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Monday, December 4, 2023

Obama would veto bill killing foreclosure prevention


WASHINGTON (Reuters) – President Barack Obama would veto a Republican-backed bill killing his signature mortgage foreclosure prevention program if Congress passes it, his administration said on Tuesday.

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3 thoughts on “Obama would veto bill killing foreclosure prevention”

  1. As usual Mr. Nemo, you bring forth a litany of wisdom and common sense.

    Now, could you POSSIBLY be sneaked into the White House?? 🙂

  2. Obama’s veto would be appropriate, but at the same time legislators need to put some teeth in the HAMP program.

    I know exactly how to cure the shuffle-butting on the part of the banks. There’s no policing of their actions or enforcement for their failure to comply with the program.

    I’ve interfaced with upstanding younger people who’ve been trying to work out deals with their lending institutions for up to a year or more, but continually get the runaround with no firm committment to work with the homeowner on a reduced mortgage note. They constantly get different banking entities calling them projecting the illusion that something good is happening then they never hear back again until another ‘new’ entity contacts them saying that they don’t know anything about what the former bank contact said etc. They’re playing with people’s lives. It’s called a stall.

    I loathe evermore policing, but the penalty for not implementing HAMP needs to be they get their bank charters yanked and they’re out of the business perod. This would jerk them up by their shorthairs for sure and get them motivated to renegotiate mortgage terms.

    The banks are basically stealing real assets; ie, property, displacing homeowners and reselling the properties in order to mitigate any losses whatsoever to their bottomline even though they were more than eager to lend money when everything was booming against synthetically inflated property values. Even appraisers were in on the corrupt scam. It’s time for tough love relative to bankster shenanigans and this seemingly ‘failed’ U.S. Government sponsored program. The program isn’t failed, but the implementation of such has no teeth relative to the banks’ engineering such failure.

    Carl Nemo **==

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