Tuesday, July 6, 2010
Silent Alliances Destroying Our Country!
There has been so much media hype about programs that were developed by Obama’s Administration, such as HAMP (Home Affordable Modification Program,) that are not being offered to the majority of home owners that have applied. Also, there is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks. So what is really going on?
Let’s just take a look at one bank closely, such as One West, former IndyMac. They have stated to many homeowners that they are not participating in any of Obama’s modification plans. Now how can they legally not participate in or offer the HAMP program to struggling homeowners?
Upon further investigation, I found out that the major investors in One West Bank are the billionaires George Soros and Michael Dell, who purchased the failed bank for 13.9 billion! You know Dell of course from Dell computers, but who the heck is George Soros? Try the founder of MoveOn.org! It gets more interesting now. Evidently, good old George many claim is the sole reason Barack Obama made it to the Presidency! OK, I can get behind that.
Umm, let’s see. The Feds sold IndyMac to One West Bank (Soros and Dell) for 50c on the dollar of the assets they were holding [your mortgage] and then backed them for 70% of any thing they might loose. Freddie and Fannie only insured at the 40% level. So now One West can foreclose on mortgages that they paid 50c on the dollar for and still make 70% on it if they sell the home for 1/2 of what your mortgage was! Comprendé?
Why would One West Bank, or any bank for that matter, want to help to keep you in your home when they can make a 70% profit if you foreclose? Furthermore, it seems crystal clear why Obama has turned his back on the mortgage lending industry.
Hmm, seems to be silent alliances here!