Thursday - February 02, 2012

There He Goes Again

Saying that he is issuing administrative maneuvers for a “homeowners bill of rights” and other means to investigate and prevent abuses in the mortgage industry, Obama told an audience in Falls Church, Va., that he wants the Federal Housing Administration to guarantee refinancing for families who are current on their mortgages.

...

Obama said the bill of rights would compliment the work approved by the Consumer Financial Protection Agency.

“Now that our new consumer watchdog financial agency is running at full steam, now that Richard Cordray is in as the director of the Consumer Finance Protection Bureau, they’re moving forward on protections like this,” he said.

...

“I’ll be honest, the programs we’ve put forward didn’t work at the scale we’d hoped,” Obama said. “Not as many people have taken advantage of it as we wanted.”

The administration proposal faces a major hurdle in Congress. The program would cost between $5 billion and $10 billion, depending on participation, and the administration proposes to pay for it with a fee on large banks. The administration has tried unsuccessfully before to win support for such a tax on large banks.

Gee I wonder why. Hey Mr. Banker, whaddya say we put a new law in that forces you to make less money, and we tax you to cover the overhead costs of the whole program? No? You don’t like that? Why not?? Boo hoo, you’re so unfair! Capitalism sucks!!!

snake graphic lifted from Maggie’s Farm.

Posted by Drew458     on 02/02/2012 at 08:47 AM   
Filed Under: • Economics • Obama, The One •  
• Comments (1) • Trackbacks(0)  Permalink •  

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