obamas failed foreclosure program and unemployment..Washington Post

[xiamiam]

Link is to the Washington Post article via Huffpo..I particularly resonate with the quote from Cardoza

-snip

"Rep. Dennis Cardoza (D-Calif.) said Obama’s approach to the foreclosure crisis has been "an absolute failure" and predicted it

will continue to drag down the economy unless he changes tack.

"For the life of me, I can't figure out why a community organizer who says he cares about families, who says he cares about communities, has just turned his back on one of the biggest problems in America,” said Cardoza, who co-chairs the Democratic Caucus Housing Stabilization Task Force. "The way they get defensive when you point out it's been a failure just underscores to me they don't have a clue about what to do."

Cardoza's central California district has been hit hard by foreclosures. The three cities he represents -- Modesto, Stockton and

Merced -- all rank in the top 10 cities with the highest foreclosure rates in the country. Three out of five homeowners in his district are "underwater," owing more on their home loans than their houses are worth.

"I don’t blame for causing the housing crisis," Cardoza said. "But at two-and-a-half years in office, if they can't figure out something to do soon that turns us around, I guarantee you they will pay for this at the ballot box.”

http://www.huffingtonpost.com/2011/06/03/obama-failed-foreclosure-relief-plan-jobs-crisis_n_870928.html

I've enough personal stories re the loan mod program and its' bs to make your hair stand on end. Corporate bankers' terrorism and while I get no sympathy from some here I dont give a hoot. Its not just my senior citizen self that watched my little self made empire collapse but I've watched it happen to hundreds and hundreds if not thousands. I can spell out their tactics and psychological abuse strategy for you. I can give you exact reasons why it doesnt work and how demeaning and demoralizing it is and why people are happy to short sell their houses to get the terrorists out of their every waking moment.

The unemployment figures dont even reflect the people who work off commissions in the housing market..or the self employed contractors who cant find work ..or the private enterprises they would frequent if they had any money..forget small business making a living..there are lots of ways to fix this as economists have repeatedly suggested. Reinstitute the bankruptcy for personal residences which existed from the depression to 2005..for starters...This way is wrong as it has demoralized and terrorized a nation. Wrong wrong wrong

[xchrom]

1. recommend

[mzmolly]

2. Rep. Cardoza should take note of the fact that the banks were

reluctant to comply with The President on foreclosure prevention. They conspired to make the plan a failure IMHO. I've read too many stories, from different people whose lenders differ, who had the exact same issues to believer otherwise.