B of A Parallel Foreclosure CONFESSION

Friday, December 17, 2010

Barack Obama's healthcare plan questioned by judges for forcing people to buy a product. Is HAMP next, which lures people into parallel foreclosure?

Barack Obama seems to support government programs that either force americans to buy something, such as health insurance, or that lures americans into bait and switch tactics, such as parallel foreclosure, resulting in the accelerated loss of their home. Judges have already begun frowning on forcing people to buy health care insurance, and judges have also begun frowning on parallel foreclosure tactics as well.

For being recognized as a smart guy, how can Barack Obama support these two government programs so wholeheartedly when the judicial system is finding both of them legally flawed?

How can a smart man such as Barack Obama continue to support programs that force or lure people into situations that are nothing more than bait and switch? When does a parallel foreclosure class action lawsuit commence?

When do reporters actually start to use the phrase "parallel foreclosure" to describe the victimization that has already happened to close to a million U.S. homeowners who simply wanted mortgage relief through a government sponsored and taxpayer funded program such as HAMP?

Why was HAMP promoted over HARP? I'll cover that question in my next parallel foreclosure article.

Edit update: Neither HARP nor HAMP is really a cure all. The more research I do, the more I think the entire process should have been streamlined. 4% fixed mortgage across the board for anyone who wants it. Offer credit card incentive programs for anybody who can pay down their total credit card debt every month.

Actually design the credit card terms to be the following, 2.9% interest on outstanding debt, every month 2.5% of the minimum is paid, 50% of the paid amount is allowed to be "respent". Repeat month after month. The result is the overall credit card debt reduces by approximately 1.2% every month AND the consumer gets to respend a portion of what they just paid.

The bank gets cash flow, the customer is able to buy small items while still paying DOWN their overall credit card debt. In combination with the 4% mortgage rate, the homeowner has the best chance to pay down their debts while in turn spending some money locally to help state income tax coffers and local businesses as well.

3 comments:

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  3. I like your common sense plan but you forgot the fact that no one in the federal government/Federal Reserve/CONgress/TBTF banks gives a damn about the American people, except to squeeze as much money out of us as possible. Same with The Teleprompter in Chief. He talks a good game, but it's nothing but empty words. Can't wait to see what the new "tea partiers" in CONgress roll out. I'm betting the ranch that it's more of the same old. The banksters will own them before long, if they don't already.

    We are truly on our own. The course of action for all of us right now is to do whatever we can to starve the beast and withdraw our consent for the rape and pillage that continues on a daily basis.

    ReplyDelete

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