OMG!!! Obama Administration pushing for a deal to settle home foreclosure claims

Glory, Hallelujah!!!

I am speechless!! This is great!!!

Well, until you really read the information a big thud comes upon you. As in, business as usual, as in no accountability but all deniability by banks, as in wrap this up because it can become a sore thumb in any re-election bid.

But, I was excited for a hot minute!! Now, not shocked at this deal, it is what we have witnessed the past 2-1/2 years from the Obama Administration.


The premise of this deal sounds solid, good but as you read it, if you were one of these homeowners is this good enough?

The bottomline is this:

Described as a "shock and awe" approach, the deal would accomplish the four goals set out by state and federal policy makers and regulators as part of their multi-agency investigations into abusive mortgage practices by the nation's largest financial firms: punish banks for violations of state law and federal regulations; provide much-needed assistance to distressed borrowers; stabilize a deteriorating housing market; and dissuade firms from abusing homeowners in the future.

The modified mortgages could cost the five financial behemoths -- Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial -- as much as $30 billion, according to sources. Combined, the five firms handle three out of every five home loans, according to newsletter and data provider Inside Mortgage Finance.

It also could lead to reduced mortgage payments or lowered loan balances for nearly two-thirds of the 4.7 million delinquent homeowners who have yet to fall into foreclosure, according to data provider Lender Processing Services.

Forget those who have lost their homes due to malfeasance, fraud, trickery and theft by these financial institutions. Your loss will remain ignored, not recognized and part of collateral damage in the art of "CYA", Washington, D.C. style. Sorry, but that is what is going to happen.

What this deal WILL DO is to help homeowners who are delinquent modify their mortgages, forgive the principle and any balances on second mortgages/home equity loans will be written down or possibly eliminated.

All of this has to be ok'd by the federal government/agencies, banks, financial institutions, along with the states. Why the states? Well, many states have started legal processes against many of these financial institutions on behalf of their constituents.

In the meantime, the financial institutions, along with the federal government want this over and done with. Why? Well, the public dislike and mistrust of banks is clear, especially since these thieving robber barons was directly responsible for the fall of this country's economy. This the public understands VERY WELL. For the Obama Administration, they want this continuing talking point OFF THE TABLE. Their position will be, "see we have held the banks accountable and are helping millions of Americans to restructure their loans in a fair and timely manner." Not having this deal will continue to be a black eye to the Obama Administration, as they will be perceived as doing nothing and "In Like Flynn" with the banks. Remember, the public don't like the banks.

Meanwhile, banks, while eager to put the controversies over wrongful home repossessions and "robo-signing" behind them, do not want to be the only firms that pay for what could be a mass mortgage principal forgiveness scheme. They want government-owned mortgage giants Fannie Mae and Freddie Mac, which own or guarantee more than half of all home loans, to participate in any initiative that calls for lowering homeowners' loan balances. Fannie and Freddie's regulator has been reluctant to allow them to participate, citing his responsibility of minimizing the cost of the bailout to taxpayers, people involved in the talks said.

The Obama administration wants a quick resolution to the probes, and is putting pressure on the small group of state attorneys general leading their investigation to wrap it up, sources said. On Tuesday, Treasury Secretary Timothy Geithner told a Senate committee that "all parties have a stake in bringing this to resolution as quickly as possible."

"It's very important that we try to bring this to bed as quickly as we can," Geithner told the Senate Banking Committee.

If all goes well, this could go over well with the voters, maybe. But for those wanting an investigation from this Administration, IT AIN'T HAPPENIN'.....

Investors, homeowner advocates and law enforcement officials hoping for a deep investigation into allegedly widespread mortgage abuses by the nation's largest financial firms may ultimately be disappointed.

Lastly, the banks are still in charge where D.C. is concerned. They definitely will not sign any agreement with new rules and procedures attached, nor will they pay any new penalty fees that will not clear their name (I am not kidding about this).

But the banks won't sign any agreement that forces them to abide by new rules and pay substantial penalties that doesn't clear them of liability or at least significantly lessen the chance of a state-brought lawsuit, sources familiar with their position said.

