This "program" is part of what is wrong in DC. This shows a complete absence of leadership. A President needs to lead, not nibble. He needs to step up, not reward fractional numbers of citizens.

His big plans in his first two years have been disappointing at best. This year has been more of the same economically. So now it is 100% blame and excuse.

Sorry excuse for a President, completely lacking in real leadership skills.

I'd take Romney any day over our current dude, as he has both real business experience and turnaround experience.

And yes, sometimes people lose their jobs when it is either some or all. Grow up kids, this isn't franchise 101, this is the real world.

The only thing the GOP can do is say NO lately. The dont give a damn about their constituents except the ones that fill their coffers for the next election.

"offering relief to homeowners threatened with foreclosure would be an intrusion into the free market."

What the heck was TARP?!?

We were finished as a manufacturing power more than 10 years ago!!!! And only PART of the auto industry is still here dangling by a damn string that's raveling in the middle. Furniture industry....GONE!!!! Textile industry...GONE!!!! Auto industry....what one or two left with a thousand + automation doing the work of 40,000???.....GONE!!!!!!

Renee Love

We were finished as a manufacturing power more than 10 years ago!!!! And only PART of the auto industry is still here dangling by a damn string that's raveling in the middle. Furniture industry....GONE!!!! Textile industry...GONE!!!! Auto industry....what one or two left with a thousand + automation doing the work of 40,000???.....GONE!!!!!!

Contrary to popular belief the United States is STILL the largest manufacturing nation in the world, please do alittle research. The auto industry still employs well over one million people when you factor in R&D, engineering, parts manufacturers, and distribution network.

The furniture industry while not what it was 20 years ago is a long way from being gone especially when you factor in office furniture. Textile? The US still is the number one producer of fabrics and carpets in the world. We just do not make much in the line of clothing anymore.

thanks wizard speaking from viewpoint of my area of the country, which is the south. In NC ALL furniture and textile closed shop and moved overseas, extremely minimal blue collar jobs left which used to be the main employers of blue collar people in this state. RJR even down-sized after the hostile takeover by KKR(Kohlberg, Kravis, Roberts), they even retired people early and re-hired with much lower pay than what they used to, it used to be a privilege to work in an RJR factory, but now all you see coming out are hispanics-so maybe I should've been more precise in my statement and said in the state where I live, textile and blue collar mfg does not exist any more and the little that does is on a very minute scale!!!!

Paul F Scrooge: So you would take Romney, who will be decisive IN ALL THE WRONG WAYS???

ScommaG - I couldn't agree more! As one of the current millions of hard-working Americans who is currently afraid of losing their home I'll accept the little help from the current president rather than wait and see if the GOP Congress will ever do anything to help the economy instead of just focusing on the female womb!

I have an MS degree from a top-tier US university and 17 years of experience in my field. I was earning approximately 100k prior to being let go in May 2009 and have not been able to find work since. I have needed a major surgery post losing my job. Luckily I had been paying COBRA for health insurance but I still owe a real lot of money for medical expenses. I had to burn through my retirement 401k for medical expenses and to pay my mortgage and other house related bills. I am on the verge of losing everything I worked so hard for. I lost two uncles in WWII and my dad earned two purple hearts in WWII. My dad and my family had a decent life post WWII mainly due to the GI-Bill that helped my mom and dad and then us kids. I lost one cousin in Vietnam. I know the price of American freedom. I am currently disgusted with the constant bipartisan fight in DC over every minute detail, even for things the GOP used to be in favor of! I'm sick of the GOP trying to make Obama a one-termer at the cost of destroying the US middle-class!

I hope and pray that I will get out of this mess created by the "fat cats" and not by myself. I also hope and pray for the millions of hard-working Americans like myself who are also having extremely difficult times! I hope that we can provide for the men and women forced to fight in Iraq and Afghanistan if they come home alive, but I doubt that they will have the help they need such as the post WWII GI-Bill due to the current GOP and their Norquist pledges and unwillingness to spend money even if it is for the betterment of our country as a whole!!!!

As sad as your position is and as is many in America it truly is your fault if you have been voting for the REPUBLICRATS for the last 30 years. All since and including Reagan have been selling us out with Free trade. When will the electorate ever learn. We may indeed still be manufacturing some goods but just take a look at almost everything you purchase. This is due to changes in trade agreements over the last 30 years that have been bought and paid for by the huge corporations. We can have open trade but never have we (until the last 30 years or so) had Free trade Except on a few needed items. LIKE OIL. And with our massive trade deficit not only must we stop Free trade but we need to start producing our own energy. ie, energy that can't be sold to the highest bidder over seas and energy that doesn't run out. (So, yes alternative energy) We need an Energy Plan, one that shows a real dedication by our country and our government. The Republicans allow Wall Street to steal our money (discontinued the Up tick rule) (no action against naked shorts)

Want to privatize our 401 k so they can steal that. Want to privatize SSI, so they can steal that. Want to allow private companies to build the infrastructure and charge us to drive on the roads (toll) or go to national parks (that will owned by china or whomever, Now they want to let the super rich to be allowed to bring their money that is in foreign banks back to the US with little or no taxes just like they did in the 80s. With the promise that the money will be spent on jobs, Just like they did in the 80s but then and now the money will be spent on buying back their company stock making them richer. And what about the companies here that didn't sell out America and didn't have their money in foreign banks, they loose again. What the heck are Americans doing???? Obviously not doing much reading or thinking..........

The federal government’s expansion of a mortgage refinancing program could reduce the monthly payments of up to one million homeowners, but analysts said the modest scope of the plan meant it would probably do little to heal the housing market or help the broader economy.

The last part of this opening statement from the article sums up Obama's actions to date when it come to getting America's economy back on track! He has done "little" to actually fix the economy and even less to help private enterprise create long term good paying jobs! Obama is not stupid! He has said it time and time again that private enterprise is the biggest and best supplier of the needed jobs in this country. Yet, in spite of all his TALK about who is the best at creating long term jobs, the federal government or private enterprise, he and his cronies in Washington continue to pass unnecessary regulations on private enterprise and want to increase taxes on them all of which KILLS JOB growth in this country! Well the cat is out of the bag. Obama is not stupid that much we know! Therefore the only logical solution is that his actions are deliberate and calculated and with a single purpose in mind. KILL PRIVATE SECTOR JOBS, AND AT THE SAME TIME INCREASE THE SIZE OF THE FEDERAL GOVERNMENT TO CONTROL THE PEOPLE!

