OBAMA
AND HIS CRIMINAL BANKSTERS… STILL LOOTING AFTER ALL THIS TIME!
In
2008, the Emergency Economic Stabilization Act created the Troubled Asset
Relief Program (TARP), which provided $700 billion to the Treasury to address
the subprime mortgage crisis and to “maximize assistance for homeowners.” As we
know, the majority of that money went to the banks that created the mortgage
crisis with high-risk products, and only about 3 percent was designated for
homeowners — many of whom are still waiting for their checks.
WHAT??? YOU
THOUGHT OBAMA EVER DID SOMETHING FOR REAL AMERICAN NOT PARTY OF HIS 1%, LET
ALONE BLACK AMERICAN THAT HELPED HIM GET ELECTED TWICE?
WHAT PLANET
DO YOU DWELL ON?
Prior to the Great Recession, 35 percent
of subprime loans were issued to borrowers who qualified for prime loans, and
disproportionately so for black and Latino borrowers. After controlling for
credit scores, income and other factors, blacks were 80 percent and Latinos 70
percent more likely than white borrowers to receive subprime loans.
Wasted
wealth – The ongoing foreclosure crisis that never had to happen
By LeeAnn Hall and Kevin Whalen - 05/22/13
07:30 PM ET
In
2008, the Emergency Economic Stabilization Act created the Troubled Asset
Relief Program (TARP), which provided $700 billion to the Treasury to address
the subprime mortgage crisis and to “maximize assistance for homeowners.” As we
know, the majority of that money went to the banks that created the mortgage
crisis with high-risk products, and only about 3 percent was designated for
homeowners — many of whom are still waiting for their checks.
Five years later, the mortgage crisis continues. There are still at least 13.2 million underwater mortgages, a number that is likely much higher when factoring in unreported areas. An estimated 13 percent of underwater borrowers with Fannie Mae and Freddie Mac loans have missed three or more mortgage payments. If even this small proportion of the 13.2 underwater homes goes into foreclosure, Americans stand to lose another $221 billion in wealth.
Betty Badro, a homeowner from Glendale, Calif., said it best: “Where is our relief? If I am thrown out of my house, it will be because my bank refused to work with me for a loan modification. The power is in their hands to stop the crisis. Instead, they continue to profit off of our communities. Even though the stress is affecting my health, I’m not going down without a fight.”
This financial pain is not evenly distributed around the country. As the new report, Wasted Wealth, authored by the Alliance for a Just Society and released with the Home Defenders League and New Bottom Line, shows: communities of color are disproportionately affected at alarming levels. Communities of color were targeted for subprime and riskier products, and as a result have seen higher rates of foreclosure in their neighborhoods. Data show that people of color tend to hold more of their equity in real estate, adding to the impact the crisis has had on those communities.
Five years later, the mortgage crisis continues. There are still at least 13.2 million underwater mortgages, a number that is likely much higher when factoring in unreported areas. An estimated 13 percent of underwater borrowers with Fannie Mae and Freddie Mac loans have missed three or more mortgage payments. If even this small proportion of the 13.2 underwater homes goes into foreclosure, Americans stand to lose another $221 billion in wealth.
Betty Badro, a homeowner from Glendale, Calif., said it best: “Where is our relief? If I am thrown out of my house, it will be because my bank refused to work with me for a loan modification. The power is in their hands to stop the crisis. Instead, they continue to profit off of our communities. Even though the stress is affecting my health, I’m not going down without a fight.”
This financial pain is not evenly distributed around the country. As the new report, Wasted Wealth, authored by the Alliance for a Just Society and released with the Home Defenders League and New Bottom Line, shows: communities of color are disproportionately affected at alarming levels. Communities of color were targeted for subprime and riskier products, and as a result have seen higher rates of foreclosure in their neighborhoods. Data show that people of color tend to hold more of their equity in real estate, adding to the impact the crisis has had on those communities.
Prior to the Great Recession, 35 percent of subprime
loans were issued to borrowers who qualified for prime loans, and
disproportionately so for black and Latino borrowers. After controlling for
credit scores, income and other factors, blacks were 80 percent and Latinos 70
percent more likely than white borrowers to receive subprime loans. As
a result, ZIP codes with majority people of color populations saw 16.8 foreclosures
per thousand households with an average of $2,198
in
lost wealth per household. In sharp contrast, segregated white communities
experienced only 10 foreclosures per thousand households and an average wealth
loss of $1,257 per household.
The result is a devastating loss of wealth for entire communities from which they may not recover. That is why it is time to act. There is a solution that could save a generation of middle-class homeowners and keep their families on track to live out the American Dream. A strategy of principal reduction would save money for homeowners, boost the economy, and create jobs.
