For some reason this ability to blame the poor resonates with many Americans and they know it. It's an elitism that is rampant, and I am beginning to think, a real prejudice against those who are not wealthy, a disbelief that if someone is super rich, they must be respectable. And that attitude has kept the truth from emerging until now.

University of Texas economics professor James K. Galbraith previously said that fraud caused the financial crisis:

You had fraud in the origination of the mortgages, fraud in the underwriting, fraud in the ratings agencies.

Senator Kaufman said last month:
Fraud and potential criminal conduct were at the heart of the financial crisis.

Congresswoman Marcy Kaptur says that there was rampant fraud leading up to the crash (see this and this).

From James Galbraith:

"At the root of the crisis we find the largest financial swindle in world history."

The fraud originated in the mortgage market of the United States.

The houses were over-appraised, and the banks only hired appraisers who were willing to do that. Galbraith rhetorically asks: "For what conceivable reason would a lender accept an inflated appraisal for a house against which it was going to make a loan?"

The language used in the mortgage industry is very telling: "liar's loans", "ninja loans" (where the borrowers had no assets and no income), "neutron loans" (where it would destroy the people but leave the buildings), and "toxic waste"

The mortgages in the millions were counterfeits, not mortgages. They were "laundered" ... the dirty paper was converted into clean paper. Securitization was used to convert the worthless paper from triple D minus junk to triple A. The commercial banks were the "fences", they took the laundered paper and sold it on to the legitimate market. The "marks" were the pension funds, or any investing entity which trusted triple A rating or investment banks.

The police left the beat.

If the counterfeit is big enough, the whole system collapses, because you can't tell what's real from what's counterfeit and so confidence collapses.

The failure to face the problem of fraud constitutes a huge barrier in the path of economic recovery. The banking system can't be restored until it is taken apart, cleaned up and rebuilt in a transparent and honest manner.

There were borrowers who could not afford the mortgages they were encouraged to purchase. That was the GOAL. And this one article, there are literally hundreds now with documented testimony proving all of this. Lenders helped rather than prevented, borrowers to get loans the lenders KNEW they couldn't pay.

Galbraith now has an answer as to why they were doing this. Since his commentary, the insurance scam, insuring the same properties over and over again and then collecting when the homeowner defaults, from multiple sources, is the latest revelation in this gigantic crime. I don't blame Galbraith for not understanding it. You have to have a criminal mind to think up a scheme like this.

The borrowers were the patsies and even those who actually did make bad judgements were part of the PLAN. They were sought out. So to try to dismiss this as a greedy, lazy home buyer problem is exactly what they want you to do. They were ready for this phase of the scam also, when it would be exposed, and have bought enough members of Congress to get it all covered up, IF WE LET THEM.

Just two weeks ago as evidence of huge fraud began to emerge from trials in Florida and elsewhere, the Senate, who normally cannot agree that the sky is blue, unanimously passed a bill in secret, which would have legitimized part of this scam, the forged notaries. Fortunately that vote, a voice vote so as not to go down in writing, was exposed and the President forced into vetoing it.

Unless you are interested in helping the cover-up of these crimes, I would suggest turning your attention away from the patsies and on to the perpetrators because that is where 50 States Attorneys are now focusing THEIR attention. It is not a crime to be poor yet.

And the WH and the Banks would like to stop investigations and 'legislation' which they claim, would be bad for the economy. Iow, bringing criminals to justice is now bad for the economy. I sincerely hope our law enforcement agencies do not cave in to the government in its bi-partisan attempt to cover for the crooks who brought down this economy and who profited from it, then passed the bill on to the American people.

Some attorney generals would like to look beyond the narrow issues raised by the robo-signing. The issue "I'm most engaged in right now is the big servicers who are initiating foreclosures while the borrower is in the modification process," said Arizona Attorney General Terry Goddard.

Yeah, that happened to a friend of mine. And so many others. Lured into remodifying their loans under the President's re-modification program, many found themselves being forced into foreclosure instead despite having worked out agreements with the banks.

Sorry, but this cannot be swept under the rug, nor can it be passed off on home buyers. There is a poisonous corruption in the financial industry that if not addressed will eventually completely destroy this country. It almost did already.

[Ginto]

51. That would not explain the huge losses they all were filing.

Before the bailout of course. Some of your post seems to suggest that the banks knew they were going to be bailed out. That may have been the case.