OH wait! How could I forget, even though Obama has been POTUS for 3.8 years now and during that time the Democrats controlled both the House and Senate (until last year when they lost the House) as they did for the last 2 years while Bush was POTUS, Obama's actions are still the fault of the Republicans and Bush! How silly of me, Obama is not responsible for anything he or his pet Democrats have done in the last 3.8 years, or is he? It is time to see Obama for what he really is, judge him by is actions not his words, and send him back to Chicago ,Hawaii or Kenya or where ever in the hell he is really from and 2012 can't come quick enough for me!

Perry, Romney, Cain, heck even Mickey Mouse, Donald Duck, Goofy or the Road Runner, almost anyone but Obama in 2012! This time folks let us not care how much campaign money he cons people out of or how appealing to our ears he is, see the real Obama and send him packing!

scomma, so disillusioned. Our mortgage crisis started with carter and the community reinvestment act. It was helped along, tremendously with clinton when he pressured Fannie and Freddie to take on the high risk/toxic mortgage loans. barney frank and maxine waters did not help this in any way, when just a few months before the mortgage market collapsed, they were still saying there was no problem, Fannie and Freddie were on sound footing.

The naysayers can kiss our collective a$$es. This comes under the heading: "Don't just sit there... do something!"

Here's a perfect example: I own a rental property. It has a mortgage. I have to renew the mortgage every 3 years. During the last renewal, the appraisor decimated my property value by making every possible "gray" decision in the negative. The bank required a Loan-to-value ratio of 80%. The lower appraisal made it only 90%. They made my note immediately due.... they would rather have a foreclosure than a regular payment. I wouldn't let them foreclose since I knew the appraisal was flawed... I escalated and won. I got my loan through the exception process.

Homeowners are in the same boat. In this "perfect storm", we have many that have lost income and need a lower payment, but can't because of these self-defeating appraisals. They have a loan. They are making good on this loan. Give them a new one without killing the process with low appraisals. Simple.

Oh, it doesn't solve world hunger? Too bad... do it anyway. Then go find the next thing to do that will help the next million people.

Those here that support the "bigger action" of having the banks actually lower mortgage values and criticizing Obama in that regard have no idea what they are asking. Too many risks... Where do you start and, worst yet, where do you stop? Can you lower one without lowering them all? What does that do to the integrity of property values? Just because I paid my loan down, does that mean I don't get help with my lost equity... while you are helping those that are less responsible?

And Romney is so short sighted... he's pathetic. We still have derivatives out there tied to real estate. They are called "toxic" for a reason. To allow the market to free-fall and fail is to call all these derivatives due and payable... it would take us down yet again. This is not a simple real estate bubble like he pretends it is. Businessman my a$$.

scommaG, # 1.1 ~ guy-2789881 ~ Renee Love, #1.4 ~ edumaz, #1.7 ~ rockjockll, #1.8~ tim johnson-4004215, #1.9

EXCELLENT!!! WAY TO GO!!! NAIL IT!!! Thank you, All, for putting it out there!!!!!!!!

While details remain sketchy, the initiative is expected to change eligibility standards for the three-year-old Home Affordable Refinance Program to encourage new, lower-cost loans to more homeowners who owe more on their mortgages than their properties are worth.

Typically, refinancing is unavailable to those who do not have equity in their houses; the Home Affordable Refinance Program sought to encourage refinancing for up to 125 percent of a home’s value for mortgages owned or guaranteed by Fannie Mae or Freddie Mac.

HELLO!!!! Isn’t this what STARTED the housing crisis we are in now???????? Barry just wants to ADD to the problem? PLEASE!!!

Let’s be HONEST Barry!

Obama's Home Affordable "HAMP" Program A Failure

Over a third of HAMP participants have exited the program and another batch is coming up. Those leaving the program will likely end up in foreclosure. Moreover, 4 million delinquent borrowers are not even eligible for the program.

http://articles.businessinsider.com/2010-06-22/markets/30080070_1_delinquent-borrowers-permanent-modifications-mortgage-modification-program

OK.........This is your chance Republicans..........Introduce YOUR plan NOW and stop whining and start doing something.

Sorry, LMarcT, #1.12- Your post wasn't there when I did mine. EXCELLENT!!!! Thank you for any and all "Spoken" TRUTH!!!!

REPUBLICANS ARE CORRUPT ~ DEMOCRATS are "Contaminated". "Alter YOURSELF, or we shan't lead happy lives.".......Emma Thompson, Howard's End.

Ooh.......OBXRon, #1.15, just saw it come in....EXCELLENT!!! NAIL IT!!! THANK YOU!

but analysts said the modest scope of the plan meant it would probably do little to heal the housing market or help the broader economy.

In other word, more smoke and mirrors, sound and fury, significant of nothing. Four more years.......can't wait.

You know, the old "lack of leadership" line is just not true at all when you are obstructed at every turn. Democrats never had a filibuster proof majority in the Senate as there were 3 independents.

The Republicans have used the filibuster more than at any time in history to block everything. Single Senators held up unemployment extensions.

Don't reward inaction, obstruction, and doing nothing. Vote the Republicans out in 2012.

The problem is as much one of greed in mortgage banking as it is in the rates of interest banks are lobbing on home buyers and consumers. Just because the Fed says the interest rate is at 4% doesn't mean ALL banks will offer that rate of interest. In fact, most banks use home buyers salaries as a gauge of what the interest rate should be.

It's assumed that any home buyer who doesn't earn at least 6 figures is irresponsible and will not pay their loans. Not true. Most of us in the 1960's lived on middle income salaries under $50,000 a year. We paid off our 30-year mortgages with an interest rate of 5.34%. 30 years later when those mortgages were paid off, the interest rate hovered around 9%.

