Talk about something being an oxymoron. The Feds have done it again and are proposing a a new rescue plan called “Project Lifeline”. Their plan is to let six of the biggest banks, Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co. — all members of the so-called Hope Now Alliance over see the plan. Talk about letting the fox in the hen house. See this article
This bunch are the same people whose greed and over site brought on the mortgage crisis in the first place. The government is pushing this program to “help” those in default. At the same time many state and federal government agencies are encouraging legislation to make it more difficult for the “evil empire of foreclosure investors” to help these same people.
My gut tells me that soon there is going to be a witch hunt in this country to uncover the evil investors that actually purchase homes from these stressed out people who have been living on the equity they have stripped from their homes over the last five years. We are the same evil investors that are defrauding the banks by doing short sales and making a profit when we sell the homes.
What has happened to the concept of free markets and the entrepreneurial spirit in our country. If the government comes to the rescue like it did with the RTC then many billions of dollars will be up for grabs, especially by those that have an inside track with our legislators.
Sometimes I get a little wound up about the goings on of our elected officials. Sorry about that but I would love your feed back.
Yours in Success,
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