[sabrina 1]

71. I'm sure they expected it. They paid enough

to get the right people elected to Congress to at least expect some 'consideration' when they got into trouble.

Not to mention how many Goldman people there are thoughout the government, watching over their interests.

Certainly enough people had warned about deregulation leading to corrupt practices, as far back as the Clinton administration, when people like Sen. Dorgan all but predicted this collapse 'in ten years' when explaining why he would be only one of seven Democrats and one Republican to vote against the repeal of Glass/Steagal. And Brooksley Born who warned against the derivitives market only to be driven angrily out of the Clinton administration by people like Summers and Greenspan. After all, their dream had finally come true. All restrictions on the 'market' had finally been lifted and they were poised to make a killing. To have someone spoil all that was not something they were going to tolerate.

If you have not seen 'The Warning' which covers the history of how we got from there to here and how the same people currently in positions of power in this administration, were there when it began, it is an eye-opening look at just how little they cared about the potential for corruption. Either they were the stupidest people on the planet, or they knew the risks of runaway Capitalism, but could not resist the temptation.

There is a reason why eg, Henry Paulson was known as 'Mr. Risk' at Goldman Sachs. These people operate on a different plane than the rest of us. They ADMIRE the kind of behavior and 'brilliant economics' some of what they believe are the 'best economic minds in the country' came up with. And when their schemes crash the economy they feel an obligation to protect them, like members of the family.

Which is why, as Galbraith says, the whole system needs to be 'cleaned out'.

They definitely knew what was going on. The payouts from insurance corps on failed mortgages could no longer continue as the greed escalated. AIG had to back these bad bets and finally the whole house of cards began to fall. And Paulson desperately went to his friends in Congress to bail him out. The people said 'no' and Congress voted 'no' at first, but as several members of Congress have told us since then, they were 'threatened' to vote yes when the bill was re-introduced. The desperation to cover the crimes was obvious. And, they got away with it. But as predicted back then, that was only the beginning and there would be a second tsunami when the whole foreclosure scam began to unravel.

I know they will probably get away with it again. You can hear the reasoning already and see people buying into it. 'We need to be careful about all this legislation as it could destroy the economy if we don't keep these foreclosures moving'. Yes, it could, which is why the perpetrators need to be apprehended NOT rewarded and protected and the banks need to be broken up or it will all happen again.

But then, they WANT it to all happen again, it is very, very profitable and worth the risks to them.

So, it's now up to the judicial system and the American people. The Government is not on our side as has been clearly demonstrated over and over again. We have to hope they do not have friends in the courts also.

[xiamiam]

72. great posts Sabrina

stark reality and,clearly, the scales are imbalanced at the moment

[sabrina 1]

78. Thank you, I don't have much hope that the economic criminals

will be treated any differently than the War criminals have been. But, the truth is coming out and people should have the knowledge to be able to judge how it is handled.

[earth mom]

59. Make NO mistake. The bansters are profitting from the foreclosure mess BIG TIME.

Ever heard of Enron? This is Enron on steroids times a gazillion.

:grr:

[Ginto]

66. I'm sorry, but not they are not.

They were only able to make a profit once they got huge bailouts/subsidies from you and me.

[earth mom]

67. You are obviously NOT paying attention to what has been going on.

The banksters claim to own those houses that they have NO title to and will sell them for huge gains.

That's FREE money TIMES a gazillion foreclosures or don't you get that?

[Ginto]

68. All I need to look at is the huge losses they posted before the bailouts.

100's of millions, if not billions of dollars in losses. Of course that was before the bailouts from you and I.

[sabrina 1]

73. You need to start educating yourself. It's getting easier now

as more and more evidence surfaces in the trials that are just starting. If any of them suffered any losses, it was only AFTER they had profited and their greed, not satisfied, continued to try to make more profits, until the whole scheme collapsed and they had to run to their 'Insurance Co.", the U.S. Congress to bail them out. This didn't start two years ago. The profits were rolling in for years.

[Ginto]

74. But profits were not and are not rolling in because of foreclosures.

The rest of your premise is sound.