This is the same BS the credit card companies pull with interest. If anyone bothers to check, they'd see that these banks are more interested in the profit from interest they are earning than doing actual business of their business.

So interest is now an autonomous industry unto itself. All sanity where interest on loans began to fade in the last 3 decades. If the idea is to charge as much interest as the actual loan amount itself, that should be illegal. That's the kind of interest loan sharks offer.

This does little to help? It doesn't help at all. It kicks the can down the road while saddling the taxpayers with paying off more bad loans for properties whose values aren't worth a fraction of the mortgage given and to persons that will most likely default anyway. T

This is just a vote buying scheme for Obama. He doesn't give a damn about how much more damage he does to our economy as long as he gets re-elected.

JPSOTW...Think again. Taxpayers didn't get saddled with any loans from bad mortgages. Mortgaging banks who skanked away did that on their own. What taxpayers shouldn't have done was bail out those banks who lied through their teeth to protect their own billions in collateral. These shysters never needed TARP or ARRA.

They only needed TARP and ARRA as collateral to protect their collateral.

President Obama did this for no other reason than the obstruction of Republicans whom anyone would think is the only administration in play at present. Enough with that BS. If we wanted Republican rule indeterminantly, we'd vote for one and only one party every time.

Nice try ewent -

But it was you dems (who by the way do vote for the only one party every time) that insisted banks provide people 125% loans for mortgages that they couldn't afford and for homes that were over inflated in price. And now Obama wants to double down on that by making even more bad loans at even higher worthless values. You can bitch about TARP and ARRA all you want. I for one railed against them. But you whine about one bad bailout while praising another even worse one. Try to get some consistency. And let go of that hate you have. It's clouding your judgement.

@Eric-913730

Democrats never had a filibuster proof majority in the Senate as there were 3 independents.

Bull Sh!t. Lieberman lost the dem nomination so ran as an independent and won, he caucuses with the dems. The second independent was Bernie Sanders, a self described "democratic socialist" who also caucuses with the democrats. I can't tell you the name of the "third independent" because he/she exists only in your head.

So, do you believe they didn't have a filibuster proof majority because you didn't bother to look at the facts or are you just full of sh!t?

I think there is a lot of misunderstanding here. Simply put, this is nothing else but allowing people to get lower interest rates on an existing mortgage. If you owe 80k at 7% after you refinance you owe 80k at 4% which would lower your monthly payment. To date, the banks don't want to do this - frankly they make more profit if they foreclose on homeowners, since the loan is insured with, guess what?, tax payer's money (FDIC). This measure would force the federally insured banks to refinance the loans. In order to qualify, the homeowners have to be employed and have a good record of making their mortgage payments on time.

This is not going to solve all problems, but if it can help a couple of million people out I'm all for it.

Or we could choose the alternative, like Romney suggests: "We should let the banks foreclose on these underwater mortgages. The properties can be bought up by investors and they could rent to people. It's a good investment."

Just another good Republican plan - all the money flows upward to the 1%.

The reality of the situation is that many homeowners and real estate speculators purchased more home than they could truly afford. In the era of ever increasing property value (aka the bubble) that was ok, the property could be sold, the profit pocketed, and a truly affordable home purchased.

It was also the era of no intererst, no asset, no job, verify nothing (NINJA loans) where the increased value of the property would pay off the loan. When the interest only loans began to reset and the arms reset, the borrowers found that not only could they not sell, they could no longer refinance the loan. Often they found that the mortgage company, whether it be Bob's Loan Company, Washington Mutual, Countrywide, Ameriquest Mortgage, or others, no longer exists. The promises made (and usually carried out) that the mortgage would be refinanced no longer happen.

The reality is, the only way this crisis will be solved is to allow the bankruptcy court to "cram down" the change in value. This will be a clean, orderly method of adjusting the value. As it is right now, the banks are keeping the old loans on their books at the old values. They are not writing them down, they are not foreclosing. If they foreclose, they would have to write them down.

Because the banks have too much control in Washington, this will never happen. Why is it that every other kind of debt can be renegotiated in bankruptcy, but not mortgage/auto debt and those are the two kinds that banks hold ?

"The federal government's expansion of a mortgage refinancing program could reduce the monthly payments of up to one million homeowners, but analysts said the modest scope of the plan meant it would probably do little to heal the housing market or help the broader economy."

Yes, the existing program, which was supposed to help 7 to 9 million homeowners who had homes that were worth less than their loans, at a taxpayer cost of 10s of $Billions, helped only 5,400 homeowners that owed more than 105% of their home's value.

Once again, the Obama Administration has high sounding rhetoric, but the actual results are dismal.

Paul F "So now it is 100% blame and excuse. Sorry excuse for a President, completely lacking in real leadership skills."

Indeed. And for those who call for 'more deficit spending', Obama has already spent $4,312 Trillion more than we have taken in since he took office.

That's the amount our National Debt has increased since Obama took over.

The real problem with the government refinance program is that it is totally voluntary and there is not enough incentive to have the banks and CDO investors participate. The banks actually make money when the loans go bad. IF AIG had been allowed to fail, the house of cards would have collapsed.

The derivative market and credit default swap market is still totally unregulated. If there is another major failure, the government will again say they have to step in or the financial industry will fall apart.

Its time for the "too big to fail" to be broken up, so if they fail, they don't take down the entire financial industry.

empno260001 "What the heck was TARP?!?"

TARP was an emergency 'bailout' that even Obama supported.

By the way - All of the TARP funds loaned to banks by the Bush Administration apparently worked out pretty well. Not only did they avert a financial collapse, but the latest estimate is that they will actually generate a $10 Billion PROFIT - or more for the government.

Let the free market sort it out. The article details a plan that makes it easier for people with low or no equity in their homes to get money than those with over 20% equity. What's wrong with that picture?

Once again the wealth redistributionists would rather give taxpayer subsidies to high risk, low reward investments than help or reward those that can be saved. Romney is right: let them all go belly up, investors and others who couldn't otherwise afford these homes at higher prices can buy them, and then rent them back to the people who can no longer afford them.