Principal reduction — writing down underwater mortgages to current market values — would create significant savings for underwater homeowners. It would also generate new economic activity and create jobs in local economies. Using 2012 data, a principal reduction program could produce average annual savings of $7,710 per underwater homeowner nationwide, boost the U.S. economy to the tune of $101.7 billion and create 1.5 million jobs.
It’s time for our elected officials to act. The nomination of a new director at the Federal Housing Finance Agency, Mel Watt, is a step in the right direction and is a hopeful sign that Fannie Mae and Freddie Mac will implement far-reaching homeowner relief. But we are not just going to hope for change. Homeowners from across America representing every community are traveling to Washington, D.C., to demand justice for their families and their futures. As a nation, we committed trillions of tax dollars to bail out big banks so that we could restore the economy — now it’s time for our government to require those banks to provide relief for families and communities devastated by the financial crisis and foreclosure epidemic.
The result is a devastating loss of wealth for entire communities from which they may not recover. That is why it is time to act. There is a solution that could save a generation of middle-class homeowners and keep their families on track to live out the American Dream. A strategy of principal reduction would save money for homeowners, boost the economy, and create jobs.
Principal reduction — writing down underwater mortgages to current market values — would create significant savings for underwater homeowners. It would also generate new economic activity and create jobs in local economies. Using 2012 data, a principal reduction program could produce average annual savings of $7,710 per underwater homeowner nationwide, boost the U.S. economy to the tune of $101.7 billion and create 1.5 million jobs.
It’s time for our elected officials to act. The nomination of a new director at the Federal Housing Finance Agency, Mel Watt, is a step in the right direction and is a hopeful sign that Fannie Mae and Freddie Mac will implement far-reaching homeowner relief. But we are not just going to hope for change. Homeowners from across America representing every community are traveling to Washington, D.C., to demand justice for their families and their futures. As a nation, we committed trillions of tax dollars to bail out big banks so that we could restore the economy — now it’s time for our government to require those banks to provide relief for families and communities devastated by the financial crisis and foreclosure epidemic.
Hall is the founding Executive Director at
the Alliance for a Just Society, a national coalition addressing social and
economic injustices through policy research, advocacy and grassroots
organizing. Hall has been the recipient of numerous awards for her work
including the Leadership for a Changing World Award from the Ford Foundation.
Whalen is campaign director for the Home Defenders League. Whelan was arrested this week along with 34 homeowners fighting foreclosure in protests at the Department of Justice during a Week of Action for Wall Street Accountability.
Whalen is campaign director for the Home Defenders League. Whelan was arrested this week along with 34 homeowners fighting foreclosure in protests at the Department of Justice during a Week of Action for Wall Street Accountability.
Read more: http://thehill.com/blogs/congress-blog/economy-a-budget/301415-wasted-wealth--the-ongoing-foreclosure-crisis-that-never-had-to-happen#ixzz2U4tWpKQD
HOW CRIMINAL WALL
STREET BANKS and the MEXICAN FASCIST PARTY of LA RAZA FUNDED BY BARACK OBAMA,
BUILT AN OBAMA DICTATORHIP.
“Slowly, Mr. Obama has
changed the United States into another country — the Soviet States of America —
an authoritarian state where false promises of "hope and change" were
used to manipulate the public.”
WHAT HAS BARACK OBAMA
DONE FOR BLACK AMERICA…? NAME ONE THING. THEN ADD UP THE STAGGERING LIST OF
THINGS HE’S DONE FOR ILLEGALS, AND THE MEXICAN FASCIST PARTY of LA RAZAZ!
assault on America – THE OBAMA – JP
MORGAN LOOTING of a nation
DID OBAMA PUNKED US OR IS HE SIMPLY A FAILED PRESIDENCY?
OBAMA, THE MAN THAT NEVER VOTED DURING THE BRIEF PERIOD HE
WAS IN THE SENATE, OWNED AND OPERATED BY BIG BANKSTERS, IS NOTHING BUT A CON
JOB CALLED “CHANGE”… OR DICTATOR IN THE MAKING.
EITHER WAY HE IS THE MOST FAILED PRESIDENCY IN MODERN
AMERICAN HISTORY.
Big Banks Get Break in Rules to Limit Risks
OBAMA-STYLE CRONY CAPITALISM…
business as usual for Obama’s banksters!
OBAMA
AND HIS CRIMINAL BANKSTERS… THE LOOTING GOES ON, AND AS PER OBAMA’S
PROMISE…NONE HAVE GONE TO PRISON!