[sabrina 1]

77. But they were. Yes, that train has been stopped finally, but

the profits have already been made from foreclosures. I used to think as you do, I couldn't understand how a bank could make money from so many foreclosures, many remaining empty or being sold off at prices half what they were worth. When my friend tried to pay part of her mortgage not to get too far behind while she applied for an adjustment, they sent her money back. I couldn't believe it. She could afford a modified mortgage, but they didn't want it. They WANTED to foreclose.

I knew something was wrong then. And that's when I started reading and learning and it was hard, since I detest economics, and as Michael Moore pointed out in 'Capitalism A Love STory', they deliberately use language that we don't understand. Like 'tranches' and 'toxic assets' and 'derivitives' etc. Not words in the vocabulary of the average person. So when I read articles about this issue, it was like reading in another language. And that made me even more angry.

I felt better when MM brought that up in the movie, and asked the Wall St. guy if it was deliberately meant to confuse people, and he answered finally, 'yes'. So I began to study their made-up language so I could understand what they were doing. It gave me a headache, but nothing LIKE the headache I got from what I learned so far.

I don't blame you for not seeing how they profited. You would need to have a criminal mind to figure it out. Even people like James Galbraith had trouble seeing what was to be gained from these millions of foreclosures. But now the information about why and how they did it, is being revealed on a daily basis. I don't know why it is not being covered by the media.

But people did profit from foreclosures. If they could not have done that, there would most definitely have been fewer of them, banks taking advantage of the available programs to help people stay in their homes. But that was not the goal. See my post elsewhere in this thread. There are some links there that begin to explain the whole nasty, criminal scheme. And we so far, have seen only the tip of the iceberg.

[Ginto]

81. I'm sorry, but you are wrong on this.

When I worked at CITI years ago we were paying the loss mitigation department members above 100K in many cases to specifically prevent properties from going to foreclosure sale. An investor can expect to lose at least 40% on any property that goes to foreclosure. The new meme that servicers and investors make money off of foreclosures is similar to saying that doctors order unnecessary tests to make money.

[xiamiam]

75. re the banks, foreclosures and profits

http://www.articlesbase.com/real-estate-articles/reality-not-on-tv-banks-make-money-on-foreclosures-1233942.html

http://www.huffingtonpost.com/2009/10/21/perverse-incentives-lead_n_328378.html

http://money.cnn.com/2010/10/13/news/companies/jpmorgan_chase/

The banks are stalling right now, Chase included. and chase bought wamu and all of their bad loans..they are looking into 115k potential problems with loans are already foreclosed..there is no mention of the millions of loans stuck in loan mod limbo..

there is more..but you just cant make a blanket statement like the banks are not making a profit..if there is a loophole, they will find it..just read the stuff re the fdic and indymac..

it goes on..not on the surface..cant look on the surface any more..its the houdini bs, as i call it..

[blindpig]

63. So...

we should burn down the village and shoot ten villagers if a sniper fires a shot?

Same principle, collective punishment.

[blindpig]

19. If that ain't a right wing attitude I don't know what is.

Collective punishment.

[SammyWinstonJack]

53. Yep!

:puke:

[Hawkowl]

20. Obama needs to learn to STFU

When there is no political capital to be gained, but great political enmity to be earned, SHUT THE FUCK UP. It does no good to imply that millions upon millions of voters who are getting foreclosed upon are undeserving deadbeats. For a genius, he can be tone deaf stupid.

[ljm2002]

31. Oh I don't know about that...

...I for one am always glad when people reveal their true motivations and MO.

Basically Obama just told us who's side he's on, and it ain't ours. Good to know.

We're the deadbeats. The banksters are the good guys. That's it.

[docvet]

22. Criminal!

Here comes the usual ball of worms twisting in every way to defend the indefensible. LOL Obama is "undeserving" of his apologists, but they totally deserve the corporate treatment when theyre sht out of luck! IMO!

[xiamiam]

39. hopey/changey for chumps..myself included..then there is hearbreak & disappointment

the packaging was just so good...now we are heaped together by the president as potentially 'undeserving' when anyone with half a brain knows what is really going down..this is fox news speechwriter bullett points in the wrong hands

[lunatica]

24. Ah yes! Ever the lowest common denominator takes precedence

The few who would screw the system get to influence the rules.

I'm now applying for HAMP help. I simply don't know what else to do. And I don't sleep much anymore.

