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Subscribe to RSSWASHINGTON, D.C. -- Taking Congress and, indirectly, Mitt Romney to task for what he called a lax attitude towards the housing market, President Obama today announced a new set of proposals intended to help homeowners refinance their mortgages.
"What's at stake is more than just statistics. It's personal," Obama told an audience at a community center in Falls Church, Virginia. "This housing crisis struck right at the heart of what it means to be middle class in America."
But significant parts of the plan need the approval of members of Congress, which President Obama, taking a dig at the body's inaction, urged them to give.
"We're going to need Congress to act," Obama said, repeating the phrase twice for dramatic effect as scattered chuckles arose from the crowd at a community center in Falls Church, Virginia.
"I hear some murmuring in the audience here," Obama said, grinning at the crowd. "We need them to act," he repeated.
But Congress has previously rejected, during budget negotiations, one of the most significant parts of the plan: a tax on banks that would pay for a special fund through which some homeowners could refinance their mortgages.
That program would allow qualified homeowners with privately held mortgages (not through the government-subsidized programs at Fannie Mae or Freddie Mac) to refinance their loans through the new fund and would be administered by the Federal Housing Authority.
Obama said measures like this were specific actions the government could take to help shore up the housing market, taking a subtle jab at Mitt Romney who in October said in an interview that the industry should be allowed to "run its course and hit the bottom."
"It is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom," Obama said.
While Obama's speech was mostly a broad outline of the proposal, he gave a nod to the financial conditions in two of the swing states crucial to his re-election campaign: Virginia, where his speech occurred; and Nevada, coincidentally the site of the next Republican presidential contest.
"Here in Falls Church, home values have fallen by about a quarter from their peak," Obama said. "In places like Las Vegas, more than half of all homeowners are underwater."
Key campaign states were also mentioned during today's White House briefing, when Housing and Urban Development Secretary Shaun Donovan took questions from reporters.
"Put yourself in the shoes of a family that the president described this morning," Donovan said when asked whether it was more expedient to simply let the market bottom out, as Romney has proposed.
"You've done everything right' you've paid your mortgage -- whether you're in Florida or Nevada, California, or right there in Falls Church, Virginia," he said. "We should not sit on our hands when we know we can help those families to be able to refinance."
But Donovan demurred when asked how the parts of the program that need Congressional approval -- including the bank tax, which failed previously -- would survive another vote.
"I'm the housing secretary," Donovan said. "I'm going to leave the politics and the discussions about what's possible in Congress on that to others."
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When you have the dead beat daddy Joe Walsh (R) IL from on record stating the tea baggers will NOT work with President Obama in the coming year, you know we are in for a bumpy ride...
Better fasten your seat belts & put on your walking shoes to GET OUT THE VOTE!
Obama/Biden 2012 - (D) = Drive - (R) = Reverse
Feisty,
I sure hope you wern't referring to those highly questionable comments made before the Congressional Black Caucus, Were you?
Aw, look at Obama go. Looking to tackle this issue.
So Obama: what up with Fannie and Freddie?
Yeah, things are looking pretty bleak. and yet for some reason you do absolutely nothing about them.
Oh, and we sure would not want the market to actually bottom out. Nope, much better to have the government try to prop it up.
Cause you know - the government is super good at this stuff.
So on the heals of burning American flags our progressive occupiers are at it again in providence rhode island.
This time they're throwing condoms at catholic school girls.
They must be filthy rich 1%er catholic school girls!
Go occupy.
comparison of OWS and Tea Party
from David Appell's blog
Tea Party wealthier
Been to college-
92% of OWS 70% of Tea Party
Employed -
70% OWS (23% students)
56% Tea Party (30% retired)
OWS younger
Biggest Political party -
OWS 70% Independent
Tea Party 56% GOP
Largest protest -
OWS 1.4 million
Tea party 311,400
Largest number at 32 days -
OWS 1.4 million
Tea Party 30,000
Public support for -
OWS 54% Tea Party 20%
Public against -
OWS 23% Tea Party 40%
SailRick,
I've been studying the ows movement for a day or so now, I agree with most of what you aew reporting but the protest size?
