Four million homeowners saved from foreclosure just this week!
Major banks agree to modify mortgages in record numbers.
Jobless rate peaks below 10 percent as White House predicted.
Okay, which of the above statements is not true?
The heck with it…don’t have time to wait while you think about it…mainly because, you shouldn’t have to think about. ALL the statements above are false: Banks are seemingly going out of their way NOT to modify mortgages and, when they do, according to various news reports, they modify interest and not the part of the mortgage that really matters! And we know what that is.
The number of homeowners facing or going into foreclosure keeps rising showing no real sign of stabilizing.
And, here’s the best (or worst) part—the entire Obama administration projection of where we would be right about now in terms of the national unemployment rate, is way, way off. Much higher than they thought it would be.
Even though the major banks–and mortgage lenders–got bailed out using all of our tax dollars, there are even reports now that the administration is not likely to really hound them too much to step up their “efforts” to modify mortgages, without which there can be no lasting and true economic recovery anytime soon.
The joke (only it is not so funny) turns out to be not that the Obama administration was too bold, but that it is not nearly bold enough. Apparently unwilling and maybe unable to take on the big banks.
You will be hard pressed to find a respected economist (are there such things?) who will not tell you there can be no recovery till the real estate market not only rebounds but starts to thrive again. ( I said thrive not create a new bubble!)
So, what did we get for our taxpayer bailout of the banks? Not much. They are raising credit card fees, not really going out of their way to modify mortgages of those who need help and pretty much are going back to business as usual.
Guess it was worth a try?