U.S. Treasury Admits - Home Modification Program Was Strictly To Help the BANKS - NOT the Homeowners!

Treasury Officials admit - the "helping Homeowners modify their mortgages" was simply a ploy and it was to just help the banks - not the homeowners!

Very long article - but worth the read

Small Portions:

The Treasury Department's plan to help struggling homeowners has been failing miserably for months. The program is poorly designed, has been poorly implemented  and only a tiny percentage of borrowers eligible for help have actually received any meaningful assistance. The initiative lowers monthly payments for borrowers, but fails to reduce their overall debt burden, often increasing that burden, funneling money to banks that borrowers could have saved by simply renting a different home. But according to recent startling admissions from top Treasury officials, the mortgage plan was actually not really about helping borrowers at all Instead it was simply one element of a broader effort to pump money into big banks and shield them from losses on bad loans. That's right: Treasury openly admitted that its only serious program purporting to help ordinary citizens was actually a cynical move to help Wall Street megabanks

The program was successful in the sense that it kept the patient alive until it had begun to heal. And the patient of this metaphor was not a struggling homeowner, but the financial system, a.k.a. the banks. Policymakers openly judged HAMP to be a qualified success because it helped banks muddle through what might have been a fatal shock. I believe these policymakers conflate, in full sincerity, incumbent financial institutions with "the system," "the economy," and "ordinary Americans

Borrowers who choose not to pay their mortgages don't even have to feel guilty about it.  Refusing to pay is actually modestly good for the economy, since instead of wasting their money on bank payments, borrowers have more cash to spend at other businesses, creating demand and encouraging job growth. By contrast, top-level Treasury officials who have enriched bankers on the backs of troubled borrowers should be looking for other lines of work.

If anything - this kind of information should Make MORE PEOPLE STAND UP! Against these ........ *(&&^%$$$)*&^!!!!!!!!!!!!!!!!!!

I personally Desire to Take the Banks DOWN!!! I will KEEP Standing UP and asking Others to Stand UP - against the Injustice of the People as a Whole being Bankrupted by the Banks in a systematic Manner!