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Wednesday, October 13, 2010

Has Barack Obama committed an Impeachable Act regarding his Government bailout programs for Home Owners?

There is so much internet information being generated on a daily basis that nowadays it doesn't necessarily take a pulitizer prize winning journalist to discover a sleazy sequence of political actions that may be illegal and possibly an impeachable act, the research can also happen by accident.
Barack Obama has this strange habit of offering government programs to "financially assist" struggling homeowners, in exchange for their homes! When Barack Obama proposed the HAMP (Home Affordable Mortgage Program) to struggling homeowners, the caveat was the homeowner had to fall behind on their mortgage payments to apply to the program!
The problem with becoming eligible for HAMP by falling behind on ones mortgage payment is the banks immediately begin a process called "parallel foreclosure". Parallel Foreclosure was a term I accidentally stumbled upon while doing research about Chase Bank. The term parallel foreclosure is so rare that until I started blogging about it, there was virtually nothing about it on the internet. Even one year later, the first few google search hits for parallel foreclosure are from comments and articles that I have written about it.

Parallel Foreclosure basically means the banks start home foreclosure paperwork the moment a homeowner applies for a government program that is designed to reduce their home mortgage payment or offer some type of federal assistance so the homeowner can afford their home mortgage payment!

HAMP and the resulting Parallel Foreclosure is not enough to impeach Barack Obama. However, I just discovered the following article from the Minnesota Independent from August 11, 2010, and suddenly, impeachment of Barack Obama seems like a fair and honorable course to take because ONCE AGAIN, Barack Obama has implemented ANOTHER homeowner assistance program that ALSO causes parallel foreclosure to occur.
The Minnesota Independent article is about a NEW UNEMPLOYED homeowners help program, EHLP (Unemployed Home Loan Program), and you guessed it, once again, the homeowner MUST BE THREE MONTHS BEHIND in their mortgage payments to "qualify". The sad thing is the rest of the program seems decent. Anybody who qualifies for the program gets a 50,000 dollar, interest free loan and two years to find work if they demonstrate a realistic plan to find employment.
I understand that if getting behind on a mortgage payment was not a pre-requisite for both of these federally backed homeonwer programs than perhaps an enormous amount of homeowners would try applying for the program. But, the triggering of parallel foreclosure in TWO SEPARATE INSTANCES of government programs designed to "help" the homeowner demonstrates a contempt for the struggling homeowner.

Furthermore, the requirement of becoming late on a mortgage payment before becoming "eligible" for the government program is most likely a spirit and pride killer for the average american citizen.

But these two homeowner assistance programs go deeper than just contempt for the struggling homeowner and the loss of their home. Homeowners are also losing either their original home mortgage down payment, or access to home equity lines of credit when their homes are repossessed.

And lets not forget, the Barack Obama back home mortgage programs ACTUALLY DON'T WORK for MOST APPLICANTS. If the programs don't work for most applicants, and to become eligible for the program one must get behind on their mortgage payments which in turn kicks in parallel foreclosure procedures, one can see that these home mortgage programs are highly unethical and to a large degree, "legalized theft", and somebody should be held responsible, and possibly impeached for creating these programs.

Sally Smith's comment under the Minnesota Independent's article is a ringing indictment of how these snake oil programs allegedly "work"...
Comment posted August 29, 2010 @ 9:27 am

HUD will get funds that they will keep and not help anyone. We went through the entire program and were denied any assistance. They kept changing what qualifications were needed to meet their program guideline to receive help. We met all of them. They sent us to a financial counselor, (who told us our problem was we weren’t bringing in enough money) okay..I did learn to add and subtract in elementary school. So…will this new program really help anyone or will the State’s government programs just keep the money within their departments for their own use like they have in the past. We eventually had our mortgage payments lowered by the bank (not much $40). Again, we are behind. The banks aren’t helping either. We have equity in our home but if we can’t sell our home it doesn’t matter how much equity a homeowner has left in their home.

And yet, it SHOULD MATTER how much equity is in a home before that home is foreclosed upon.

1 comment:

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