Book Claims White House Foreclosure Program Benefited Banks, Not Consumers

Tweet

It’s hard to know if politicians, who are bought and paid for by corporations, even have the ability or desire to help the American people.  A new book is claiming that there was really no intention of the Obama Administration’s foreclosure program to stop foreclosures and prevent them.  Instead, it is being argued that the program was designed to simply help people to die a slower economic death.

The accusations could be damning for an administration that has been long accused of bringing in Wall Street and Harvard University elitists who care more about their friends at Goldman Sachs than about the people who work hard every day to make a living.  Starting with former Harvard University  President Lawrence Summers, the Obama Administration economic team consists of men who’ve made a career out of robbing poor people and working for Wall Street.  America appears to be changing right before our eyes.

KultureKritic.com tells more:

In Neil Barofsky’s new book, ”Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street”, Barofsky details how Treasury Secretary Geithner designed the Home Affordable Modification Program (HAMP) as a way for bankers to spread out their losses, even though the program was trumpeted by the White House as a program to help homeowners.

Barofsky says Elizabeth Warren, now a candidate for Senate in Massachusetts, repeatedly questioned Secretary Geithner about HAMP, and Geithner finally responded, saying,  “We estimate that they can handle ten million foreclosures, over time… this program will help foam the runway for them.”

Read More At Kulture Kritic