Well what a week. Why is Obama continuing to make statements about the mortgage industry without all of the facts? Obama is shaming lenders for not doing Loan Modifications which must make one of his largest supporters squirm. Obama received huge amounts of money from George Soros. We all remember Sen. Chuck Schumer making his cowardly statements about Indymac Bank and hiding behind is executive status to escape legal repercussions. Obama’s supporter Soros formed came in and cleaned up on the former IndyMac Assets.
From the information that I can gather the former IndyMac Mortgages have receive fewer loan modifications than any other lending institution. How can this be? Well it is like this, the FDIC guaranties up to 87% of a mortgage. This leaves the Lender with only a 13% risk. We have all seen that the FDIC will take over a back that falls below what they have stated a lack of reserves. Simple math shows us that loan modifications put all banks a risk of take over from the FDIC due to lack of reserves.
George Soros purchased most of the IndyMac assets and they are held under the name of One West. So why is it that we have heard nothing from Obama about One West? Is One West Obama’s Halliburton?
Obama has a standing offer to come to my office and have a beer to discuss fixing this mortgage mess. We have lived the Mortgage Industry for over 20 years and have seen the rise and fall. I have written many postings about the lack of understanding of the Mortgage Industry by the Media, the Public and now clearly the Obama Administration. With all due respect we are the “A Game.” The only thing that makes sense is if there is a stalemate between people that truly make policy and until someone blinks we are all going to suffer. In either case it is time to get the country moving again. Put aside all personal agenda’s and get the economy moving again.
As more and more people lose their jobs due to the economy there will soon be more and more crime as people become desperate to survive. The future picture here is not good on its current course. We have ideas and we know they will work. Shaming Banks, Job Summits, Town Hall Meetings, Flying all over the World all look good but get nothing done in terms of the economy. It is time to get to work, we are here and ready. We have on the pulse experience and no agenda other than restoring the economy. Let’s get busy!