Homeowners Get The Boot For Bad Paperwork While Banks Get Millions For Same

[marmar]

from HuffPost:



Mortgage companies enrolled in the Obama administration's signature foreclosure-prevention initiative may be receiving taxpayer funds despite not having a legal right to the home or to the mortgage, a top Treasury Department official revealed Wednesday.

But despite faulty or missing paperwork, the Obama administration allows mortgage companies to boot homeowners from the program, sticking the borrowers with massive bills that often leave them worse off.

During an oversight hearing, Phyllis Caldwell, Treasury's housing rescue chief, acknowledged during questioning that Treasury doesn't know whether mortgage companies and the owners of mortgages are receiving public money under "false pretenses." Treasury is investigating, she said.

The contradiction highlights what many critics of the past two administrations' policies have claimed for some time: they exert overwhelming force when it comes to saving financial institutions, but merely modest assistance when it comes to distressed homeowners. ..........(more)

The complete piece is at: http://www.huffingtonpost.com/2010/10/29/money-first-questions-later_n_776135.html

[GreenPartyVoter]

1. But of course.

[FiveGoodMen]

2. And those whom we elected to represent us, side against us instead.

[ThomCat]

3. AGAIN this administration favors corporations instead of people.

Again, we see double standards, and people get screwed.

:grr:

When is Obama going to stand up for PEOPLE? When will all the people who have been screwed get some help, some relief, some kind of break? When will Obama start to treat people with the same privileges and benefits of the doubts, and presumptions that he has been giving companies from the very beginning?

:wtf: