Even Though HAMP Failed Miserably, White House Commits $3 Billion to "Help" Homedebtors

HAMP was an abject failure (ask anyone who tried to get their loan modified and I'm sure they can tell you) but since the government only knows one method of problem resolution (throwing money it doesn't have into the bottomless pit), it's decided to throw some more cash at the problem in the hopes it will go away. OK, I'm sure the White House is reasonable enough to know that the problem will never go away so let's change that to "get better enough to keep the pitchforks at bay for a few more months".


The White House on Wednesday said it would spend an additional $3 billion to help distressed homeowners in the states with the highest jobless rates to pay their mortgages.

The latest round of funding pushes the total federal commitment up to $4.1 billion. The government already runs two other programs to help homeowners modify existing mortgages or make their monthly payments.

The White House is authorized to spend up to $50 billion to help homeowners under the Troubled Asset Relief Program originally created by the Bush administration to bail out Wall Street.

The government has bailed out everyone from automakers to the unemployed and still hasn't made much headway when it comes to clearing up the economy's clogged pipes, what makes it think this $3 billion it does not have and cannot afford will somehow be different?

Free money for everyone! Hey, I'm broke and angry, where's my cut? It's a shame I'm being left out of the free money party because I am A) still employed and B) a renter. Way to reward me for my responsible behavior, you asshats. If we ever get out of this mess I am SO buying a bunch of crap I can't afford at the start of the next bubble blowing party, screw that.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


dennis said...

You are thinking just like the "powers to be" want you to think. They love people to arrive at simple conclusions not from critical thinking but from simple emotions used to analyze complex problems. Banks most definitely got bailed out, yes! The great majority of home owners who applied for hamp did not get their mortgage modified. I would guess 90% did not. Many of these home owners deserved to be helped out. Some I know personally. The details of this recent financial crisis will not be known for 30 years. Then the few whose greed is to blame for this crisis will come to light and we will know the tragedy of the many who took it in the neck. There is no solution but time and pain for the many. I agree $3 billion dollars thrown at the problem is no solution. But someone will benefit from the 3 billion and it will not be those peole who the money was intended to help.

dennis b


I respectfully disagree with your statement that I am thinking just like TPTB would like me to think - my thought process is the furthest thing from "desired" by them as anyone's could possibly be.

I'm not emotional about the issue nor do I take shortcuts when I analyze a situation - it seems pretty cut and dry to me that the administration is throwing money at the problem because it doesn't know of any other "solution". I agree with you that eventually this will all come out in the wash.

Are you implying that the administration is just using the $3 billion in "help" as yet another backdoor bailout for the banks? I've come to that conclusion before and called it an advanced money laundering scheme as that appears to be all it is.

Help! Hahahahaha what a joke.