I would sure like to know what that number represents, and, where it came from. The largest single OWS protest figures I can come up with are 5k or so... It must be an aggregate figure...
"Tea Bagger" coined by liberals to discredit their fellow Americans who believe in the struggle to keep the Government's hands out of their pockets and leave us all alone so that we the People can create the wealth, jobs, energy, inspiration which has always driven this Nation to higher levels of prosperity. The American "Tea Party" movement is inspired by and takes it's name from the American Revolution Boston Tea Party a protest movement that objected to "Taxation without representation" and which ultimately led us to form a Constitutional democracy, a weak Federal Government and a Federation of States with very specific rights which were NEVER intended to be surrendered to an ALL POWERFUL Federal system of government. When the States lose their rights we are a Nation lost!
Aw Spanky, say something positive if you are able ... the world tires.
Fiesty Attention Whore, you might have nothing better to do than live in "comment sections" and spew the type of vitriol that your Leader told you was wrong when the Arizona shootings occurred, but the people you despise are the ones who are making it possible for you to have so much free time to spew it.
Feisty:
I have been following your comments for quite some time now and find you humorous, quite to the point, and well informed of the issues facing our country. One glaring ommission by the right is the fact that never do you hear any of their candidates mention G.W. Bush. You never see him at any rallys. The only thing you do see/read is that Obama owns the economy now and that we can't blame that on G.W. Bush after 3 years. They would like more than anything that everything "Bush" be forgotten. The economy tanked in 2008 folks. Obama didn't cause that!!! THE REPUBLICAN PARTY WAS IN CHARGE!!! Do people actually believe a man with a net worth of over $250 mil. cares if minimum wages are increased? Not as long as he can amass a yearly profit of $21 mil. along with all his other top 1% friends while claiming those receiving foodstamps are too lazy to work. They receive foodstamps because people like him don't pay a living wage but prefer to pay the Chinese slave labor wages. Republican voters should realize that they vote against their own best interests primarily because of the abortion and gun rights issues.
This message was not written in a single wide trailer and is approved by myself.
Sail,
You must have missed the tea party rally on the Mall in Washington. There were well over a hundred thousand people there.
And the favorable polls you site for the occupiers they were all taken prior to the knife fights, the shootings, the suicides, the rampant drug use and drug sales, the molestations, the rapes, the flag burnings, the public urination and defecation (on police cars), the assualt and battery on law enforcement officers, the destruction of public property.
Good luck defending the indefensible!
Not so fast Feisty……Barry may not even be on the ballot!
http://www.thenationalpatriot.com/?p=4138
Before you get your panties in a knot…..its true, verified on snopes!
http://www.snopes.com/politics/obama/birthers/georgia.asp
That’s right, because the TAX is passed on to the people that use banks! Barry just doesn’t get it!
[You must have missed the tea party rally on the Mall in Washington.]
Raab, do you mean Glenn Beck's "Restore Bigotry" rally?
Official tally for that was 87,000...in comparison the Million Man March drew 450,000 while President Obama's inauguration drew an estimated 1.8 MILLION...
...but you knew that, right?
Sure ya did!
I'm shocked and amazed that the GOPTP are taking the side of big banks against the interests of the American middle class...shocked and amazed, I say!
Considering that Fannie and Freddie already bought most of the mortgages, what good does this do anyone? MORE Obama HOT AIR!
The economy really started picking up steam when gridlock hit Washington. We don't need to keep raising taxes.....
Dan,
Thanks for the shout out & the chuckle this morning! ;o)
John B,maybe they are taking the side of the poor, middle class and the unions as any tax on the banks (virtually all of them are public) will be recovered by the banks in one of two ways 1) the tax will be passed on to its customers in the form of higher fees for its services which are generally borne by those with lower amounts deposited in the banks or lets assume there is such a big out cry from the public and government so the banks cant pass it on, well then the tax will reduce the value of those banks by the amount of tax right? 2) so the value reduction will be reflected in the stock price of these banks. So guess who pays then? It gets paid by union pension plans across this country who own these stocks, gets paid by the endowments of our universities including a ton of public universities who rely on endowments for financial aid and it gets paid by via a reduction in value in 401k accounts who own these stocks via thier mutual funds. Tax on banks or corporations is disproportionately borne by the middle class.
