Comments on: Chris Hayes Highlights the Failed HAMP Program on The Rachel Maddow Show

By: geminorange

geminorange — Mon, 02 Aug 2010 19:56:01 +0000

Ever hear of a bloodless coup d’etat?

Some would argue that such an event took place right here less than 10 years ago.

By: Agent420

Agent420 — Sun, 01 Aug 2010 17:23:34 +0000

Reply to mod note: Are you not jumping the gun here by assuming that the writer was advocating a violent coup d’etat. Ever hear of a bloodless coup d’etat?

By: Agent420

Agent420 — Sun, 01 Aug 2010 17:16:08 +0000

I don’t know if the loan mods coming from private lenders are that bad. My friend got a loan mod that saves him $500 a month. His interest went down to 3.15%

By: stewartm

stewartm — Sun, 01 Aug 2010 15:03:53 +0000

It is not a bug, it is a feature!

StewartM

By: kittykitty

kittykitty — Sun, 01 Aug 2010 12:37:55 +0000

can you say “coup d’etat”?

~~~MODNOTE – no advocating violence~~~

By: kt2kelly

kt2kelly — Sun, 01 Aug 2010 11:40:16 +0000

To those of you who blame Obama for the bailout, please read this timeline. Obama wasn’t even elected, much less in office. He did support the bailout, however, because it looked like the whole economy was going to collapse. If there was no bailout, we’d probably all be out of work, sitting at our computers, blaming Obama for not doing something.
- March 11, 2008: The Federal Reserve announces a rescue package to provide up to $200 billion in loans to banks and investment houses and let them put up risky mortgage-backed securities as collateral.
—March 16: The Fed provides a $29 billion loan to JPMorgan Chase & Co. as part of its purchase of investment bank Bear Stearns.
—May 2: The Fed increases the size of its loans to banks and lets them put up less-secure collateral.
—July 11: Federal regulators seize Pasadena, Calif.-based IndyMac, costing the Federal Deposit Insurance Corp. billions to compensate deposit-holders.
—July 30: President Bush signs a housing bill including $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners.
—Sept. 7: The Treasury takes over mortgage giants Fannie Mae and Freddie Mac, putting them into a conservatorship and pledging up to $200 billion to back their assets.
—Sept. 16: The Fed injects $85 billion into the failing American International Group, one of the world’s largest insurance companies.
—Sept. 16: The Fed pumps $70 billion more into the nation’s financial system to help ease credit stresses.
—Sept. 19: The Treasury temporarily guarantees money market funds against losses up to $50 billion.
—Sept. 29: The Fed makes an extra $330 billion available to other central banks, boosting to $620 billion the amount available to the Fed through currency “swap” arrangements, where dollars are traded for foreign currencies. It also triples to $225 billion the amount available for short-term loans to U.S. financial institutions.
—Oct. 3: President Bush signs the $700 billion economic bailout package. Treasury Secretary Henry Paulson says the money will be used to buy distressed mortgage-related securities from banks.
—Oct. 6: The Fed increases a short-term loan program, saying it is boosting short-term lending to banks to $150 billion. It says that by year’s end, $900 billion in potential overall credit will be outstanding. It also says it will begin paying interest on reserves that banks keep with the Fed in hopes of coaxing banks into keeping more money on deposit at the central bank.
—Oct. 7: The Fed says it will start buying unsecured short-term debt, so-called “commercial paper,” from companies.
—Oct. 8: The Fed cuts its benchmark interest rate a half percentage point, to 1.5 percent. It follows a one-quarter point cut on April 30 and a three-quarter-point reduction on March 18.
—Oct. 8: The Fed agrees to lend AIG $37.8 billion more, bringing total to about $123 billion.
—Oct. 14: The Treasury says it will use $250 billion of the $700 billion bailout to inject capital into the banks, with $125 billion provided to nine of the largest: Bank of America Corp., which received $15 billion; Bank of New York Mellon Corp., $3 billion; Citigroup Inc., $25 billion; Goldman Sachs Group Inc., $10 billion; JPMorgan Chase & Co., $25 billion; Merrill Lynch & Co. Inc., $10 billion; Morgan Stanley, $10 billion; State Street Corp., $2 billion; and Wells Fargo & Co., $25 billion. The $10 billion for Merrill has been deferred until its purchase by Bank of America closes.
—Oct. 14: The FDIC says it will temporarily guarantee up to a total of $1.4 trillion in loans between banks.
—Oct. 21: The Fed says it will provide up to $540 billion in financing to provide liquidity for money market mutual funds.
—Oct. 29: The Fed cuts its benchmark interest rate to 1 percent, matching the low point reached in 2003. The rate hasn’t been lower since 1958.
- Nov. 3: The election.

By: davephx

davephx — Sun, 01 Aug 2010 11:39:20 +0000

The miss information here is incredible.

Banks were REQUIRED – It was NOT VOLUNTARY to sign HAMP participation agreements as part of getting TARP funding.

They ignored the directives made up lies, imposed additional requirements and there was nothing that Obama/Treasury could do. There is no HAMP law only a TARP requirement to sign agreements to follow the directives which the banks ignored. And now most have repaid TARP.

Obama/Treasury did massive effort to get compliance from meeting bank heads at the White House to sending in the SWAT teams from Fannie late 2009 to trying to shame them via the required monthly Treasury reports.

Very few internal bank mods are getting done either. The servicers have nothing to gain other than the small incentive by doing HAMP, or internal mods.

The SERVICERS do NOT TAKE ANY FORECLOSURE LOSS!!!! They don’t own the mortgages usually and they make far more money by extending long trials often 12 months, foreclosing, managing the real estate owned and reselling it.

About 80% of First mortgages are guaranteed by the GSE’s (Fannie/Freddie/Ginne. The TAXPAYERS take the loss on foreclosure sales not any banks in most cases.

Banks got bailed out but have every financial interest to NOT do modifications as servicers. Obama has no power to enforce. Only a law from Congress could and of course that would be blocked by the R’s who are very vocal wanting HAMP to fail so than they can falsely blame the administration.

By: mamazboy

mamazboy — Sun, 01 Aug 2010 06:35:47 +0000

I think we really need to put the rest any lingering thoughts of Obama as a progressive or even a centrist. Everything he touches reeks of right-wing corporatism and class toadyism. This ruinous redirection of the money to the criminal lending agencies is just so totally typical. I don’t give a shit who runs next time; I’ll never vote for this shyster again.

By: BMcGarth

BMcGarth — Sun, 01 Aug 2010 04:16:02 +0000

Good on Chris.But the Networks know how to manipulate viewers to watch their programming…..I quite frankly have stopped rewarding MSNBC with my viewership……there is no need to watch a network that is not going to call out the WH & congressional Dem leadership for their incompetence & neglect of ordinary Americans…..by now we all know the GOP is just downright awful….there is no need to keep drilling it into our brains everynight that the GOP is scum,when equally offensive characters(Kent Conrad,Ben Nelson,Chris Dodd etc,etc) exist on the Dem side.
Full disclosure…I don’t watch any of the cable news networks.

Rachel Maddow would not have touched this,she is too busy working for the WH even with all of their ineptitude.
But moreover,Ed Shultz for all his bellyaching about being a progressive probably has not even come around to this…he is a Corporate progressive, same as everyone over at MSNBC.

Maybe this is just a tease….to get viewers to start watching the Network again.Anyway,Good on Chris for highlighting the farce of a mortgage help program.

By: PPDCUS

PPDCUS — Sun, 01 Aug 2010 03:53:14 +0000

I recommend not touching those bare, live wires, eCAHN — or try those anti-shock brakes.