“The
changes to the rule, which will be announced on Thursday, could effectively
empower a few big banks to continue controlling the derivatives market, a main
culprit in the financial crisis.”
Obama now looting the American
student while he hands billions in DEM DREAM ACTS of WELFARE to illegals… his
bankster cronies at JPMorgan cleaning up on students also!“But as the Federal Reserve attempts to lower borrowing costs for everyone from households and small businesses to large corporations and Wall Street banks, student borrowers have not been able to benefit.”
PROBABLY
THE ONLY TRUTH OBAMA EVER TOLD THE AMERICAN PEOPLE WAS THAT HE WAS “NOT HERE TO
PUNISH BANKS!”… NOPE, AND HE NEVER HAS. THEIR CRIMES, LOOTING AND PROFITS HAVE
SOARED UNDER OBAMA.
YOU WOULD
NOT HAVE FOUND OBAMA’S DOJ GOING AFTER OBAMA’S PALS AT JP MORGAN. HOLDER IS TOO
BUSY HISPANDERING FOR LA RAZA, SUING AMERICAN STATES AND SABOTAGING OUR LAWS
AND BORDERS SO THE OBAMANATION CAN BUILD HIS LA RAZA PARTY BASE of ILLEGALS.
“Records show
that four out of Obama's top five contributors are employees of financial
industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase
($362,207) and Citigroup ($358,054).”
OBAMA’S OLD PALS J.P.MORGAN STILL FUCKING OVER CONSUMERS… IT’S LIKE OLD
TIMES FOR THE BANKSTERS!
Headline:
California lawsuit alleges illegal collection practices by JPMorgan Chase
Pritzker of the 1% serving
Obama serve the 1%. THE INCEST OF OBAMA AND HIS CRONY CAPITALIST
OBAMA and his culture of
BANKSTER LOOTING of America.
Is Penny Pritzker
Obama’s newest BANKSTER?
Obama warns against
“cynicism” at Ohio State commencement address
do a google of Obama’s BIG BANKSTER
DONORS and you will find a list of the banks that have looted this nation, yet
found a place in the corrupt Obama administration!
“Pritzker has garnered broad support from
Democrats and groups such as the U.S. Chamber of Commerce and the Business
Roundtable.”... these entities endorse Obama's assault on the American worker,
our borders for more illegals, the Obama amnesty hoax to keep wages depressed
and NO E-VERIFY!
PRITZKER IS ALL THE ABOVE!
“Pritzker has garnered broad support from Democrats and groups such as
the U.S. Chamber of Commerce and the Business Roundtable.”
OBAMA’S BILLIONAIRE NOMINEE FOR COMMERCE, PENNY PRITZKER…
BILLION$$$$ MADE OFF HIRING CHEAP ILLEGAL LABOR??? show me even one dem
billionaire that does not push for obama’s agenda of OPEN BORDERS, NO E-VERIFY
and NO ENFORCEMENT of LAWS PROHIBITING THE EMPLOYMENT of ILLEGALS…even one!
Based
in Chicago, Pritzker operates an international empire based on low-wage service
work in Hyatt-operated hotels and nursing homes, along with several investment
firms.
Pritzker has garnered broad support from Democrats and groups such as the
U.S. Chamber of Commerce and the Business Roundtable.”... these entities endorse Obama's assault
on the American worker, our borders for more illegals, the Obama amnesty hoax
to keep wages depressed and NO E-VERIFY!
PRITZKER IS ALL THE ABOVE!
Barack
Obama… the man that conned an entire nation and still called it “CHANGE”… but
was only Bush’s 3rd & 4th terms.
THE YEAR WAS 2009…
At the town hall in New Orleans, Obama appealed for patience. He said, “Change is hard, and big
change is harder.” Is that the excuse? Now where have I heard that before? Oh,
yeah. From George Bush.
OBAMA’S
WAR ON AMERICANS (LEGALS) AND OUR HOMELAND SECURITY
However,
today, with President Obama so ill-intentioned toward the United States and its
future, negotiations between him and with those of us who oppose him are
pointless.
http://mexicanoccupation.blogspot.com/2013/04/stop-madness-stop-negotiating-with.html
Government of, by, and for the banks
25 May 2013
Five
years since the 2008 financial meltdown, the speculation and fraud that caused
the crash are back in full force in the United States. Flush with the $85
billion in cash printed up and handed to the banks every month by the Federal
Reserve, business at the Wall Street casino is booming. Stock values are at
record levels and so are bank profits, amidst declining wages and mass poverty.
http://mexicanoccupation.blogspot.com/2013/05/obama-and-his-criminal-banksters-their.html
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