OBAMA’S LAME HOUSING LIFELINE: Expert Breaks Down Why the Bank Deal Is a Bad One - Category:(default)
OBAMA’S LAME HOUSING LIFELINE: Expert Breaks Down Why the Bank Deal Is a Bad One
Among the analyses of the White House’s recent anti-foreclosure resolution with the banks, most critics are calling it a case study in politics, publicity or pandering.
No matter how you slice it, they all say the law is pathetic.
And why? Phil Cioppa is a financial analyst and business owner who brings a sharp perspective to economic issues like this by merging his own knowledge base with the collective vibe of his clientele.
“President Obama initiated an anti-foreclosure action to return $2,000 to those individuals who were victims of unfair foreclosure action by the five major lenders in the U.S., including HSBC,” explains Cioppa.
“Sure, a nice gesture. But what is $2,000 going to do now for those families who already underwent the pain of foreclosure? Clearly, now that the damage has been done, the government needs to focus on what went wrong, how to correct it, and how to help individuals avoid foreclosure in the future. Money is nice, but $2,000 is not going to get anyone anywhere in a profound and meaningful way.”
And here’s the kicker, Cioppa adds: Congress and Obama know it’s a sickly solution.
So, why did they push it through anyway and then pat themselves on the back for it?
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