- Personal Finance»
- Banks, S&L's, Credit Unions
The Obama Gang
Government Covered for Bad Loans
The Government is supporting bad business and has been for years. Covering up what they already know. The Banks knew that 28% of there Mortgage loans that AIG had to back after they were sold to Wall Street were nothing more than car deals that earlier got people killed. This was because of the flack coming from repossessing vehicles from the bums that could not pay for them to begin with and still signed on the dotted line because Mr. Wizard with the bottle white out, in the finance department at the Auto Dealers would package a bunch of loans together with one or two lousy deals and GMAC and 100's other financial institutions that would approve the bundle putting at least one out of five deals on the street being bogus and more than likely to be repossessed. The Housing loans were the same thing, in a much larger market and the Government allowed this, even pushed it. These clowns that knew they could not pay the monthly's took the deals anyway knowing good and well they would eventually lose the house but would live there anyway until the time came when the money ran out, or either they were just plain ignorant of what it took to keep a house running. I personally had friends killed at GMAC in Jacksonville, Fl. when some idiot walked into the office with a weapon and just started shooting, unknown to him, employees, because he lost a vehicle to repossession. That's hardly a reason to murder innocent people. There were mothers, fathers, brothers, sisters, wives & husbands, son's and daughters, and grandmothers and grandfathers killed because at the end of the day, GMAC and other financial institutions wanted the business and the Car Dealers would do whatever it took to get it done. A few strokes with the white out and it would pass muster.
President Obama just vetoed a bill that would have made it easier for banks to get around documentation discrepancies (HAMP), but that's not to say he is for the general public that is paying their mortgages on time. Obama has taken great pains to try to allow the banks to stop foreclosing homes which would mean payment 75 Billion passed onto the tax payers to pay for these bogus loans of a hundreds of dead beats that the Banking Industry and the Government allowed to exist just because the Dem's figured everyone deserved a home. Everyone does not deserve a home. That being said, it would be nice for everyone to have a home but look what it has done to America. It's almost destroyed the housing market and the sooner these foreclosures are accounted for the market would be on a road to rebuilding itself.
Obama vetoed a bill to make it easy for the Banks but on the other hand he is not calling for a notional moratorium to stop foreclosures. Whose side is he on. Only he knows my friends because he is looking for votes for Dem's. He is probably the weakest president we have ever had. All that stimulus and no stimuli. They warn of Freddie and Fannie going belly up and that's just another lie. They will not go belly up unless the Government does since they are backed by the one and only.
You would think the White House would cheer when the Banks started announcing that they were slowing down on the foreclosures instead they flip-flopped and Obama vetoed a bill that would allowed the banks to get around questionable paperwork. What's going on, you might ask yourself. It's election time and just like the car dealers that allowed shady deals to happen the Democrats will do what ever it takes to get re-elected. Flip-flop, back-flip, summer-sault, bend-over-backwords, call it waht you want, it just plain sorry in my book.
If I were elected to be Democrat, Republican, Unified Party, or whatever, I would be true to that party till the run was over and not lie to my voters. Here is a website where you can check the politicians running conservatively and what they stand for on this up-coming election. Remember to vote guys. It's important, whatever party your in! http://www.tcunation.com/group/2010conservativecandidates