posted on Dec, 16 2010 @ 12:10 PM
It's all total BS.
TARP was simply a bank delay tactic, while they went looking for missing Notes, and cobbled together anything they could get to reaffirm their trash
Troubled homeowners are NOT being helped, which is why they can't show a whole lot of "cost". Rejoice!!
I'm not talking about the totally irresponsible homeowners, who won't make payments. I'm talking about the ones you can read about in thousands of
blogs, who have spent much of the past two years bleeding their life blood into bank coffers, and aren't going to see anything for their
Bank of America is the worst offender, an organization that is still completely mafia-run, just as it was at it's foundation (as the Bank of Italy).
They have strung borrowers along far longer than anyone would have guessed, and are getting away with it.
Here's how their scam is working. First, grab government money that is supposed to help borrowers, telling the world they're on-board with
the program, great PR. Next, get troubled borrowers into the HAMP program, initially "approving" them for "trial", which includes a period where
the borrower pays "three" trial payments, at a level determined based on various preliminary factors.
Once the borrower begins down that path, BofA begins the process of HAMPering any real progress. The bank will lose virtually
everything that is sent to them, they'll demand that the borrowers jump through hoop, after hoop, and then, only the most perfect borrowers, who have
submitted everything several times, documented all, made phone calls to follow-up, several times per month, only then are they "approved".
EXCEPT that, it is also a fraud! What actually happens is that many borrowers are stuck in this doomed system, making payments, scared not to
make them, and these payments mind you, are normally HIGHER than they can "afford" (officially, 31% of income), based on the program to begin
Because of institutionalized BofA delay tactics, these rather "good" borrowers (in comparison to true deadbeats), go month, after month, hoping
against hope. Read what some of their blogs are saying. "Three" trial payments turns into six, into twelve, into 18 !!! Many of these people,
completely acting in good faith, trusting their "government" literally (not so much the banks), are now so far down the road to bankruptcy, that
they will almost certainly lose their homes! Is this good for anyone? The housing market? The economy? Peace and Order?
Beautiful. You really have to give these banks some credit.
Next part of the scam. The squeekiest wheels do indeed get some grease, but they're gonna need it when the broom-handle the bank is holding
finds it's final target!
Perhaps after the "good" borrower suffers enough, a year has gone by, the borrower proactively documented to the moon, etc., the bank then sends
them an "approval" letter, saying that they finally are "in", and should now await their FedEx packet of papers, to sign them.
Oh joy! But then, they wait...and wait...Each month, the borrower calls, saying, "I still don't have my remodification packet!" The
diabolical bank tells them to be "patient". Months go by, they "know" something has to be wrong, but what could it be?
And then one day, they're speaking to a bank customer service rep, for the millionth time, and the rep casually lets them know that a notation on
their "screen" shows they "failed NPV'. (Net Present Value)
The borrower is outraged! How on earth were they "approved" then? Why on earth have they made TWENTY huge payments then, if the bank was going to
take their house anyway?
No worries! The bank says they need to wait to get the letter that shows why they failed the NPV, and maybe they can dispute it. But after a month,
they DO get the letter. Except it has very little info on it, with the worst of it being something very alarming!
The NPV "failure" actually took place SIX MONTHS before they were even "approved" to initially enter the "trial payment" program, some two years
Borrower now VERY outraged!! The bank has accepted the better part of TWO YEARS of large payments, and the EVIDENCE shows they never had any
intention of granting squat!! The borrower was strung along, all along.
This is already long! It gets WORSE! But I think everyone has the idea.
Last thought. The "government", with able spokesperson Obama, fooled a LOT of people. He spoke soothing words, but their scheme worked. The banks
get some government money, lots of time, with no one breathing down their necks, they get the payments while waiting, from their gullible borrowers,
AND the houses to boot, just as the housing market settles. Brilliant!
The Obama Administration should have absolutely NO credibility left, clearly he takes orders like the rest of them.