Invest in your winners, cut your losses.

Roy Wilson: I know you have an odd fixation on the so called debt. I for one though, get very tired of hearing about it , especially from the republicans. The 14 odd trillion dollars of this countries debt is mostly owed to the federal government and the federal reserve. In fact the two carry over 80% of our total debt. I'm sure, if they get to the point that they feel it is a real detriment to our overall ability to maintain national well being they will likely do as in the past, write it down to a manageable level. It is pure goddamn hypocrisy to keep nagging about debt that is a product of political ineptitude, and greedy, policy, brought about mostly by republican sorriness.

right on, they are choking the economy by our balls. ??!! i say we squeeze their balls, i'm god dam bonified.

Hate to break it to you, but Romney is part of the problem......greedy, greedy, greedy....

Obama is up against a party who will do anything to get rid of him, up to and including tanking the economy for years if that's what it takes.

McConnell is pitiful.....first responders and teachers aren't the feds problem????????

What about infrastructure????? You know, federal highways?????

Watch them filibuster that bill too.

Every working person should be marching with the occupy movement at every opportunity. If that doesn't work what needs to happen is to have every GOP/TP rep/senator up for election in 2012 kicked out in favor of progressive Dems. The GOP will get the message really fast. Even if you don't agree with everything the Dems stand for, the message will be loud and clear that obstructionist tactics in a time of national crisis will get you voted out.

Personally, I am not willing to continue to watch my son's education suffer because of the GOP. I am not willing to see his future prospects destroyed by continuing fun and games on Wall Street or by the roll back of rules to keep our air breathable, and our water drinkable. Poisoning the environment is too high a price to pay for the few jobs it might generate.

This is what we will get if the GOP/TP gets full control of Congress and TWH:

1) Radical social legislation aimed at destroying reproductive rights, including contraception.

2) Legislation to override states' decisions to allow gay marriage.

3) Abolition of any regulation on business.

4) Abolition of the minimum wage.

5) Social Security, Medicare, Medicaid will all be gutted.

6) Military benefits will be gutted.

7) More tax cuts to the rich and a shift of the tax burden to the middle and lower classes.

8) Legislation to further erode voting rights.

9) Extreme right wing appointees to the Supreme Court and every federal court.

9) Massive federal job cuts.

10) FEMA will be gutted, along with any program which is intended to help working people.

11) Pell grants and college loans will be eliminated.

Results: America will be in the worst depression in history as infrastructure is left to rot, education continues to crumble, and life expectancy will drop as fewer and fewer people have insurance or work.

Poverty is already above 15% in this country. This is the richest country on earth by far. It's a disgrace.

Any politician who is sitting in DC fiddling while the country disintegrates should be removed from office at the next election.

Mare P.

Your list is very true and very scary, but lets not forget the repressive voting laws that most Republican run states are enacting. Oh yeah, how about Republican run Maine they can kiss their child labor laws good bye. These GOP sellouts are following the David and Charles Koch playbook for the destruction of 150 years of social progress in America. They want a return of the good old days of slavery, BTW, In their sick little game plan most of us would be playing the slaves while they live like royalty.

Repressive voting laws? Lol, OoooooKAY! Like, proving you are who you are when you go to vote?

Mare P, #2.2 ~ BigAl Las Vegas #2.3-

EXCELLENT!!!!!!!!!!!!! NAIL IT!!!! Thank you, Both, for putting it out there. It's been so long. The "Spoken" TRUTH is so refreshing!!!!!!!

ALL Republicans in Congress are Corrupt ~ 87% of Democrats in Congress are "Contaminated"!

All I'm reading here is about the "No" from the Republicans who are stopping Obozo from his grand plans. The Republicans have only had charge of the house for less than a year. What did Barry do BEFORE he had them to Blame?

Ohh Yeah, He rammed a health care system through that over 50% of the voting public didn't want. He put through a stimulus program as well as TWO jobs bills that didn't do anything. And all through that he Blamed Bush.

I guess Obozo has to have someone else to blame for HIS mistakes.

Romney 2012!!!!

Janine: Do you really think a wealthy Ken doll like Mittens Romney has your middle-class, working stiff interests at heart? Don't cut off your nose to spite your face.

It also maintains a choice President Obama made in the early days of his administration to focus on reducing monthly payments rather than on the amounts that borrowers owe

I'm glad to see Obama is focused like a laser beam on these issues.

He's been in office what, 33 months and he's finally giving us some half baked plan that will have little if any impact to the economy? Something he decided "in the early days of his administration" to deal with. Maybe he got distracted when he had to fly to Oslo to get his Nobel Peace Prize that he did nothing to earn.

I suspect this Government "assistance" will be as successful as the Housing Homeowner Affordability & Stability Plan (HASP)...

http://www.nytimes.com/2009/06/29/business/29loanmod.html?partner=MARKETWATCH

.

We'd have a full baked plan if the Republicans would say yes to something.

The way government is designed the minority can block, stall, and obstruct just about everything.

That's really what is so pathetic. Republican politicians in red states are diminishing voters rights for a huge reason. It diminishes the voice of their people in their states and they are fully aware of it.

This is that Republican bullying that forced me out of their party. I don't need an obsessed Republican partisan to think for me. Nor do I want them to decide what my quality of life should be. Nor will I ever allow them to decide what is and isn't a living wage for me.

When Republicans got their asses in trouble in TX for that DeLay redistricting, they cooled their heels only long enough to let the dust settle. Now they are back at it again.

The good people of the red states are getting stiffed by their own politicians. All that Republican double talk is going to make things harder for red staters to earn living wages. That's really what this is all about.

The Republicans have their asses in a bind. They've been the Republican Wealth Cartel for so long they are out of touch with anyone who isn't one of their own. So no...they don't really care about the working poor (according to Republicans, what these people are paid is their fault..another ass backward idea as usual) and they definitely do not want an affluent Middle Class with equal rights to their Wealthheaded campaign donors.

