Friday, 17 August 2012 16:41

Proof Positive that Government's "Homeowner Relief" Programs Are Disguised Bank Bailouts

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"And last month, the former Tarp overseer - Neil Barofsky - noted last month:

The truth is that the administration – whether through principal reduction or otherwise – has never prioritized coming up with an effective approach to helping homeowners and reviving the housing market, even when it had a multi-hundred-billion-dollar TARP war chest at its disposal.

More dramatically, in his must-read book Bailout, Barofsky says the Obama Administration never cared if the HAMP mortgage modification program actually saved homeowners from foreclosure, and that Treasury Secretary Geithner said that the program was simply aimed at spreading out foreclosures over time to “foam the runway” for the giant banks so that a high number of simultaneous foreclosures would not jeopardize their balance sheets."

Barry is Wall Street's dream. They paid for him in 2008, and they got every nickel's worth. - Wes

Zerohedge article

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