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"Obama to tout housing help Friday in Las Vegas


Still in campaign mode  ..... pretty clear he's using these give away promises and pledges to buy approval his job performance certainly doesn't justify. 


"Obama to tout housing help Friday in Las Vegas

Feb 19, 7:05 AM (ET)
Source MyWay.com

"LAS VEGAS (AP) - President Barack Obama is unveiling $1.5 billion in housing help, a boost timed to his appearance in the city with the worst foreclosure crisis in the nation. ......."

"........Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada. ......"

".......The first day of the trip was all politics. Obama campaigned Thursday for Sen. Michael Bennet of Colorado in Denver, then held a $1 million fundraiser for Democrats in Las Vegas. ........."


Entry #1,641


JAP69Comment by JAP69 - February 19, 2010, 9:33 am
What does he need to do this for. I doubt if this will help the homeowners.
I read this the other day about banks foreclosing. Follow the money.
Any defaulted loan is automatically bought by a bank (called IndyMac) at 50-70% of the original cost of the loan. Why? Because FDIC pays them 98 % of the loss to cover them taking the loan. That is 98% of the original loan price.


House cost 1 Million

IndyMac buys for 700K

Sells for 500K

FDIC covers 98% of the 500K lost on the loan..ie 490K.

IndyMac pockets 290K profit (500K selling price and the 490K chek from FDIC minus the original 700K they paid for it)

Who is paying that 98%...Taxpayers.

It is all over You tube ad many investor sites are pushing this as the way to invest..at the taxpayers expense...

I say burn Washington DC and the banks with it. If Britian can do it I am sure millions of fed up Americans can do it too.
konaneComment by konane - February 19, 2010, 10:53 am
Thanks JAP! His actions since taking office is to turn over control of the US to the Federal Reserve banksters who are the only ones benefiting from Obama's check writing on the Treasury's overdrawn account.

Found this on ClarkHoward.com, an Atlanta consumer guru who has a nationally syndicated radio program.

"When you do a short sale, the lender agrees to let you sell your property for below market value and everyone walks away, essentially with almost no harm, no foul. **** But if you go into foreclosure, the lender has the right to sue you for deficiency. That means you're responsible for whatever financial losses they suffer as a result of the foreclosure."****

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