So this proposal is really just a wealth transfer from the customers and owners of these banks primarily the working lower and middle class to those homeowners whose homes are underwater. Not sure what this accomplishes except an artificial prop up in the real estate economic cycle which will burst at some point again.
Once again, Obama is pandering for votes. Raising taxes on banks will be passed on to consumers meaning yet another plan to redistribute the wealth so Obama can look good and get re-elected. Barack Obama's answer to everything is more government.
Meanwhile, back at the scene of the housing market fiasco, Fannie Mae and Freddie Mac want "government assitance" so they can pay BONUSES to the higher ups !!!!!! Holy $hit Batman !!!!!!
It appears the multi-millions in annual salaries for these incompetents is not enough ..... they want more government assistance for their malfeasance.
Thank goodness Senator John Thune of South Dakota is on to this irrational plan !!!!!!!!!!!!!
FedUpWithFed - that stupidity is going on in Georgia. Funny the 1st website you post is a far right propaganda piece. The judge in GA is expected to throw the ridiculous suit out so he doesn't get laughed out of the state.
And, Fannie and Freddie have NOT already bought most of the mortgages. The bill referenced would allow homeowners whose homes - through no fault of their own - have lost so much value they cannot re-finance to the lower rates available now. This would allow those homeowners to be able to take advantage of the low rates. These are homeowners who have not missed payments - are not in arrears - but would benefit from lower payments. And, lower payments means more income to spend and put into the economy. For those who can actually apply logic to thinking, this is a very good plan.
Seeking Sanity--I dont know enough about the plan to know whether its good or not. But a plan that is good one group must be bad for someone else. While this allows current homeowners to reduce their payments, it clearly means someone has to pay for that. So if its the banks, that means all of us are paying for it or more likely the working poor and middle class and primarily union households end up paying for it via lower pension funding. The problem with most of Obama's plans and of politicians in general, they always look at the political expedient choice and never look out the entire financial consequence of their actions. This is another one of those examples. Saying the banks will pay for it is incredibily naive and he must know that nots really the case.
Kirk - There are drawbacks to every plan but this one makes a great deal of sense and will help get money back into the economic stream from the general consumer. There is no reason people who have paid faithfully on their mortgages should not benefit from the low rates. It is not their fault that the value of their property has fallen. You must know this is true but clearly your dislike for anything Obama keeps you from admitting the truth.
Your naivety is frightening! Anyone can look it up here to find out if your mortgage was already sold to fannie or freddie http://www.fanniemae.com/loanlookup/ If so, you DON’T qualify! Read the FACTS before you spout off what you don’t know!
You can also verify the story in Georgia on snopes, its TRUE http://www.snopes.com/politics/obama/birthers/georgia.asp
FedupwithFed - had you bothered to read the article and comprehend it, this program would not mean your loan has to be a feddie or fannie loan to qualify. And, I do understand the program since I do mortgages. Perhaps you should not spout off on things you clearly don't comprehend or have any understanding of.
I already know the Georgia situation. it has been reported and made the state look ridiculous. It has also been reported that the judge in the matter is almost being laughed out of the state. He is expected to throw the suit out as being ridiculous and frivilous. See - I actually read more than just the first little blip on this stupid suit. The far right group filing the suit may soon be brought up on prosecution for a number of frivilous suits wasting the court's time.
Okay, so if you can all stop bipartisan bickering and finger pointing for a minute and please look at the article itself and the President's words, and the program he wants to foster. Not content with taxing the hell out of the middle class for his schemes (which is part of what got the middle class in trouble in the first place), now he wants to tax the banks too...and we all know that the banks will come up with creative fees and penalties to recoup this tax money from the consumers (translate that as the working middle class) Then he wants to take mortgages out of the private sector and put them into the Federal government portfolio....meaning that the government is going to own the property in event of default. For many of the people struggling, they are going to continue to struggle until there are decent paying jobs-refinancing is just going to delay the inevitable for a time until the debt load catches up with reduced or no income because unemployment benefits are exhausted and no new work is available. Then, instead of the banks controlling this property, the government will be......The government was never meant to be landowners or real estate agents or bankers for that matter.
