Obama to Banks - Hurry Up and Be More Stupid

The ObamaRamaLama Administration of clowns, crooks and cronies are complaining about Banksters failure to modify mortgages. WAKE UP AMERICA.

Michael Barr, Treasury's assistant secretary for financial institutions, recently said, "We have been disappointed . . . about the variation in service performance in helping people in a timely fashion and with the respect they deserve."

Obama's $75 billion for a "housing recovery plan" announced in March is as cloudy as the rest of the bailouts the Banksters have crafted. Worse yet, when you look at the four banks that represent more than half of the mortgages in bank hands, we are talking about Bank of America, JP Morgan Chase, Wells Fargo and Citi. Isn't it interesting that these four banks received more bailout dollars than all other banks combined times two. Actually, times 10+!

Courts Disagree with Obama - Obama may want the banks to modify mortgages, but most of the mortgages are not owned by the banks. Banks and mortgage companies like Countrywide were pushing and pumping out mortgages like a drug dealer hawking his wares on a street corner. Most of the mortgages were packaged up, then slided and diced into pieces and sold off to pension funds, foreign governments and other unsuspecting suckers. So now Obama wants the banks to modify the garbage.

OK - that's exactly what Countrywide did. They modified mortgages, and a Federal judge ruled in favor of the owners of those mortgages. Countrywide was the servicing company now. They had already sold their interest in the mortgages. There really is not battle here. Most mortgages cannot be modified because they have been pooled up and sliced up, so you may have several owners of a single mortgage. And without the consent of all owners, there will be no mortgage modifications on these pools of mortgages.

Successful Modifications - For the banks that do own mortgages, they have had very limited success in modifying very many. It's tough to modify a $400,000 mortgage when the property is only worth $200,000 and there never was any equity . . . as so many mortgages were no money down or very little money down. Another sad factor is the failure rate on modified mortgages. Within just six months most of these mortgages are in default again!

Laughing All the Way to the Bank . . . is the only way to describe the attitude of Banksters as they drive to work every morning. Paulson and Obama have handed over the keys to the government printing presses. The Banksters can do what they please, when they please. And they don't want to refinance or modify mortgages that are going to get them into more trouble down the road.

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