Obama mortgage plan needs work

NEW YORK (CNNMoney.com) -- Mr. President, help us get one of your mortgage workouts now.

That's what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself.

Loan servicers are overwhelmed by the numbers of homeowners applying for loan modifications or refinancing. Borrowers are frustrated that their paperwork is being lost, and calls are not returned. Administration officials are racing to roll out new features to improve the program.

Even Obama acknowledges that the program is failing to stem the foreclosure tidal wave.

"Our mortgage program has actually helped to modify mortgages for a lot of our people, but it hasn't been keeping pace with all the foreclosures that are taking place," Obama said last month.

CNNMoney.com has heard from hundreds of troubled homeowners who've run into roadblocks. The complaints are often the same: a lack of responsiveness by servicers.

You don’t fix a problem by enhancing what caused it in the first place. It was doomed from the start. 60% of recent govt fixes are back in forclosure. Most of these people are not qualified to buy any house at any price. Let the market settle it, and the market will stabilize. Subsidize bad loans with bad borrowers, and you prop up a false market and piss hundreds of billions of taxpayer dollars down the drain.

New mortgages are so tough to qualify for today that 90% of home buyer are out of luck. Loan servicing companies got away with incredibly obvious frauds a few years ago. In some cases, they forged payment record to make it easier to foreclose. Most of these servicing companies should put out of business by the FBI and DOJ. But government refuses to take this step. Too much payola remains to be collected by dishonest politicos.

'Housing rescue' has become an outrageous populist slogan. It is outrageous because the term implies many good things, but means very little in reality. Housing rescue and renegotiating mortgage terms is mostly waste of time. Finance companies and banks do not want to pick up their phones today and have elevated stalling tactics to an art form.

But Dems want to beat the drums of 'reform' a little bit longer. Doing so is necessary to bolster a weak political agenda. Lying liars, all of them: Politicians and bankster mortgage fraud artists are birds of a feather.

But there are bigger fish to fry. Hold on to your hats:

FDIC Insurance Fund - It Doesn't Actually Exist !

Excerpt:

As a former FDIC chairman, Bill Isaac, points out here, the FDIC Insurance Fund is an accounting fiction. It takes in premiums from banks, then turns those premiums over to the Treasury, which adds the money to the government's general coffers for "spending . . . on missiles, school lunches, water projects, and the like." * * *

Please pardon me, people. I went swimming this morning and wore myself out at the Y. Took a long nap and took a break from everything today. Cheers !

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.