And I adore the fact that he is quoting an area that is seemingly in pretty fair shape in terms of real estate value loss when compared to other parts of the country. I know that I have probably lost 2/3 of the value of my home and that is being conservative. I didn't buy during the peak time when property values were soaring, but if things continue, my home will be worth less than when I bought it 24 years ago....and given that I have probably only a year left on my mortgage (having paid ahead in good times-being responsible and hard working and tax paying) where will the reparations from the damages that I have suffered be????? I have paid for something for a quarter of a century, on time, in full, and many times ahead of schedule to have it worth less than when I bought it despite making improvements over the time that I have lived there????? And don't worry, nobody's tax money, not the middle class or the banks' will be helping me out one single bit
Sue - your reading comprehension needs work.
Too bad reading comprehension is not your strong suit! You DON’T qualify IF Fannie and Freddie own your mortgage. I posted the link so you can see if they do. My mortgage WAS with a private bank. I pay US bank every month........Guess what! Freddie bought it…unbeknownst to me!
Yes. Our records show that Freddie Mac is the owner of your mortgage.
http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx
Good thing you UNDERSTAND mortgages!!
FedupwithFed - you do not understand the program - period. There are already programs for loans owned by Fannie and Freddie so you would not have had to wait for this program. Again, you talk about something you know nothing about.
Seeking Sanity--I am not colored by my dislike for Obama as I think he has attempted or done some admirable things. Where he and I differ are on economic matters and this is one. So if you put money into the hands of people who have paid their mortgage but want to refinance so you say it boosts the economy by having that money into their hands, but you are taking an equal amount of money out of the hands of these same people by taxing the banks. Its not a zero sum game and it never is which is the naive view of Obama on most of his economic policies. Taxing any corporation and especially banks is really just a tax on its customers or owners which are heavily skewed to the working poor and middle class. So its really a wealth transfer from this group to a people in about 4-5 states that through no fault of their own have suffered economically. But once we go down this economic path, whats the difference between bailing these people out and bailing out all the business owners in other states or towns where businesses have left and through no fault of their own, their customer base disappeared. GM decides to close a plant, now all the restaurants, dry cleaners etc are put in jeopardy. So I get it, I just dont believe its the government's job to pick economic winners and losers (which I know they do based on the constituents who elect the politicians). I realize that under Bush, it was his benefactors who get favored government treatment, and now under Obama its his benefactors from the unions, state and goverment employees, wealthy benefactors like Wall Street, Soros, Solyndra. I realize thats how the game is played but I dont have to like it. Now Obama is picking winners in a few battleground votings states like Florida, Nevado, Ohio and realize that he can provide a wealth transfer from the working poor and middle class that is somewhat hidden from view in order to buy some votes in key states.
I don't believe Kirk's position on this issue is colored by hatred of President Obama. It's worth knowing, however, that he's identified himself previously as a corporate consultant and that he works within the mortgage finance industry.
Yay! Lets keep people in houses they didnt deserve and couldnt afford in the first place. Making $40,000 a year and living in a $200,000 house is not what we would call "smart spending."
Yes, millions of people were selfish and stupid to not realize they'd lose their jobs when the worst recession in almost 80 years hit...why hasn't Wall Street already taken their houses?
Fannie and Freddie, weren't they being over seen by Barney Frank and Chris Dodd? Weren't we told by both they were solid not chance of collapse? Seems pretty obvious who was asleep at the wheel when the housing market fell apart. But not to worry Obama has a credit card and he will fix everything.
Obama tosses around a new proposal every time the wind changes. Then he blames congress for inaction, but only the house not the senate. Which under Democratic leadership hasn't even passed a budget for years. Rules, they only apply to Republicans and taxpayers, not the Democrats.
Maybe Romney should mention the price of gasoline. It was a 1.79 when Obama took office and now its up 100%. Of course he blasts the oil companies for huge profits but doesn't seem to care how much the taxpayers are getting hit. But why should he care when AF1 flies him around for free.
As if anything this president says or does is worth the price of the teleprompter that told him to say it. He likes being president, the perks and benefits are the best our borrowed taxpayer backed debt can buy. No reason to admit he doesn't have a clue what he is doing, especially when so many people are foolish enough to believe he does.
