This morning on This Week With George Stephanopoulos, Newt Gingrich stated that as of April 25, 2009, the federal government will have spent its entire 2009 expected tax revenue. Accordingly, the federal government will use borrowed money to finance its expenses for the remainder of the year.
April 12, 2009
April 6, 2009
FEDERAL AND STATE AGENCIES TO CRACKDOWN ON MORTGAGE MODIFICATION FRAUD
The March 26, 2009 article I published on this site explained why the Obama administration’s homeowner bailout program would fail. Among other things, I stated: “Loan modification is a relatively complex and time-consuming process. Most borrowers do not have the wherewithal, time, or resolve to work through the process. As a result, many homeowners who qualify for modification under the Program will not complete the modification process.”
The complexity related to loan modifications, made many homeowners easy prey for companies that offered to represent the homeowner in the modification process. These companies obtained their fee from the homeowner upfront, and in many cases made little or no effort to modify the homeowner’s mortgage. As a result, these homeowners did not obtain a mortgage modification, and lost their homes to foreclosure.
Today, Treasury Secretary Geithner announced a multi-agency plan to crackdown on companies and individuals who run foreclosure rescue scams, and otherwise defraud homeowners. Federal and State prosecutors will coordinate their efforts as part of the plan.
Secretary Geithner’s initiative will not make the Obama administration’s program more likely to succeed, but it will prevent many financially distressed homeowners from losing money to unethical self-proclaimed modification specialists.
© 2009, by John Butrus, All Rights Reserved
March 25, 2009
OBAMA – Never Allow A Superstar To Play To His Strength
In his prime, no one could stop Shaquille O’Neal when he had the ball within 10 feet of the basket. Moreover, opposing teams found it nearly impossible to prevent O’Neal from getting the ball while positioned near the basket; he was just too strong – unstoppable. (more…)