Eric,

Republicans were voted into office precisely to stop the plans being pushed by Obama/Reid/Pelosi. Unfortunately, the bills they passed are now blocked, stalled and obstructed by the Democrat controlled senate.

armurray: NO, what they were elected to do (what they promised to do) was to create jobs. During the last year the Republicans have not produced one job, or even done anything to create an atmosphere where jobs are created.

That is the problem.

The game of which party is worse is truly amusing, but what is amazing is how many lemmings of each party go on about the other party being at fault. BOTH the DEMS and REPS are the problem!! By the way ewent, you should move to California, where the DEMS have had a total stranglehold on our legislature for decades. Our state would declare bankruptcy if it could while we pay more for benefits for illegal aliens than we do for citizens, have less than 50% paying taxes to support over 50%, businesses have left in droves due to regulations that cost a fortune, and the geniuses at the helm scream for us to pay more in taxes. Meanwhile the two parties divide us and have conquered us. There are more Dem millionaires in US Congress than Rep millionaires, yet Reps are for the rich and Dems are for the poor, yet neither party does a lick of sh!t to deal with the tax breaks for millionaires.

The real problem is each party only supports the survival of their party, not the betterment of the citizens. Reps want to deregulate everything and let nature take its course while Dems want to micromanage and socialize us. Neither is a viable solution for a robust economy. How about we the citizens send a message by voting out all incumbents? Think about it, how is it that 52 Senators can totally agree on everything while 48 other Senators can totally disagree with it? I bet you can't get five guys on a basketball team to agree with a defense! Why is it our "leaders" never cross party lines, no matter how good an idea from the other side is? We don't have statesmen, we have blind mice who do as they're told by party leaders. As we used to say, this ain't no way to run a railroad. Vote them all out if you want real change. That is the message that needs to be sent.

5 W's: Thank you. Argue all day long about Republicans/Democrats whoever/whatever you want, they both fail miserably. As stated, they care about their party, not yours. If you think you're part of their party, I hate to break it to you, you're not. The two party system is working exactly as it's intended, divide and conquer. Politicians are paid for, and he who has the money, makes the rules. I personally can't contribute hundreds of thousands of dollars to someone's cause, so the likelyhood I will have ANY influence on anything is slim to none.

I havent lost faith in the democrats at all. You can say what you want about Clinton and the CRA but I know what and how that worked prior to Bush de-regulating everything and the banks then running amok. I have completely lost faith in the GOP. They have been taken over by the extreme right and are borderline crazy. They were absolutely elected on the promise of JOBS! JOBS! JOBS! and will summarily be unelected because of their lack of said jobs and their direct obstruction for getting jobs, for other nefarious purposes.

If Obama can help out homeowners I say go for it. I really wish the plan he had originally had worked better, but the banks just could not get on board. Now the banks are being protested by more and more people, and people are fleeing those same banks in droves.

What goes around comes around.

Obama/Biden 2012!

the Republicans have not produced one job, or even done anything to create an atmosphere where jobs are created.

The republicans have at least 15 bills sitting on Reid's desk that would "create an atmosphere were jobs are created" The democrats (Obama) spent nearly 800 billion dollars, much of which was supposed to create jobs. So pointing your fingers at the republicans while ignoring the failings of the democrats makes you look like a partisan puppet.

These bills the republicans call jobs bills have the same relation to actual job creation as does corn cobs to toilet paper as a bathroom convenience. These days our economy is actually showing a stronger pulse, with at least, some, feeling better about our overall chances of recovery. I cannot understand why officials and the mortgage loan industry have not committed themselves to some form of substantive plan that will relieve the housing debacle. This is certainly the leading drag on economic improvement, yet, no one seems to want to even attempt to improve the situation. Even now, all the talk is about bad choices by the then, buyers, rather than the industry wide, and political corruption that brought the economy to a standstill, and put so many out of work, and in fact continues to do so. Why the hell is there not a comprehensive, viable, even long term, resolution plan, understood and approved by the people, for the relief and restoration of this large economic sector? Enough finger pointing. Fix the goddamn mess already. It'll put a lot of unemployed to work.

Well Obama's program assists banks again, not the majority of folks in trouble.

The Tea Party / Republicans are the only thing keeping the Democrats from doubling our debt and truly finishing off our great nation. 1 more year and we will finally have a chance to elect the grown ups and send the liberal nutcases packing. Their theories have all but destroyed us.

How have their theories hurt us. Obama cant get the TP controlled GOP to discuss anything unless it includes tax cuts for their masters. People are running away from the TP as fast as they can. The TP's approval percentage is down to 27 percent. OWS has a favorable rating of over 50 percent

The only thing I use TP for is to wipe my arse.

"click"

How have their theories hurt us

It's hard for me to believe that was a serious question but I'll take a stab at it anyway.-

"The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.

It's the most rapid increase in the debt under any U.S. president.

The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama's four-year term."- http://www.cbsnews.com/8301-503544_162-20095704-503544.html

Can I just say- duhhhhhh

If you can make GWB look "thrifty" you must be F'ing something up ROYALLY!

backwoods....GW gave us the housing bubble and unemployment almost doubled in his last year and was rising .3 percent a month. Imagine where we would be if he was still there. At least Obama was able to get unemployment to level off. So tax receipts go down and expenses go up paying all those newly unemployed. Bush took a 250 billion surplus and turned it into a 700 billion deficit. People stopped spending because for a lot of people owned houses that were underwater making them that much poorer. Bush Jr. left Obama with 2 hot wars and Bin Laden still on the loose. I dont care who is president it will take a10 years to get out of the Cheney/Bush hole.

Imagine where we would be if he was still there

There's your first problem- "imagining" what you've been told to imagine. Keeps you right in line.

I dont care who is president it will take a10 years to get out of the Cheney/Bush hole.