The history books are going to treat this president very harshly, and congress as well. But it won't matter to them since they will all be set for life, and it will be the future generations that will be left wondering why they have to pick up the tab.
TO: Spanky- who wrote:
Why don't you direct that question to Newt Gingrich and Mitt Romney? Newt was Freddie's highly paid advisor (Freddie paid $1.7 million to Newt), and Romney owns stock which bets that housing will fail.
Why ask President Obama when you already know the President is doing all he can to help homeowners, and Republicans are doing everything they can to make homeowners fail, all while Republicans make millions off of homeowners misfortunes.
One thing we know for sure, Republicans weren't kidding when they said they would do everything in their power to make America fail, and some dumb clucks out there will vote for them anyway.
Obama / Biden 2012
Why ask President Obama? He's the one with a proposal on the table for reasonable regulation of the predatory oil speculation that's causing these sky-high oil prices, prices that aren't supported by demand.
Why not ask Republicans why they're backing the wealthy elites while they steal from the pockets of the American middle class?
This is just the homeowner version of Obama's "Cash for Clunkers" making TAXPAYERS (via Fannie and Freddie) subsidize MORE LOANS that no bank in its right mind would finance. WHY hasn't Obama/Holder SHUT DOWN Fannie and Freddie, and prosecuted all the insiders who PUT TAXPAYERS ON THE HOOK FOR $300 BILLION and counting?
Obama DOUBLING DOWN on stupid as usual.
In a few weeks house and senate democrats will be demanding $$$ BILLIONS of more "BAIL OUT" money for Fannie and Freddie AND THOSE CRIMINALS WANT TO ADD BILLIONS MORE WITH ANOTHER STUPID HAND OUT?
The reckless vote buying must STOP and NOVEMBER 2012 is the only way to stop it.
@Dan Rowland
Wrong....The Democrats were in charge. From 2007 until the election in 2010 the Democrats had control of both houses.
Tom, you don't even see the irony that Conservatives blame President Obama for everything that's wrong right now because he's the President, but want Democrats in Congress to take the blame for anything and everything that went wrong during the GW Bush administration.
That's because Conservatism isn't about consistency of thought or principle. It's just a series of messages designed to sell policies beneficial to the wealthy elites.
Breaking News:
Donald Trump said he is reinserting himself back into the political process and will make a major announcement tomorrow.
Is going to try and moderate a debate, or is he looking to gin up excitement for his tv show?
Dennis,
The attention whore strikes again!
No one has been paying him any attention so it's time for the "Donald' to stir the pot, after all the new season of Celebrity Apprentice is scheduled to start shortly! lol
Moderate a debate, or promote The Apprentice. Debate, TV show, debate,TV show.
Just kill me now!
totas,
Try some PBS. It will soothe you (and no the Donald)! :)
Awwww Dennis ... please tell us that you're just messin' with us.
The Donald/The Donald's Hair 2012
Afterall, his hair is a separate sentient being.
phine,
Antiques Roadshow one of my faves!
As far as the Donald, I just cant take him anymore, he is an embarrassment.
TOG,
Unfortunately, no he isn't...
Donald Trump Will Endorse ‘In a Very Short Period of Time’
Egilman,
That is a cruel thing to tell someone before bedtime. Could cause nightmares!!!!!!
Chucky,
I think the hair should get the top spot! Let the Donald play second fiddle to the hair!
Hey Dennis - have you ever even considered turning off the TEEVEE, ignoring endorsements and tuning out advertisements?
Naaa, you are right, much more fun to create Bogey-men.
Trump called Dennis. He says:BOOOO!
Heard earlier that Michele Bachmann was holding back her endorsement till after the MN caucuses Feb 07.
TOG,
I bet that's an endorsement that the remaining candidates are fighting over! LOL
TOG,
She has already come out in support of Dr Paul...
Ahh, two days ago I believe..
Poor, poor Dr. Paul.
Egilman ... Thanks, I must have missed that. Either that, or I'm having some more of those '60s flashbacks. Those bright lights and pretty colors tend to mess with the mind.
