In his effort to save particular culpable bankers while leaving the banking system corrupt, fragile, predatory and dysfunctional, Mr. Obama spared the victims of banker malfeasance no inconvenience, misdirection, unnecessary effort or cost. As part of the bank ‘bailouts’ Treasury Secretary Timothy Geithner developed an entire program (HAMP – Home Affordable Modification Program) (link) to intentionally dupe hundreds of thousands of homeowners facing foreclosure into wasting a year or more of their lives ‘negotiating’ with banks that had no intention of modifying mortgages. The result was to inflict economic, legal and moral harm onto already distressed citizens solely to benefit the banks. That Mr. Geithner could have accomplished the same goal by fiat without torturing the already victimized citizenry illustrates what utter contempt he and Mr. Obama have for the American people.Like so many programs of this nature, the real aim was to shovel even MORE taxpayer dollars to the banks, while not requiring them to change substantively the way they operate. When Obama announced the creation of HAMP, he said it would help millions of beleaguered homeowners, but it didn't pan out. In the end, it helped a few hundred thousand and some of these folks ultimately ended up losing their homes anyway!
~ from Meet Barack Obama by Rob Urie ~
Not only do millions of homeowners still face foreclosure today, but the glut of already foreclosed homes on the market has depressed housing prices substantially. Here, in South Bend, one of the houses we considered buying in 2007 at 135K is now on the market for 65K! That's more than a 50% drop!! When, and if, this home finally sells, that family will lose their shirt.
I don't know about you, but this certainly does not constitute "change we can believe in." It's more like the same old crap dressed up so you can't initially smell it!