In fact, the banks are crafting their own proposal. Did we think this would not happen?

In the long run, the Obama Administration must show that they have done something in regards to the financial institutions because this continues to be an anger point with voters out here. The banks don't want a full investigation and all their dirty laundry out for us to sniff and become even angrier, especially since that dirt will be legal documents with legal signatures, with financial executives still bringing in billions and no accountability like "hand cuffs" on these crooks. Oh, no, don't expect that to happen.

This is about the best that will come of a preliminary deal and I mean preliminary because as we know, deals change, whether we like it or not. This will be a public slap to the banks, while the banks will continue business as usual, which in the end is a sad state of affairs for government working and not protecting the public. The government does not work for the people, they work for the status quo and we all know who they are.

Elizabeth Warren says it the best about this mortgage mess:

“If there had been a cop on the beat with the authority to hold mortgage servicers accountable a half dozen years ago, if there had been a consumer agency in place, the problems in mortgage servicing would have been exposed early and fixed while they were still small, long before they became a national scandal,” Warren said in testimony before a House Financial Services subcommittee. She is point person for setting up the new Consumer Financial Protection Bureau.

If the Financial Regulation Bill had real teeth in it, we would have started to see real change. But, again, the status quo always win.

Cross-posted @ Daily Kos

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Catastrophic home sale numbers (Video)

Again, until the mortgage/home industry rebounds (which is no time soon), this economy will continue to be where it is at, atrocious...oh, that tax credit needs to be reinstated, SOON...



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President Obama's remarks after meeting with Bank CEOs (Video)

Transcript

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President Obama's memo to Wall Street during NY fundraiser (Video)

The financial industry joining the White House on financial reform? Folks, you think health care is a fight? The money is already flowing HEAVY through the halls of congress on NO CHANGE after the disastrous irresponsibility of Wall Street. In other words, the rich folks want to remain, RICH. It was Wall Street, the banking industry that paid so much money for deregulation it happened. Does it mean every time Wall Street 'eff up that we, the taxpayer are supposed to bail these rich crooks out? Hell to the naw, on that one, from me, but we saw what happened with Bush and Obama. This industry needs to be regulated and heavy. I don't want another dime going to these crooks. This is the industry that believes heavily in the free market and capitalism, yet they came running to the very government that they despise to save them. After what has happened, regulate them to the mo-fo hilt.



And if you don't get it? Watch the PBS Frontline: The Warning. After watching this you will scratch your head and ask, "Why are the same people who KNEW this was happening are still around? Like in the Obama Administration?"



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Foreclosures moving right along.....

Along with problems of NO JOBS and people having to take wage cuts to try to keep a job, your mortgage bill sure isn't going down anytime soon. Record high foreclosures and folks just walking away from these homes that is not worth the paper it is printed on, should be an ALARM all across this country. The Dow Jones may be partying like it is 2099, but Main Street is being slaughtered out here.

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state -- the best record in the country. read more here....

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Michael Moore and Dylan Ratigan goes at it on The Today Show (Video)

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This is another problem, working for LESS and paying MORE for everything else

I had a friend call me last week in an absolute panic. Their whole department is being given to a consulting company, starting in January. Everyone in the department must re-apply for their jobs and the pay cut is 15-20%. The benefits from a consulting company versus the firm are worse and the cost is higher.

Folks, these companies don't care about you as they did your parents or grandparents 40 years ago. They have no remorse on cutting your salary, making your premiums for insurance and everything else higher. They only care about its companies bottom line and if they can rah-rah it on the stock market, only the top elusive folk benefit. Everyone else, like you? Not so much.

Many Americans are also trapped with houses that are not worth the paper they bought it for. So what are many Americans doing? They are walking away from these over priced homes and don't give a DAMN about doing so. That is a continuous problem. Hey, if Wall Street and the banks can make out like fat cats, why not walk away? Many just don't care anymore. That should be alarming.