That may be true, of course FIRST we will need a President who STOPS DIGGING DEEPER. The 10 years we'll need to undo Bush won't even start until we've spent 20 years undoing Obama's mess. Well, that assumes of course he only gets one term. Two terms and we'll likely forget all about the Bush disaster. Or have you somehow failed to notice that Obama is little more than GWB on steroids? Spend and print, spend and print, spend and print yet again.

btw, if "backwoods" was supposed to be an insult you've failed epically once again. yawn.

guy-2789881 #3.5,

You should take a break and watch Frontline's report concerning this :http://www.pbs.org/wgbh/pages/frontline/warning/view/ .

Please keep in mind that this occurred in the last two years on Clinton's watch. Also, look at the activities of Barney Frank & Maxine Waters in relation to the housing fiasco, involving Fannie Mae & Freddie Mac.

This plan is limited but correct. Politically Obama is trying to make a big deal of it for publicity but it is a small plan. All it is doing is making it possible for banks to refi people who are under water. As I understand it, they will still be underwater but they will have lower paments due to lower rates. Currently the banks will not refi people underwater. As far as I can tell this plan will not lower the amount the borrower owes the bank. And it should not. It is not anyone else's fault that people bought at the top end of the bubble and are now underwater. EVERYONE's houses took a hit in value, only some people made down payments and lived in their house long enough to pay the mortgage down so that even after the values declined they were not underwater. They paid that cash to the bank and now they've lost it in declined values. Just because new borrowers have not yet paid the bank back and they see they are underwater does not mean they should get a reduction in debt by transferring their debt to the taxpayers or the investors and employees of the bank or the other bank customers. Sorry you are underwater but we all lost our home values. Some of us paid the banks back before the crash and do not have UNDERWATER claims but our losses are just as real. No reason for everyone to fall in love with underwater people and tell eveyone else to simply eat their losses. Obama's plan seems right to me.

The TP controlled GOP wont even discuss plans to help the middle class.

Really, well, maybe if the Democratically controlled Senate acted on any of the 15 Bills approved by the House, with Bipartisian support, we would see some improvement in the economy

http://majorityleader.gov/JobsTracker/

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Look at the charts: Bush increased spending 88%, and Obama just 7.2%

Most of the increases in the debt are the two wars, and the lack of revenue from the Bush tax cuts.

http://www.smirkingchimp.com/thread/dave-johnson/38133/three-charts-to-email-to-your-right-wing-brother-in-law

Obama's plans won't help anyone the way you think all his mouth is to get re-elected and the H with the average person who needs help if you think you are going to get something from the democrats I would advise you not to hold your breath for 3 years of spending and promising (haven't anyone learned anything yet) you and I will get the short end of the stick.

@Eric-913730

Look at the charts: Bush increased spending 88%, and Obama just 7.2%

First off you do understand that 7.2% increase was ON TOP of GWBs increase right? So GWB spent like there was no tomorrow but Obama has managed to top even that. Seriously, how on Earth do you consider that to be any sort of a defense? If you're saying Bushes increase was a bad thing how is spending just a little bit more NOT worse yet? Durrrrr

And where's the chart that shows how much the government took in over that same period? The problem isn't spending, it's DEFICIT SPENDING. Do you even understand what that is? Probably not because those who provide you with your talking points don't like to mention that. Here's another chart since you seem to like things that are easy to comprehend- http://blog.heritage.org/2011/07/28/the-truth-about-obamas-budget-deficits-in-pictures/

Bush spent money like a college kid with his first credit card. Obama is spending money like someone who is so far in debt they just say F' it, I'm going bankrupt anyway so why not live it up until then.

Right. Don't tell the Olympics, he turned a disaster into a big win for the Olympics AND the USA.

Obama on the other hand failed to get a bid to the Olympics.

Plus he sold his pack of lies, transferred trillions in wealth to banks, unions and big Pharma & Big Health Insurance, and has overseen the longest downturn in decades after his extra Trillion.

And then, after all that, laughed about the "shovel ready jobs" he conned us into believing existed, when he discovered 2 years later that they didn't.

Ha ha. Joke is on the liberals he conned. 2010 elections proved he is on the wrong track, 2011 confirmed it, as we are living through his con-man joke, 2012 will be the year we return him to the unemployment multi-millionaire line.

The TP controlled House promised jobs in 2010 and failed to deliver. The only thing they accomplished was to get the USA's credit rating reduces. What a joke.

Speaking of the Olympics, you do mean the Winter Olympics in Utah, that was an infamous bribing of the selection committee, and some rich developer got to buy some nearby State land cheap to build luxury condos.

So there were no lies when Bush Jr. was in office and got to have 8yrs to dig us a hole and make sure we had no way to get out in just 2 yrs. Then came 2010 and Rove and his gang bullied their way into Congress to make sure there would be way out this mess before the next election.

Oh the fairy tales the Wing Nuts will believe.

PaulF, what in the Hell does the Olympics have to do with this story. Dude, are you just completely stupid and clueless, or just insane!!! Hahahahahaha. What are you gonna bring up next, Bungee Jumping and the economy. lol. Douche!!

The TP controlled House promised jobs in 2010 and failed to deliver.

Controlled? Since when does a less than 10% minority control anything? Liberal "logic" I suppose; let the few control the many. Of course in the real world it doesn't work that way. The TP minority doesn't have a fraction of the clout that the President does, where are all of the jobs he promised with his stimulus and why the hell aren't you bitching about that? Let me guess, because all you can do is regurgitate what you've allowed yourself to be spoon-fed by your puppet-masters. Polly want a cracker?

Funny thats exactly how I feel about al gore and hussein

Guy

The TP controlled House promised jobs in 2010 and failed to deliver. The only thing they accomplished was to get the USA's credit rating reduces.

Do you think maybe if Sen. Harry Reid (D-NV) even allowed a vote on the 15 bills passed with bipartisan support, the economy might improve?

http://majorityleader.gov/JobsTracker/

Do you think maybe if President Obama had accepted ANY of the recommendations of the "Blue Ribbon" Debt Commission report from December 2010 we might have avoided a downgrade in our Debt?

