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No Hope for Homeowners - Foreclosure Prevention Program Falters

Posted by Paisano1 1306 days ago, popular 1305 days ago (http://yourmortgageoryourlife.wordpress.com)
Category: Economy | Tags: bailout bankrupt foreclosure mortgage
As banks continue to line up for the taxpayer funded handouts designed to ease their withdrawals from years of dependence on high yields derived from ridiculously reckless lending practices, homeowners continue to seek avenues to prevent the looming possibility of foreclosure - typically cited as the root cause of the economic ’crisis’ that currently grips world financial markets.
It’s reassuring to know that our dedicated civil servants are willing to put in the long hours required, on nights and weekends, to make sure their banking buddies and colleagues don’t have to suffer the same fate as many banking executives of late, having to retire with hundreds of millions of dollars that were fraudulently paid out as options and bonuses as reward for investing long and naked, and exposing their companies to tremendous risks.
By the way - none of those profits from the ‘boom’ are being appropriated in order to reimburse those now failing companies, and none of that money is going to be recovered in order to soften the blow to taxpayers.
That money is considered to be lawful compensation for a job poorly done. What is on the table is just exactly how much more bonuses they should get before their companies are declared illiquid then subsequently sold off to the lone bidder for pennies on the dollar, and how much of the bailout money they will use to buy up competitors instead of lending it out as promised.
And for the lowly taxpayer on whose backs both the illicit corporate profits as well as the cost of the bailout are borne? What has this unprecedented dash to action by the bureaucrats, political appointees, and elected representatives of the people wrought in the way of sanctuary from the economic tempest that has engulfed their citizenry?
How about the dandy "Hope for Homeowners" program, a program designed to help more than 400,000 homeowners avoid foreclosure by making as much as $300 billion dollars available for the program. What a fantastic idea, it would seem at first glance. Of course, the Devil really is in the details.

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