Thursday, June 9, 2011

Surprise: Banks Ignored Obama's Meaningless Modification Program!

What a shock: Bank of America et all did almost nothing in response to the Obama administration ineffectual effort to encourage mortgage modifications (see this article).

It is a great disgrace of the Obama administration that nothing was really done to address the tragic collapse of the housing market, and the terrible impact this has had on hundreds of thousands of Americans.

A lame program was cobbled together, a press release was issued, and the suffering continued.

Instead, the Administration foolishly wasted a year on the unpopular health care reform.   Maybe a good idea long term, but NOT while a bold, New Deal style program was really needed to help the many regions of the country that have been decimated by the sub prime collapse.

But what do you expect from a Treasury Secretary, and a President, still beholden to the Wall Street financial interests that contribute to their campaigns and staff their administration?