“Obama to Bypass Congress on Mortgages” … But “New Obama Foreclosure Plan Helps Banks At Taxpayers’ Expense”

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Tue, 10/25/2011 - 11:19 | 1808361 JR
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Not only has the American citizen’s connection to his congressional representative been severed by the lobbyists’ congressional buyout, the President is going one better for his Bob Rubin pals. He bypasses the people’s Congress to go to war, he assassinates with impunity the enemies of his favorite foreign power, he bottles up the people’s business in a cloak of secrecy and criminality… and, NOW, he delivers to the bankers and his welfare supporters by circumventing Congress to gift them taxpayer money in the New Obama Foreclosurse Plan.

The list of appointees: Summers, Romer, Geithner, et al., and the clan of advisers, Axelrod, Rahm Emanuel, et al., made Obama’s plan for his Administration clear from the beginning, and now, is it any secret that he delivers? This infamous list of personalities around the throne begs the question: Who appointed whom?

As krispcritter says: The best president money can buy - if you're a bankster crook that is.

Tue, 10/25/2011 - 09:05 | 1807690 krispkritter
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So, he's buying re-election on the backs of taxpayer's by offering them houses for $100 or whatever all the while trying to suck up to OWS who is pissed at the banking cartel which he is bailing out via all this smoke and mirrors BS being done with Executive Orders. This guy is easily the BEST PRESIDENT EVER! (if you're a bankster crook that is)

Tue, 10/25/2011 - 08:41 | 1807619 Papasmurf
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Obama wants housing prices to rise to stabilize  housing prices and protect mortgage market (bank asset values).  At the same time, he wants to build more homes to employ people who vote for him (stimulate the voters) .  Does he have a clue about supply and demand curves?  If he butters both sides of his bread, butter side will land on the floor, no matter what he does.  With both thumbs up the arse, he can't find paydirt.   It's clear not only he doesn't know, but his masters pulling his strings don't know either. 

Tue, 10/25/2011 - 08:32 | 1807582 Widowmaker
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Awesome plan, great grand kids can pay for everything!

Hope and change all the banks can believe in.

Tue, 10/25/2011 - 08:15 | 1807547 Bob
Bob's picture

Does anybody know if these refi's become recourse loans? 

Tue, 10/25/2011 - 16:28 | 1809845 Goner
Goner's picture

I think the State is what controls if the loan is recourse or non-recourse, but I maybe wrong. 

http://www.forecloseddreams.com/recourse_states

Tue, 10/25/2011 - 07:56 | 1807503 twotraps
twotraps's picture

It does make walking away more attractive.  Unintended consequences abound.....However, new rule changes are the new norm.  New ways to make losses not seem so ugly, to slowly let lenders off the hook and make govt seem an indespensible part of our lives.  Absent all thes new Rule Changes.....the game is involvent.

Tue, 10/25/2011 - 07:39 | 1807479 my puppy for prez
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HARP will be as earth-shattering for the US as HAARP!

Tue, 10/25/2011 - 07:37 | 1807477 Pondmaster
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But look at the bright side . The OWS will now clear the streets . NOT!!!!

Tue, 10/25/2011 - 07:23 | 1807452 Ranger4564
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He should be impeached, then imprisoned. 

Tue, 10/25/2011 - 07:51 | 1807492 jeff montanye
jeff montanye's picture

hey!  although obama's plan seems highly illegal (how can the executive change the law as to what the loan acceptance rules are for fannie and freddie, especially now that the taxpayer is keeping them solvent?) it is not as bad as killing citizens (and their children and bystanders) by secret order (able to be talked about for public relations purposes but still way secret for any legal remedies).  what a guy.

Tue, 10/25/2011 - 23:47 | 1811197 YesWeKahn
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It's trillion times better than invading another country to help them become democratic.

Tue, 10/25/2011 - 07:01 | 1807415 Tic tock
Tic tock's picture

what does this do for MBS?

Tue, 10/25/2011 - 06:59 | 1807410 Tic tock
Tic tock's picture

Fine, at this point the Banks have deeper problems that may bury them. Removing the monkey from ordinary homeowners is a compromise

Tue, 10/25/2011 - 07:56 | 1807502 jeff montanye
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monkey is still there.  ordinary homeowners have fewer legal remedies under obama's plan.  monkey bite hard now.  you no likey.

Tue, 10/25/2011 - 06:58 | 1807407 pepperspray
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My wife's sold.  She wants me to apply right away.

Tue, 10/25/2011 - 08:28 | 1807574 Papasmurf
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Is she sold or rented?  Is she hot?  Teeth?  Inquiring minds need to know. 

Tue, 10/25/2011 - 07:58 | 1807508 Iam_Silverman
Iam_Silverman's picture

"My wife's sold"

How much didya get for her?  I may be interested in selling mine.

Tue, 10/25/2011 - 09:18 | 1807729 JohnF
JohnF's picture

Used wives are not worth much, except perhaps as a trade-in. You might contemplate keeping one and adding another as needed, as maintenance costs tend to escalate if you keep the one running until it is worn out.

Of course, outside of Utah you may need to check local ordinances to see if this is allowed. If not, you may want to simply ride your existing wife until she reaches the end of her useful life. Junking costs are usually minimal.

 

<g, d &r>

Tue, 10/25/2011 - 12:02 | 1808551 Iam_Silverman
Iam_Silverman's picture

"existing wife until she reaches the end of her useful life"

I guess you're right.  Maybe if the current administration is re-elected there will be a Cash For Clunkers Program?

Tue, 10/25/2011 - 06:52 | 1807399 Cocomaan
Cocomaan's picture

Disgusting. Thanks for posting the realness as usual, GW.

Tue, 10/25/2011 - 07:15 | 1807434 French Frog
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"... At Taxpayers’ Expense"

Sadly, this has clearly become the new 'normal'

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