What a conundrum. We have a housing market with mortgages underwater, yet at the time they bought their home, the market was over inflated. You have mortgage companies and banks that practiced unethical, if not illegal methods in obtaining the loans.
Yet, the housing market needs to reset itself at a more reasonable price, something should be done to bring these mortgages in line (and yet some should just let the house go).
I don't envy anyone trying to fix this. I will say Hooray to the AG's in various states that are going after some of these banks/mortgage companies.
What about all the upstanding citizens that fleeced and continue to fleece the banks through "strategic" foreclosures.
Who's going after them?
Rob,
Not sure. Someone should. As I posted below, both my daughter and her husband specialize in mortgages for a VERY large bank. It is a messy situation. (My daughter has actually started to get an ulcer over the stress of the matter). The son-in-law is an AVP in the mortgage banking section. My daughter is in the manager of the regionally foreclosure office.
I though this was interesting
the biggest issue not seen or understood by most home owners, judges, and lawyers, is the concept that Pooling and Servicing Agreements played in this whole mess. You see, loans (notes) are negotiable instruments. These were pooled into Trusts and sold to the REMIC. They then became converted into Mortgage Backed Securities (MBS). At the time of the sale, the banking instrument, regulated by the Banking Commission became a stock, and now regulated by the Securities and Exchange Commission. Once it changed form, it did so irrevocably. That means the bank switched roles from lender to Servicer and no longer owns the NOTE. Therefore, they can't foreclose. Furthermore, they got PAID IN FULL at the time of conversion. So by foreclosing they are getting paid 3 times. Firstly, if FHA loan, they get the deficiency value between sale and loan paid 100%. If conventional loan, they get paid 80% by the FDIC. They are getting paid for something the ALREADY got paid for in the first place at the time they sold the loan and pooled to become a stock. So they have no incentive not to foreclose. They could to recover the value of the asset, in whatever price it will fetch, they get to recover the difference, via FDIC or FHA/HUD. They also get to have been paid for it in full at the time of converting the notes into MBS. And to add insult to injury, they got T.A.R.P money and bank executives paid themselves millions of dollars. Does this seem fair to you? So let them eat the loss, not the homeowner. They created the mess, no prosecutions took place, of Sorbanes Oxley Act, and they get to get bailed out.
I think the banks that issued the bad loans..should eat the difference between what they paid and what its now worth, and refi it at that rate .But the banks say they can't take the loss even though they are still able to borrow money interest free from the government . They have made hundreds of millions in profits and they wont loan out any money .
thetotas,
And the bad part, nobody knows where all the orignal mortgage papers are, or who even holds them! In some cases, people have been paying their mortgage to one company while the mortage had been sold to another company, been foreclosed on, and the company that they were paying were just holding the payments they received, not forwarding the money on. What a mess.
But I'm going to guess that you are not in favor of them re-writing loans on house that have appreciated, right InPS?
You know let the banks recapture all that profit. That would be fair, and fair is fair, right?
Spanky,
My daughter deals with this daily. The problem is a deep one, and banks have to take responsibility for their errors.
When I was watching one of Moyer's shows the other day, it showed Bill Black with the OWS NY protest and did some interviews with some of the more intelligent peeps protesting out there.
Bill Black's comments were especially telling.
We all remember Bill Black don't we, Lincoln Savings & Loan? Jim Wright (D-TX)?, the Keating Five?
Remember? The Keating Five,
Alan Cranston (D-CA),
Dennis DeConcini (D-AZ),
Donald W. Riegle, Jr. (D-MI),
John Glenn (D-OH),
John McCain (R-AZ),
The first three were voted out of office, only Glenn and McCain survived.
This was the same mess just on a larger scale, and is all set up to happen again...
PS: the perpetrators of the S&L scandal went to trial and were convicted by the way. remember the RTC? Finally ran out of money to buy up all the toxic mortgages after the FSLIC ran out of money also?
Sound familiar to today?
Who can forget Neil Bush? (the other son of Bush41)
here is some linkage....
Savings and loan crisis
It wikipedia but it's good and leads to other better sources.