[xiamiam]

27. do you think that any of the multi million $ bonuses the banksters rec'd for creating this fiasco

and from the tarp money would have been better spent stabilizing the housing market? or were they just too deserving as we are not? well at least not without scutiny and labeling as such..

good luck..i'm in the process and it is more of a fiasco than anyone knows..the figures from obama are inaccurate..the fraction of those denied as compared to those who have applied is ridiculous..under 10% success rate..guess that indicates 90% deadbeats..

good luck..we're all gonna need it

[EFerrari]

44. U.S. companies hoarding almost $1 trillion cash: Moody's

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4590161&mesg_id=4590161

[lunatica]

48. Good luck to you too

[sabrina 1]

28. So now he's using the Right winger 'blame the lazy, welfare

queens who never deserved to own a home'.

He should maybe learn something about this. He is confirming for me with statements like this, that the program he set up with $50 billion dollars to help people stay in their homes, but was barely used (Geithner could not explain that to Elizabeth Warren) WAS just for show.

Funny how people in Europe don't blame the people who lost their jobs, who fell on hard times, nor say they are 'undeserving' of homes.

Does he KNOW the corruption that was going on? I cannot believe he doesn't, so what that says is that he doesn't care. HIS friends are the wealthy criminals who caused this, and it looks like he's going to protect them.

[earth mom]

61. Welfare Queen Homeowners. Who'd ever woulda thought?

Unbelievable!

Never thought I'd see the day when a so called "dem" president would stab the hard working people of this country in the back like this!

:grr:

[Dappleganger]

34. Right, because helping no one is better than one welfare queen to sneak through

in her brand new Escalade with 9 screaming children while snacking on soda and twinkies she bought with food stamps.

:sarcasm: :sarcasm: :sarcasm:

[sabrina 1]

50. We elect democrats and get rightwing talking points! I suppose

that is 'change' because at least in the past, Democrats were not so blatant about who they really were working for.

Looks like he shares that rightwing view that anyone who isn't super rich is living off the rest of us. As if his Goldman buddies actually made their money without stealing from the Government trough. So, so disappointing.

[Dappleganger]

64. Bought and paid for.

[KillCapitalism]

35. And why are the teabaggers so angry with Obama?

The teabaggers love screaming "fuck the poor" and Obama's doing the same thing. Why the hate teabaggers? Your handlers (Koch brothers) are part of Obama's elite.

[xchrom]

42. Well that was certainly revealing.

Maybe moreso than he intended.

Someone ought to email a copy of the angry
Comments in this thread to the white house.

At least let them know people do pay attention.

[boston bean]

52. sounds like this guy

http://www.youtube.com/watch?v=zp-Jw-5Kx8k

[xiamiam]

60. scary video...such arrogance..life has a way of leveling the playing field

one way or another..one cannot be that clueless and have peace within..

i dont watch tv and that particular type of energetic is one of the reasons..whether it is on news channel or anything else..its unnatural..feeds upon itself. cultivates crazy among the watchers who should be reading a book...to me as phony as the wrestling entertainers..in a pinch, a real pinch, like most of america is experiencing, this guy would push his way to the front of the line for a handout..i have no doubt

[boston bean]

62. That's the guy that started the Tea Party. Called all those people losing their houses LOSERS!

said why not let the houses be foreclosed upon so the productive people could buy them.

Why not help the people who carry the water, not those who drink it.

Made my stomach churn the day I saw it, makes me sick to this very day each time I see it.

[earth mom]

54. Meanwhile Obama had NO problem helping the gansta banksters! We all know they were NOT deserving

of any help!

The hypocrisy here is a total joke here!

:grr:

[SammyWinstonJack]

56. K&R

deadbeats :grr:

[Raine]

58. So the deserving have to suffer because a few

undeserving might get thru, yeah ok. :eyes:

[earth mom]

65. Why didn't Obama just come out and call them Welfare Queen HOMEOWNERS? You know he wanted to!

:grr:

:puke:

[SammyWinstonJack]

69. Well he did say that he admired raygun, did he not?

:puke:

[earth mom]

70. Yep, that should have been everyone's first clue!

I'll join ya! :puke:

[Rex]

79. Oh bullshit! So it is okay to be 'too big to fail' but if your poor or used

to be middle class Obama is saying FUCK YOU! I don't care who runs against him, they have my vote. Obama is just a corporate suit imo.