ZACK CARTER, AlterNet’s economics editor, and a fellow at Campaign for America’s Future, writes for the Media Consortium and is a frequent contributor to The Nation magazine, exposes the United States Treasury Program for Struggling Homeowners Just a Ploy to Enrich Big Banks!
After working many decades in various Government programs, I did not think much of anything could surprise me. Wow…Was I ever Wrong.
Mr. Carter’s latest economic article title should have folks in Washington shaking in their boots before the “ink dries” on this bombshell. An immediate public investigation should be initiated by Congress before the end of this week. Even worst, this “bombshell” may clearly destroy hope for thousands of homeowners in the US Government program that was to help out the little guy, homeowners in financial distress due to the economy. The Title of Mr. Carter’s expose may tell you everything you need to know to get the hair on the back of your neck and blood pressure up!
Treasury Makes Shocking Admission: Program for Struggling Homeowners Just a Ploy to Enrich Big Banks
The Treasury Dept.’s mortgage relief program isn’t just failing, it’s actively funneling money from homeowners to bankers, and Treasury likes it that way.
IF THAT IS NOT BAD ENOUGH……
AGAIN, QUOTING:
The Treasury Department’s plan to help struggling homeowners has been failing miserably for months. The program is poorly designed, has been poorly implemented and only a tiny percentage of borrowers eligible for help have actually received any meaningful assistance. The initiative lowers monthly payments for borrowers, but fails to reduce their overall debt burden, often increasing that burden, funneling money to banks that borrowers could have saved by simply renting a different home. But according to recent startling admissions from top Treasury officials, the mortgage plan was actually not really about helping borrowers at all. Instead, it was simply one element of a broader effort to pump money into big banks and shield them from losses on bad loans.
That’s right: Treasury openly admitted that its only serious program purporting to help ordinary citizens was actually a cynical move to help Wall Street megabanks.
IF THIS HAS NOT GOTTEN YOUR ATTENTION YET, YOU NEED TO CHECK YOUR PULSE.
Hopefully, thanks to the work of Mr. Carter, exposure of the Treasury Department actions will quickly get the HAMP program on track to do that which it was billed to do. I think you will agree that homeowners who have been harmed by this Government program billed as THE HOMEOWNER PROGRAM to save the little guy–will be made whole. I am just not sure what that would be. Suggestions?
Two more things:
Where are the major Media Outlets on this story?
Shouldn’t this be the lead on every TV evening news?
Link to full story: http://www.alternet.org/econom…
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