Bill Moyer's my hero!
theotas,
You are right. And every foreclosure and short sale depressed the price of homes in the given area. There are areas where the housing market is more stable, Iowa, ND, SD and bedroom communities of DC for a partial list.
Had a friend who sold her house in a wealthy suburb this summer. The bank appraiser said this was the first house all year that was a normal resale.
The one saving grace that a home is the only asset that you can enjoy and live in while is losing value.
Obama today talked about working with banks so folks can refinance their mortgage to a lower interest rate even if the price of the home has dramatically fallen. It would save the average home owner $3,000. a year in lower interest payments.
Northstar,
Unfortunatly, I don't see it as saving anyone that is facing foreclosure or in the first stages of foreclosure, there is something to be said for those who are facing the rising tide of falling home prices that are still holding on but the ones that are under now are still lost.
Too little too late.
Northstar,
I wish you could talk to my daughter. She explains this whole mess from both sides, with knowledge and authority. To be perfectly honest, she gets into such detail about this that even we, her parents, have to beg her to stop because we get so confused!
Its very simple, really-
My husband and I were in the market for a second home in 2005- the year before the peak. I looked at some houses, looked at some more, and calmly told him we were NOT buying in that market. It was ridiculous.
We did not buy in 2006- the last year of the bubble.
Or 2007. Prices hadn't come down.
Or 2008. Still too high.
We bought in 2009.
Now, prices have come down further, which means the houses are undervalued. It also means they will find their natural level.
For some people, that means they will have to hang on for a very long, long, time before they break even.
Tell me, though, how is the GOVERNMENT spending $10 billion going to do any good for home prices, which are back to 2003 levels? Oh, right, Obama says that, well, gee, we'll just slap a fee on banks to cover the costs. Guess who will wind up PAYING those fees? That's right- bank customers. Just like airline fees. The consumer pays.
And what, pray tell, does that do to housing prices? Zippidy doo dah.
Like all his other idiotic ideas, this one does not pass the laugh test.
Maybe he should have simply expanded on his jobs plan- harangue people to hire more people. That worked well, did it not?
So says the simpleton...
Donna,
Right up there with your Mumbai tale and the rest of your bull@!$%#... Better yet - pimp out your 'princess; nothing better than a poll dancer who has nothing other than to whore her grandaughter!
Honeey, when you are going to wake up to the FACT that NO ONE believes what you say anymore?
Now be a dear & go plug yourself in darling - battery acid only goes so far!
By all means, keep on posting, I SO enjoy bitch slapping you down Donna!
nojo,
You need to talk with my daughter. She knows the system inside and out. Corrections need to be made. Help given. Penalties assessed. It is a deep, complicated problem, as both my daughter and her husband have to deal with every single day.
egilman,
You are right about those who fall behind over three months on their mortgage.
There are some programs out there and some banks will work with you for a short time.
But foreclosure is a not petty for the owners, bank, neighbors, communities.
Phine,
I am sure your daughter knows her business and is really busy. Florida and Nevada have the highest foreclosures of any state. Lots of empty condo out on Clearwater Beach...
But each state has their own regulation about foreclosure and the legal process about buy back, sheriff sales, right of redemption. I used to sell real estate many years ago.
phinephancy - in many states the mortgage problem has taken out most of the bad mortgage lenders. Companies have closed and most bad loan officers have either left the business on their own or had their licenses pulled. Licensing is very tough now - and that's a good thing. Those who are left - for the most part - are the good, ethical loan officers. There are still a few bad ones but they won't last long. In Illinois we went from a high of over 11,000 loan officers to fewer than 900. Cleaned house!! But, it's going to take a while longer to make it better. And, it will be much harder in the future for people to enter the business.
no joe - you clearly have no idea of what is happening at all.
