Wow...government program for mortgage modifications can totally screw you up.

[dkf]

On Dylan Ratigans show... Couple wasn't even behind yet but they asked for modification, got into the temporary program, paid the lesser amounts and THAT threw the mortgage into arrears. The mortgage servicer made money off the penalty fees whereas when the account was being paid on time they didn't get the fees.

Then...Get This...the bank tells the homeowner they don't qualify for the program and their credit is wrecked! Then they get foreclosed on. HOLY COW.

[dixiegrrrrl]

1. Plenty of proof has come out that is the intention of the program.

To take as much money from the poor homeowners as possible in payments and fees, PLUS get paid by the government
for letting homeowners IN the program, but not required to actually modify the loans.
Then get paid for doing the foreclosure.
It is a huge money making racket.

[dkf]

2. Damn. So we already figured this out?

Must have missed it.

I didn't realize these people were up to date and in good standing though.

[dixiegrrrrl]

3. Program is called HAMP and is for people wo MAY have problems

paying mortgage, so they have been encouraged to ask for lower rate, but are told they have to first stop paying any mortgage for 3 months "in order to qualify"
which of course makes them violate the contract of the mortgage, poor fools.
I have been following the mortgage scandal for some time now and collecting all sorts of info. about it, since I have.....a mortgage.

[dkf]

6. I thought the gist was that they were told they would qualify

But that was a lie.

[ixion]

4. Well, gee, go figure...

no big surprise there, in my opinion.

[jwirr]

5. The government lets the banksters administer these programs and

then are surprised when they do not work. It is like giving the kidnapper the directions to your child's room.

[txlibdem]

8. Giving kidnappers directions to your child's room

Plus handing them a spare key to the front door. And giving them the alarm codes. Plus paying their gas money for the drive over and back!

Welcome to President Obama's trickle down economy flim-flam scam-a-thon!

[DeSwiss]

7. It has been my fervent hope......

...that one day the people of America will WAKE THE FUCK UP!!! And yet the evidence suggests that they won't. We seem to keep waiting for THE KNIGHT IN THE SHINING ARMOR to show up and save us from the mean ol' bad people. AKA: THE RICH. The latest knight being Obama who has produced nothing but half-measures, smoke & mirrors and Pure BS.

They've encouraged us (and we really didn't need much encouragement) to make fun of the Teabaggers -- http://www.youtube.com/watch?v=digb9AELpVk&feature=player_embedded">who have been manipulated from the start -- and in so doing we split our collective effort to fight off the rich and powerful into the smaller, weaker, and ineffective little pieces we see today -- and thus reduce our power even more than it already is.

We play right into their hands. But then we're stupid. Because it's the same play they've been running from the start.

- DIVIDE & CONQUER

K&R

It ain't robbery, it's a business cycle

Capitalism is about one thing: aggregating the surplus productive value of the public for private interests. As we have said, it is about creating state sanctioned "investments" for the workers who produce the real wealth. Things like home "ownership" and mortgages, or stock investments and funds to absorb their retirement savings. That crushing 30-year mortgage with two refis is an investment. So is that 401K melting like a snow cone at the beach.

As the people's wealth accumulates, it is steadily siphoned off by government and elite private forces. From time to time, it is openly plundered for their benefit by way of various bubbles, depressions or recessions and other forms of theft passed off as unavoidable acts of nature/god. These periodic raids and draw downs of the people's wealth are attributed to "business cycles." Past periodic raids and thefts are heralded as being proof of the rationale. "See folks, it comes and goes, so it's a cycle!" Economic raids and busts become "market adjustments."

Public blackmail and plundering through bailouts become "necessary rescue packages." Giveaways to corporations under the guise of public works and creating employment become "stimulus." The chief responsibility of economists is to name things in accordance with government and corporate interests. The function of the public is to acquire debt and maintain "consumer confidence." When the public staggers to its feet again and manages to carry more debt, buy more poker chips on credit to play again, it's called a recovery. They are back in the game.

~ http://www.joebageant.com/joe/2010/07/waltzing.html">Joe Bageant, "Waltzing at the Doomsday Ball"