The Associated Press released an article yesterday stating exactly that. According to a report from the federal government some of the biggest banks are doing the worst job of helping homeowners in distress. Even after taking billions in TARP funds. So much for "trickle down" economics.
Washington politicians created a $50 billion program specifically to help troubled homeowners, but it seems like the banks are just greasing their own pockets while doing little to nothing for struggling American homeowners.
Among the worst offenders are the biggest lenders. According to the report, Bank of America modified just 4%, Wachovia just 2%, American Home Mortgage and PNC/National City scored a big 0%.
I'm almost thinking it is high time the American taxpayers simply pulled the rug out from under these big banks and either force them to help homeowners or force them into bankruptcy by demanding immediate repayment of all TARP funds within 30 days.
Something has to give. President (then Senator Obama) along with Senator McCain happily voted for TARP and former President Bush happily signed it into law. President Obama continues to talk big about all the people that are being "helped" but talk is very cheap. Time for Obama to get out of campaign mode and actually make something happen.
The article states that "The White House maintains it is on track to meet its goal of helping up to 4 million homeowners by 2012." Newsflash to President Obama, foreclosures only take 6-months to a year to be finalized depending on the state law. 2012 is 3 years away - maybe he mentions 2012 because he simply wants to get re-elected so to heck with homeowners.
But it isn't just the President or the Democrats. I don't see anybody in Washington doing much good for the economy right now. It is amazing how out of touch all these politicians are with the real world. It's high time Washington just leaves it alone and lets it work itself out.
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