I am going to be a stickler about jobs in this country. Sure, President Obama inherited a huge mess, but by this time next year it is HIS MESS. The Republicans, if they can get it together, needs to present to the American Public why they should vote for them, but more so, where they can be inventive on creating JOBS for the millions of Americans out of work. That is the Republican problem, as they continue to say NO to everything, they continue to offer no solution to anything. Until they can figure this out, they will continue to be the party with the names of Limbaugh, Beck and Dobbs.

And the Democrats and Obama, this economy needs to turn around and jobs need to come back to this country. That is YOUR task and to energize your very base as to why to continue to come out to vote for you. The notion of Obama inherited this mess only lasts for so long. Next year are the mid-term elections and after watching in the thousands line up for federal assistance for housing and heating was heartbreaking. Estimated 50,000 showed up, but only 3,500 applications will be granted.

It is not only the economy stupid, but it is JOBS.

The dark blue captain’s hat, with its golden oak-leaf clusters, sits atop a bookcase in Bryan Lawlor’s home, out of reach of the children. The uniform their father wears still displays the four stripes of a commercial airline captain, but the hat stays home. The rules forbid that extra display of authority, now that Mr. Lawlor has been downgraded to first officer.

He is now in the co-pilot’s seat in the 50-seat commuter jets he flies, not for any failure in skill. He wears his captain’s stripes, he explains, to make that point. But with air travel down, his employer cut costs by downgrading 130 captains, those with the lowest seniority, to first officers, automatically cutting the wage of each by roughly 50 percent — to $34,000 in Mr. Lawlor’s case.

The demotion, the loss of command, the cut in pay to less than his wife, Tracy, makes as a fourth-grade teacher, have diminished Mr. Lawlor, 34, in his own eyes. He still thinks he will return to being the family’s principal breadwinner, although as the months pass he worries more. “I don’t want to be a 50-year-old pilot earning $40,000 a year,” he said, adding that his wife does not want to be married to a pilot with so little earning power.

In recent decades, layoffs were the standard procedure for shrinking labor costs. Reducing the wages of those who remained on the job was considered demoralizing and risky: the best workers would jump to another employer. But now pay cuts, sometimes the result of downgrades in rank or shortened workweeks, are occurring more frequently than at any time since the Great Depression.

State workers in Georgia are taking home smaller paychecks. So are the tens of thousands of employees in California’s public university system. The steel company Nucor and the technology giant Hewlett-Packard have embraced the practice. So have several airlines and many small businesses. read more here....

And these pay cuts? How are people suppose to SURVIVE? The inflation is not going down, the grocery bill is not reducing, the car note is not declining, the basics of living is not cheap. And it is supposed to just be ok?

Houston, we got a problem........

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Is this true?

If so, Dodd and Conrad have a lot of explaning to do:

Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony.

Both senators have said that at the time the mortgages were being written they didn't know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.

Dodd got two Countrywide mortgages in 2003, refinancing his home in Connecticut and another residence in Washington. Conrad's two Countrywide mortgages in 2004 were for a beach house in Delaware and an eight-unit apartment building in Bismarck in his home state of North Dakota.

Robert Feinberg, who worked in the Countrywide's VIP section, told congressional investigators last month that the two senators were made aware that "who you know is basically how you're coming in here."

Ok, this is the problem with congress.

The United States Congress has forgotten who they work for. If anyone believes the constitution, these elected officials are suppose to represent us, the people. But, as more things have come to light, especially around the health care legislation, the mere fact is that congress works for the corporations. The LARGE corporations that line their campaign coiffers.

Now, Dodd and Conrad, if true, is probably not the only ones in the pot who got something while touting the housing industry's water, but right now it just does not smell right.

Yes, I hear the argument that it is the AP reporting this, but this has been floating around Chris Dodd for quite some time and remember Countrywide was out of the State of Connecticut.

What I am trying to state is his that if we expect ANYTHING in health care to get done, how can it when so many are compromised from both sides? The ones that are spending the 1.4M a day to lobby are the ones who will have the final say, apparently. And that final say will be the health care and insurance industries.

The question is, "Are we going to let them?"

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Home Prices up in June

In other words, the prices on homes have slashed and there are some deals out there if you can qualify for the loan and have 20-30% to put down. Think the home prices are going to skyrocket up again? Think again. It won't. Not in this economy and not with the wages that the average American is currently getting.