Our Debt was downgraded because we're spending $109 BILLION a month in excess of what we collect with NO serious plan by the Administration to curb that spending. Obama ignored the Debt Commission. Obama ignored the Ryan Plan. Obama ignored the Cut, Cap and Balance Plan. Worse that than that, they called all these plans "dead on arrival" and refused to even hold votes on them in the Senate. Seems to me that it's the Republicans in the House who are acting like adults, certainly not the "Eat your peas" President, who does nothing but talk.

Guess that's what we deserve for electing an articulate but incompetent boob as President.

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now I like that idea, fire is a purifying agent after all. thanks for the graphics.

That is how we got the Great Depression. Now we have Too Big to Fail thanks to the Bush/Cheney brain trust that screwed us all.

Right alan, let it all burn to the ground, and, America with it. I bet, if you were alive then, you were applauding the infamous Watts riots years ago, when looters ran through the steets smashing windows, looting. Lol, getting their "Fair" share. So Alan, hey guy, join the mob; "Burn baby burn!"

The GOP wont even allow a little regulation in banking/wall street. They think the banksters can regulate themselves. Citibank just paid hundreds of millions in fines for screwing the middle class but wont admit to wrongdoing. Hundreds of millions for not doing anything wrong. The shareholders paid for that not the banksters that got rich. Money talks and the middle class walks.

guy, it was both parties that bailed out the banks and turned General Motors into Government Motors. It was both parties that allowed the mortgage giants to go berzerk. It was both parties that passed all laws deregulating everything. It has been a rare thing historically for either party to have to total lock on the presidency, senate and congress to completely dominate what comes out of Washington, and even when they do (like the Dems had beginning 2009) we get wonderful things like a healthcare plan that no one to this day understands with the excuse that any other meaningful legislation wasn't passed due to the minority party who in reality held very little power. Vote all career politicians out, after all insanity is doing the same thing time and again while each time expecting different results.

Very true but that won't happen as long as a gang of dumb thugs control Congress, no and no and more no to addressing the economy and jobs.

I agree but also hope the balance of power in the Senate will change parties in November 2012. Harry Reid has been sitting on the House jobs bill since May.

The best Congress could come up with was a 'buy a home and get a Visa' plan for foreigners, and making it easier for Realtors to sell $700,000 homes. There appears to be no way to get the Banks to help homeowners refinance because the GOP Congress says that Regulations would hurt the Job Creators.

if you are a little guy with no wealth and no clout, you're not worthy of help. welcome to the new America, were the rich gets richer and the poor gets poorer. I'm already there, i'm waiting for you. We'll have fun eatin' bean soup three times a day.

Very well put , but in this case big banks Fannie and Freddie got bailed out already. I feel they should have dealt with this on their own . Fold , restructure the loans , eat the losses , ect.. Let the small well managed banks and credit unions blossom . Of course that's too late now , we owe , big time !!!!

walk, and walk tall to your new job. let the bankers and lenders do their accounting loss and be free from their inflated BS. vote for politicians who will behave in your favor ( most are rotten though so watch out). you lose your down payment of 100K, a huge loss of course, sell at a loss on the condo or pass that loss on to the bank by giving it back to them. tell them you are moving to mexico or what not and that they can shovel it cause the wages are low down there and @!$%# happens to you too, not just them. if they can't share the wealth they can share the pain. tell them that it is not personal, just paperwork. they will write the loss but get a 34% tax credit for it anyhow. you will lose out anyhow because the system is geared to suck the life out of you somehow. when banks get bailed out like they have yet it doesn't trickle down to the average Joe, you know you have been taken. so you have, but if everybody does what I mentioned they will have to forgive everyone. power is in the numbers, $ for banks and millions of people for the People. don't stay chained for the money. you lose 100K and that is it and it is enough. you lose your down and they lose a 15, 20,30 years stream of interest payments. soon the bank of china will offer better deals on mortgages.

good luck processing.

theboys... Nice scenario but you left one thing out. Freddie and Fannie as well as most other lenders already have a short sale program in place that would allow him to sell without brining the cash to the table. The real problem with the HARP program is that it only applies to Freddie Mac and Fannie Mae owned loans. I have a conventional mortgage with BOA. I am underwater. I can afford the monthly payment but I cannot refinance to get a lower rate even though I would qualify with the income I make as well as my credit score. Since my loan is owned by BOA and not by Freddie or Fannie, I get now help at all. Now if I wanted to sell the house BOA will let me through their short sale program, but they won't let me refinance. Now, if I couldn't afford the payments, then BOA will modify my loan to an affordable payment. The programs Obama is putting into place reward few that play by the rules and greatly reward those that do not because they bought too much home in the first place.

HELLOOOO....

This plan only helps people that are current on their mortgage payments. You don't qualify for refi if you're in arrears, haven't been making your mortgage payments on time and/or are already in the foreclosure process AND you have to be employed.

All others: GOOD LUCK!

You're probably lucky you didn't get started in the program. I did and boy, I'm sorry!

Rufus, sorry but you should not be any different than anyone else. There should be no bailout for any person. If they took loans, it is their problem, not the federal governments. If your house is worth less, it is your problem. I have been trying to sell my house and with the depressed market, I am having no luck. I am not crying to the federal government or anyone else about this, it is my problem and issue, no one else's. The federal government should not be bailing anyone out. Whether people like it or not, the economy will take a lot longer to recover, unless the feds stay out of this mess and let the market hit the bottom. The longer they prolong it, the longer it will take to start recovery. The current recession we are in proves it. It is the longest recovery in our history and still not done. obama and the liberals only solution is to spend more money that we do not have. The dems have not proposed anything that will save SSI and Medicare. They will wait too long and it will be too late to save them.

Mark, I don't think it is the longest recovery, i think it's the longest illness. the unfair event is that the government flushed the banks so they could keep on behaving pre-recession style and keep squeezing the people like they were making the money as in the 90s. banks can borrow from the feds at 1% interest or less yet that doesn't trickle down to homeowners. people are house poor as a result, and peopel are poor with no lodging renting apartments while homes are empty. that's paradoxical. and I agree there are no warranties but people do lose their down money on house deals they walk out of, and get a bad credit wrap for it too( don't get me started on the credit standards of America, people versus banks...were forgiveness is only for banks or businesses)

Sorry to hear , wish I had an answer for you . All the banks su-k now , no one really cares about your problems unless you come with money !!!!!!

