OBAMA "Gives and Tells"!

By
Mortgage and Lending NMLS #94045

Congress has gifted over $700 BILLION to the banks to save themselves and help homeowners avoid foreclosure. So is it working? Obama says not yet and he's going to name names of the banks who are dragging their feet!

Heavens, we are not complaining about a promise of hundreds of Billions in TARP money going to banks to help homeowners avoid foreclosure and modify their mortgages right now! These funds are sorely needed to stop this train now wrecking many American homes. Recent New York Times articles describe in horrific detail the problems with the HAMP and Making Home Affordable programs so touted by Fannie Mae and Freddie Mac as the be all and end all.

NY Times: December 1: Treasury Pushes Banks to Modify Loans

Meanwhile, The TARP Congressional Oversight Chairman, Elizabeth Warren, has been keenly advocating for accountability on the use of our tax dollars. She and her Harvard team have a pretty big job and the fact is the banks are not telling yet because they have not been forced to!

Watch this fascinating New Yorker interview with Professor Warren as she explains why the 'tricks and traps' model of banking must come to an end if we are to survive the shift in our economy. Warren is spearheading a new Consumer Finance Protection Agency, whose charge is to be the champion and watchdog for consumers and keep taps on banking instruments

She boils down the jargon and muses on how the American family has been abused by this economic crisis. Since most people can't figure out the difference between loan and credit products it stands to reason there is no real ability to make wise choices. The knowledge to choose appropriate credit and investment vehicles is key to helping people recover from the ravages of job and equity losses.

Restoring our faith in lenders could take a while! Remember the good old days when Banks and Building and Loans were seen as a means for individuals to pool their resources and grow their communities for the common good? Remember the old Frank Capra Christmas movie: It's a Wonderful life? I watch that movie very year. I never fail to cry with joy at the end. Jimmy Stewart as the beloved country banker who is rescued from financial ruin as his community comes forward to save him in gratitude for his generosity...and all is well.

Wouldn't that be wonderful? Loannetter

Posted by

 

 

SUSAN TEMPLETON IS A LICENSED LOAN ADVISER IN WASHINGTON

NMLS# 94045

                 

 

Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. Loannetter is a private brand owned and copyrighted by Susan Templeton.

 

 © 2005-2015 susan templeton copyright

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Washington
Groups:
Mortgages
Investors
Posts to Localism
The FHA Mortgage Group
VA Loan Group
Tags:
loan modification
tarp
making home affordable
hamp

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,491,699
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

The blame game need to be on Congress.  They allowed this entire mess to happen.  The 700Billion...the government lent out... is taxpayer monies.  They are not being very good stewards of our monies or our future.

Dec 02, 2009 01:02 PM #1
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Jim, I could not agree with you more heartily! Our congressional representatives need to hear from us, the people who put them in office while THEY are home over the holidays thinking things over. click www.congress.org  to find your reps and senators...just plug in your zip code for an email link.

Dec 02, 2009 01:08 PM #2
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Congress and the past several administrations have crafted this debacle.  Hands off the economy and out of our pockets.

 

Dec 02, 2009 01:12 PM #3
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Mike, I think it's kind of late to say 'hands off' now when so many cooks have spoiled the broth. Yes, a debacle has been crafted. Somebody and that means us...needs to get out a broom.

Dec 02, 2009 01:16 PM #4
Ambassador
678,558
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Susan: Thanks for your thoughts. I agree with the sentiment above. Congress and our government mucked it up. I have to wonder what would have happened had they left everything alone. Have a great day!

Dec 03, 2009 01:03 AM #5
Rainmaker
66,965
Susan Templeton
Bellingham, WA

HI Paul, I am always pleased to hear from you...your comments are always so positive that I just subscribed to your blog.

There are many traders who feel that Federal nterventions are really getting in the way of how our systems were designed to work...based on performance. I doubt many of our banks would be standing but would that be a bad thing? The fact is the biggest banks are the hardest to adapt and least willing to change. Isn't the maxim: "evolve or perish"? Most of us on Active Rain would not be here if we had not been willing to look squarely at what needs to change about how we work, interact and manage our businesses.

Enjoy the sun today!

Dec 03, 2009 07:10 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
66,965

Susan Templeton

Ask me a question
*
*
*
*
Spam prevention

Additional Information