New U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades, the government said on Monday.

The Commerce Department said sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.

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As long as the job numbers are horrific, foreclosures will continue to rise

I am for the stimulus program, I see the Obama Administration signs around various construction jobs, but one thing that bothers me is the job numbers. The unemployment numbers are not coming down, the numbers are going up and I am not sold on the economy bottoming out.

Why is that? Well, I went out of town this holiday weekend. I left from one of the busiest airports in the world, Chicago's O'Hare International Airport. I am here to report that the travel was LIGHT. The plane I was on was half full leaving to my destination, though full on the flight back, but all in all, the airport traffic was one of the lightest I have seen in a very long time.

That says something. It says people don't have the money to travel, even though you can get good deals out there. It also says that if folks are not traveling, it has a roller ball, ripple effect on everything else.

Another indicator is the malls. The one big mall that I have frequented over the years have cut the hours down, drastically. My hairstylist, who works at this large mall, told me that it is hard to book all the stylists at Mario Triccoci, work there has been cut down. Shopping malls are another indicator of how strong the economy is. Case and point, I went to Best Buy to purchase Twilight on a Saturday and I have not been in Best Buy for quite a while, since I purchase most of my goods from the internet, going in that store was a reality check. It was a ghost town. This is an anchor store at a shopping mall, which at one point was crowded EVERY WEEKEND, was like a ghost town. Sure, folks are shopping on the internet, but when people don't have money for a basic lavish necessity as a DVD, times are hard. Yep, the shopping malls are ghost towns.

On the low-income east side of Charlotte, N.C., the 1.1-million-square-foot Eastland Mall recently lost a slew of key tenants, including a Dillard's and, next month, a Sears. Sales per square foot at the venue fell to $210 in 2008 from $288 in 2001.

The Metcalf South Shopping Center in Overland Park, Kan., is languishing after plans to redevelop it into an open-air shopping district fizzled. The stretch of shops that connects the two largest tenants -- a Sears and a Macy's -- stands mostly vacant, patrolled by security guards.

With their maze of walkways and fast-food courts, malls have long been an iconic, if sometimes unsightly, presence in the American retail landscape. A few were made famous by their sheer size, others for the range of shopping and social diversions they provided.

But the long recession is helping to empty out the promenades. Some analysts estimate that the number of so-called "dead malls" -- centers debilitated by anemic sales and high vacancy rates -- will swell to more than 100 by the end of this year.

For many when money is tight people move into the survivor mode of thinking, which means if I don't need it, I won't buy it. So, the smallest of luxury items, like a 13.99 DVD, is put in the I don't need list and if this mode of thinking is out there now, a lot of shopping malls are going through some tough times.

Enters that pesky job number or unemployment number, which is over 600K a month. Americans single most asset of value is their home, period. Americans have seen their home value plummet and the notion that it will pick back up is just a fallacy. It won't, not for a very long time. And since folks are getting the pink slips at record clip, this includes solid home owners, with solid credit, who are now behind on their mortgages.

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.

In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories.

With many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy.

“We’re about to have a big problem,” said Morris A. Davis, a real estate expert at the University of Wisconsin. “Foreclosures were bad last year? It’s going to get worse.”

Economists refer to the current surge of foreclosures as the third wave, distinct from the initial spike when speculators gave up property because of plunging real estate prices, and the secondary shock, when borrowers’ introductory interest rates expired and were reset higher.

“We’re right in the middle of this third wave, and it’s intensifying,” said Mark Zandi, chief economist at Moody’s Economy.com. “That loss of jobs and loss of overtime hours and being forced from a full-time to part-time job is resulting in defaults. They’re coast to coast.”

To be honest, there is only so much at this point that government can do. The shame of this is that the Obama Administration inherited a huge financial anchor on its neck and no matter who was in the driver seat; the reality would be the same. The automotive industry is not helping the job numbers, expect unemployment numbers to escalate.

The reality is this in the end:

The issue here is that even the best credit rating in the world is little protection against the fact that if you’re laid off during a recession your income may drop a huge amount. Foreclosures, in turn, help make the economic situation worse and drive up the unemployment rate.