Steve,

I use to laugh at all the "conspiracy theorists" out there but I truly think this one IS a big conspiracy. There are millions of others like you that were told to stop making their mortgage payments so they would qualify for refi then months later their application is rejected. The banks don't want to help homeowners - they want to foreclose on your property. There's more money in it for them because your mortgage is insured through FDIC (tax payer money).

I wish Obama would use his executive powers to instruct the Dept. of Justice to go after these guys. What we need is a good "perp walk."

Sorry to hear about your troubles. If it's any comfort - you are in good company.

Milo, please. A bank can not foreclose on people if they are current on their loans. If this is true, please post the proof.

Milo,

I've heard the same - it's all the "robo signing" that is done.

http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632.

There are plenty of cases where banks are forclosing on homes they don't even hold a mortgage on.

Realtors do not make loans in most cases. Realtors show properties, analyze value to allow buyers to make appropriate offers and guide the buyers through legal documents, inspections, and disclosure documentation. Loan officers either in banks or other lending institutions, are relied upon to qualify and document loans for the sale.

Making a statement, or a guilty conscience there Donna? starfox7000 did include both entities.

Mortgage brokers work for the bank, not the home buyer, the buyer should never trust a morgagae broker to make choices for them. If you don't understand the mortgage documents or the process, hire an attorney. The attorney would be the one to advise you as to your best choices because he's representing you, not the bank. Also, read the documents before you sign so you know what you're signing. It's not the mortgage company's job to protect you, it's your responsibility.

It's called evolution and those who resist change and progress are always miserable...

Its called greed and selfishness; trying to eek out every dime even if it costs your neighbors (to find out who your neighbors are, ask your local priest, minister or rabbi) their jobs, their homes, their futures. What goes around is now comin around. Every economic entity lives to cut costs. Labor is a significant cost. Don't be a party to some poor schlep going on the breadlines.

You don't think that there are people employed by the engineering and techology of these automated aleternatives? They aren't labor jobs, but I'm sure somewhere, someone with a degree is thankful not to have to compete for a job a McDoanlds.

Although clerical and technical people are feeling the heat, the vast majority of the perennial unemployed are common laborers. Despite what many think, lots of people in this country never see college or technical schools. Lots never even graduate from high school. Good paying factory jobs, jobs in construction, low level civil service jobs and the like gave these people comfortable if not new or even owned housing, functional if not elegant transportation, food on the table and the means of raising their families with comfort and a reasonable hope the kids will do better than ma and pa. Jobs for these people is what is needed; long-term jobs, jobs with pensions and meds. These are the tellers, the toll-takers, the short-order cooks, the folks at the check-out, and all the rest. Business just dies to be able to displace people like the above. It raises their profits; they can go to the quarterly report with gains. We, as Americans, as Christians, must do what we can to not let business prevail over its employees. Business does not create jobs. Business spends large amounts to remove jobs.

What's special about our president is that he doesn't know how to listen. Clinton saved his second term by when push came to shove, compromising during his first term. This guy seems not to have learned that lesson.

Plus you state opinions, not facts. This is both the blame game and the race game. Tell me the demographics of those who elected him?

His biggest failure is thinking the GOP are interested in solutions and addressing problems. Every time he's reached across the aisle with an olive branch, the GOP has whipped out a chain saw. His biggest accomplishments are when he doesn't need permission from the GOP...

Every time he has reached across the aisle, it's been to say my way or no way. His only concept of bi-partisan is that the other side agrees 100% with him. Not saying the Republicans have been any better, but let's not distort the truth here.

He is the lead actor in a gang of thieves.

But if you want to go there newbook, no comment on how he is traveling around in a bus while blaming those white guys, while getting paid to be POTUS and not showing up for work?

Why is it so easily forgotten that he is half white as well? He's special all right...he's driving this country into the ground...you want a black man that will lead our country???? Cain will be the man.

Obama is not just black, i see the white in him. color doesn't matter anyhow, not officially at least, it's like credit ratings I suppose, like bankrupcy forgiveness...

Colleen,

Did you see Cain's interview on Fox News the other day? He was trying (and I do mean "trying") to clarify his position on abortion. It was the worst, most confusing jumble of double speak that I have ever heard. Even the guy sitting next to him (I don't know who it was) was so astonished his mouth was hanging open.

God save us all if this guy ever becomes president.

Politics uber alles. To keep their guy in, some will turn on their own grandmother. If Cain somehow survives the attacks upon himself better than Palin survived those upon her, the election will be a real hoot. Neither candidate can logically play the race card so of course both will.

newbook,

Obama's father was black, his mother was white. He was raised by the white side of the family, but he's black? And there are no rich black people? Herman Cain? Eric Holder?

You said it , they all stink !!!

Should we all vote for him now ???

Notice that all the GOP/TEA party can offer these days is criticism instead of ideas other than more tax cuts and deregulation both will bring more suffering to the masses except the 1 percenters...

We each reject the others' ideas just because they come from the other side. When will this vicious cycle end?

Exactly tom !!!

Sometimes viciousness is necessary to bring forward a wider, broader and higher consciousness...

Notice that all the GOP/TEA party can offer these days is criticism...

Guess you've tuned out the President along with most of the rest of us. Or is criticism only a bad thing when the "other side" does it?

Backcountry164 , They all su-k at this point !!!!

Craig, the answer to your question is......HELL NO!!!!!

Let's see. We are calling out all of the government shills. And if I vote for Ron Paul, I will waste my vote. Hmmmmm, I think that everyone has wasted their vote so far, by voting for the usual suspects.

Still think that you are represented in Congress by voting? Me either.

Some have ambitions to throw these people out of these homes so they can move in themselves. Others who know this will never happen say instead, "Destroy the million dollar homes!" Still other study hard, reject the 'soft' major, and soon wind up in their own million dollar home.

YEA!!!!!! Somebody IS paying attention!!!!!!