There was a time when for months all we heard about was the housing market, foreclosures, the subprime mess and the promise of making things right for the Americans who were affected most by this dilemma.
Once Barack Obama was in office, the housing mess was addressed for a mere five minutes and then he moved on to what is for POTUS, his lobbyists and fellow Democrats are greener, more financial worthy pastures.
With a mountain high of empty rhetoric, debt and broken promises, trillions of dollars later, five months in office and a few good crises to take advantage of, the Obama administration has left that horse in the barn to die a slow and hopefully quiet death as business in Washington, D.C. Has become even sleazier than it was under previous administrations.
So overlooked and forgotten is the subprime and housing mess, that it is no longer considered worth addressing by msm. In the meantime, nothing has changed for the millions of Americans who have lost their homes or are under the threat of foreclosure.
And to make matters worse, the same grimy ass politicians are still at the forefront under the President’s guard making backroom deals while ignoring the interests and needs of the people.
“But despite massive government bailouts of banks and lenders due to losses from toxic mortgages, that reform still hasn’t happened. As the Obama administration urges lawmakers to quickly enact sweeping health care legislation this summer, the momentum to halt abusive lending practices and overhaul mortgage lending, by contrast, has stalled. A mortgage reform bill that passed the House in May was so complicated and contradictory it wound up angering some of the same consumer advocates who have been battling predatory lending. And – flaws and all – the measure isn’t likely to be taken up in the Senate anytime soon. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) told reporters recently that mortgage reform will have to wait: ‘We’ve got a lot on our plate. We’ve got other things to do.’ Dodd added that ‘There isn’t a lot of predatory lending going on right now… I’m not minimizing what happened before, and I don’t want to see a repetition of it, but there’s not subprime lending going on today.’
To many housing activists, the lack of action on the predatory lending bill is the final insult of a failed campaign to rapidly reform mortgage lending – something that once seemed like a slam dunk. First, a mortgage cramdown measure that would have forced lenders to write down loan amounts for borrowers in bankruptcy failed, after 12 Senate Democrats joined Republicans in refusing to support it. Then came dashed hopes for a more comprehensive predatory lending bill, and for quick action on it. To some, the window to tackle mortgage reform is open right now, and the time to act is before the housing market recovers and lending picks up again. The failure so far to do so, they worry, means little is being learned in Congress from the most severe financial crisis since the Great Depression – and even less progress is being made to ensure it doesn’t happen again.
‘If there was anything that seemed like a sure bet, it was reforming mortgage lending,’ said Alan White, a Valparaiso University law professor who studies subprime lending and foreclosures. “But the momentum seems to be fizzling. It’s certainly possible the subprime market could come back in some form someday, and I am surprised there hasn’t been more movement for real mortgage reform. The Blue Dog Democrats are being strong advocates for the banking industry, and that makes it difficult for the more consumer-minded Democrats to get some kind of regulation passed.”
To all those kool-aid drinkers who blamed GWB, welcome to your worst nightmare. It was the idiots you voted for who are primarily responsible for this mess. We tried to warn you. You called us racists and bitter. The game is still the same, and nothing has changed. How do you like your Blue Dogs now?
“It gets even more complicated. Housing advocates aren’t eager to launch a high-profile campaign against Dodd over his relegation of the predatory lending bill to the back burner, given that Dodd is in the midst of a tough re-election battle. Should he lose, the next in line to head the Senate Banking committee would be Sen. Tim Johnson (S.D.), the only Senate Democrat to vote against Dodd’s credit card reform bill.”