And that is a dilemma that the Obama Administration is in, they can not wave a magic wand and make it better. It will take time. And for some, time is not on their side.

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Obama Administration expanding housing plan

This is good news for many homeowners trying to hold onto their home. This targets homeowner who do not qualify for the assistance of various programs now. Remember, the foreclosures in this country is still at record levels, if we want to stablize this market, which means the value of many homes in this country, we must slow down the foreclosure rate.

The Obama administration expanded its $50 billion mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a foreclosure if they don’t qualify for other assistance.

The new initiatives are expected to streamline the process of selling a home that is worth less than the mortgage, or transfer ownership of a home to the lender. Both options will still ding the homeowner’s credit score, but less than a foreclosure.

Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan held a press conference Thursday with borrowers who saved their homes through the government’s mortgage aid program called Making Home Affordable.

Since the program was launched in March, Mortgage companies have made more than 55,000 offers to modify borrowers’ loans. So far, 14 companies that service about three quarters of the mortgage market have signed up and will be paid for each loan they modify.

While the number of success stories is growing, it pales compared to the rate of new foreclosures, and many housing counselors across the country are complaining that the Making Home Affordable is taking off slowly.

“Our experience at the ground level has been, so far, frustrating,” said Michael van Zalingen, director of homeownership at Neighborhood Housing Services of Chicago, a counseling group. Entry-level employees at mortgage companies, he said, are either steering borrowers away from the plan or are entirely unaware of it. read more here....

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Bank of America needs a sh*tload of money, eventually more bailout money...

Again, I have been writing from the beginning, we cannot save all the banks. We cannot. We have sunk billions into Citibank and have been sinking the same into Bank of America. Now, we are all smart here and can smell the bulls*it, eventually the Obama Administration will have to cut the purse strings, which are our purse strings and let one of the big ones, that we were told, "CAN NOT FAIL", do just that. FAIL.

Bank of America Corp. stock rose in premarket trading after an initial decline, amid reports that it needs $34 billion in new capital.

The New York Times and The Wall Street Journal are reporting that regulators are telling the Charlotte, N.C.-based bank it needs about $34 billion in capital based on results of government "stress tests."

The New York Times quoted a bank executive, while the Journal report cited unnamed people familiar with the situation.

Bank of America was not immediately available to comment on the reports. The Treasury Department declined to comment.

Shares of Bank of America rose $1.02, or 9.4 percent, to $11.16 in premarket trading. The stock had been down more than 5 percent earlier in the morning.

Bank of America has been among the hardest hit banks by the credit crisis and ongoing recession. It has received more than $45 billion in government aid already, and has come under heavy scrutiny in recent months for its acquisition of Merrill Lynch.

The need for more capital comes as the government gets set to release the results of a stress test on Thursday that it completed on 19 banks to determine how they would fare in economic conditions worsened. The test aims to gauge how much of an additional capital cushion the nation's biggest banks need to protect against potential future losses.

Any of the banks that are deemed to need more capital will have an opportunity to raise the funds on their own before the government steps in to help support them.

Can BofA raise this capital? I don't know, this is not the only shaky bank out there and though the stock market is slowly becoming more solid, the job market is not and though the housing market is up it is only because many are purchasing drastically reduced homes. This also means that many Americans are sitting on mortgages in homes that have dropped drastically in value. Now 1 in 5 home owners owe more on mortgages than what the home is worth.

The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.

The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.

For instance, fewer will qualify to take advantage of a key component of the Obama administration's plan to stabilize the housing market. Under the plan, announced in February, as many as five million homeowners whose loans are owned or guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac can refinance their mortgages, but only if the mortgage loan is a maximum of 105% of the home's value.

This leaves many STUCK with a mortgage on a home not worth, well, squat. So, now we should continue to keep the likes of Bank of American above water? Eventually, for the Obama Administration, people are going to get tired of this, if they are not getting ansy already.

WE CAN NOT SAVE THEM ALL. If we can let Chrysler go into bankruptcy, so can some of these banks. Like the automobile industry that drove themselves over a cliff, so did the greed of these banks.

ENOUGH ALREADY.

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Democratic Senators sides with the banks and against homeowners (Video)

They did. Again, lobbying is still going strong. Again, these senators who continue to take their money, vote lock step with STATUS QUO. From Countdown with Keith Olbermann.

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Obama tells Americans to REFINANCE (Video)

The Timing is Right

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Banks mired in bad loans

Again, I don't see how all these banks will make it. I know the notion is to keep pumping the mantra, to big to fail, but the public is not feeling that right now. They don't care and the feeling is good riddance to greedy rubbish anyway. The AIG outrage is the tipping point for many people out here. Case and point, I call my niece a freshman in college, she is busy with her studies and only know what she needs to know about current events. My niece even knew about AIG and said, "Obama needs to get that money back from those bonuses." Her world is about keeping her scholarship, working and studying, so for her to comment that people in her dorm are talking about the AIG fiasco says something. It states folks are not in the weeds or clouds, they are paying attention to what is going on. So, here comes these banks, especially the big ones. Some will fall, it will happen. Time for hard choices for the Obama Administration.

Foreclosures and bad loans raced through the banking industry in 2008, with the more than 8,000 U.S. banks registering a 149 percent increase in troubled assets, according to a new analysis of bank financial reports to the federal government.

While a large majority of banks were still healthy, 163 ended the year with more troubled loans than capital, up from only 13 a year earlier, according to the analysis of data from the Federal Deposit Insurance Corp. by msnbc.com and the Investigative Reporting Workshop at American University in Washington, D.C.

Nationwide, seven out of every 10 banks had less capital to cover potential loan losses than a year earlier. The analysis relies on information reported quarterly to the FDIC, calculating each bank's troubled asset ratio, which compares troubled loans against the bank's ability to withstand losses.

Although attention has focused on the largest banks, which hold the lion's share of deposits, the analysis shows how widespread the problems in the banking industry became in 2008 as the mortgage meltdown and broader recession unfolded. Msnbc.com is publishing information on the nation's 400 largest banks as well as all banks with high ratios of troubled loans at year’s end. And the American University group has created a new Web site, BankTracker, to provide information on the financial health of every bank in the country.

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Hard to swallow the truth while the government is in OUTRAGE over AIG, Tent Cities, Slums are real (Video)

This is near Ontario Airport, one of the burbs of Los Angeles. And Sacramento and Phoenix have tent cities popping up, too.

Sacramento is below:



Folks, families, individuals getting thrown out on the street is real, not FAKE. We sure care about AIG and the rest, not failing and this just breaks your heart. And evictions, look here.

h/t Jeffrey Feldman

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AIG can pay themselves MILLIONS in bonus money from US taxpayers, but folks get EVICTED from their homes, with no help in sight....

Where is the fairness?

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Obama's Home/Foreclosure/Mortgage Plan (Video)

This video has all the basic information with contact information on who qualifies.

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The Crisis of Credit Visualized (Video)

Don't understand what is going on and how the credit crisis happened? This breaks it down to simple terms. h/t jjp

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Citigroup needs more money from the government

This huge organization has been hit hard by greed and the collapse of the housing market. Of course it will have to go under a stress test, which it will FAIL, let's be honest here it will, but it will be given more money thrown at its bad debt.

Eventually, how much longer will this go on before this bank collapse? We can't save them all.

The government is on the verge of closing a deal to significantly boost its ownership stake in Citigroup. In return, it will demand changes be made on the troubled banking giant's board and other conditions, according to a person with knowledge of the discussions.

The increased stake in Citigroup Inc. will not require additional money from taxpayers and the bank will still have to undergo a "stress test," such as those that banking regulators started conducting this week on the nation's biggest banks, said the source, who spoke on condition of anonymity because a deal hasn't been officially announced.

And when you want bad news to cycle fast through the news, you dump it on Friday.

Again, we must shore up our financial market but for any of us to think Citigroup is the only major bank out there teetering, then you must not have heard of another giant, Bank of America or AIG. Will it ever end? That is China continuing to own this country by paying for this crisis?

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