I have an issue with vulture websites...the ones who purport to know what your home is worth without ever having been inside of it, or perhaps not even in front of the property. With the number of homes in distress, being sold at sacrifice pricing, foreclosures, short sales, and for sale by owner (folks that are actively using the internet to try to market their homes themselves), there is a ton of partial real estate information out there being used by these vulture websites to evaluate other homes that might just be in the same neighborhood or on the same street. I have monitored these sites regarding my own home and have discovered that when my neighbor listed with a realtor, and an actual appraisal was done for their listing price, the values on our street went up according to these vultures sites, but after the house sat on the market for several months, then a year with no offers and activity, they reduced the price and the values of every home on our street went down with it. When another house down the block went into short sale, we all lost value again, even though our homes had not changed one bit. People, unfortunately, believe the internet is gospel and use it for everything, and are getting a false idea that because one property is in distress and selling for a given dollar amount, then every property in the neighborhood is overpriced if it is over that amount. I think that this issue is as much to blame for devaluation of property as the reality of overinflated prices in the first place, and it is also probably the reason that property values are being pushed even further down.
Sue - websites like you mention are only good for estimates. To get the true value an actual appraisal has to be done. Unfortunately, when a home similar to yours sells in your area the price paid has a direct impact on your home. This has caused problems in many areas.
It is the President trying to bribe voters, as usual.
If you were frugal and only took out a mortgage you could afford, the President doesnt care about you.
Obama said, "measures like this were specific actions the government could take to help shore up the housing market"
Obama is a statist , through and through.. his government actions have tanked the housing market for 3 years. Please , no more failure.
The best thing the government can do is, get the hell out of the market, the government has ruined it enough.
Call me selfish but I'm not really interested in paying for other people's mortgages.
One more reason to vote this bum out.
Rob,
While I understand you have a "Get Rid of Obama" attitude, a little honesty is needed here. Wall Street and the banks have this on their hands, and it happened under GWB watch. I have yet to hear a reasonable plan put out by the GOP to fix this problem.
And FYI, both my daughter and son-in-law are in upper management of a large bank, both of them specializing in mortgages. My daughter spends about 2 weeks a month in court as the banks rep.
Phine,
Even the New York times published the story about Bush urging Barney Frank and the democrat control banking committee to reform lending practices.
Those calls we're ignored.
Well, Rob, the problem is still here. Instead of each party bashing each other, let's think of a way to fix it. Would like to see my daughter home a little more and feeling a lot less stressed!
Callous as it sounds the market just needs to bottom out. What Obama plans to do will just prolong the agony and penalize people that have played by the rules and lived within their means.
Unfortunately, you can't. Too many mistakes have been made. You have people being foreclosed on who have been making payments to a company who had sold the mortgage to another - and did not tell the homeowner. It happens so often it would make your head spin. This is just one example. That's why I say it needs a TRUE bi-partisan approach to look at every angle to even attempt to bring the problem in hand
Rob,
You do have a self interest in housing prices to stabilize sooner rather than later. Unless you live out in the wood, the houses in your neighborhood all lose value because tof the vicious cycle of foreclosures, short sale over and over again. all property values go down which affect the property tax levies, city, county ,school district revenues.
A problem, I might add, Northstar, that is keenly felt here in Florida. (And upcoming Nevada)
[Callous as it sounds the market just needs to bottom out.]
The only thing that has bottomed out is you, Raab...right alongside Spanky, NoJo, and Smiffy...
...speaking of Smiffles, where has she been?
Bob-1887910 - that is not what is happening at all. The people the President is working to get smaller rates are people who bought what they could afford and have been making payments. But, since the interest rates have fallen so low some of them have much higher interest rates. And, because the value of their homes have fallen, they can't refinance under current programs. The program he is proposing is for homeowners who have been making their payments but still cannot get the lowest rate because of the home value. This will allow them to get lower rates, thus a lower payment and then have more money to put back into the economy. Clearly your reading comprehension is lacking.
For those who have had mortgages sold to another entity with being notified....I believe that comes under lending disclosure laws and is actionable in court. The claim of the secondary lender could become null, because they didn't notify the borrower that they now held the loan and that payment should be made to them... I do not believe that they can legally just sit back and blame the homeowner and then go to foreclosure, particularly if the homeowner can show payments were made and whom they were made to....In every instance where status on a loan or credit card has occurred, I as a consumer am usually buried in more paperwork with fine print to alert me to the change than I could hope to read...I find it a stretch that people could be ignorant of such a change long enough to go into foreclosure itself, which is a process that doesn't happen overnight and also requires legal notifications-like perhaps certified letters, documents, summons to appear in court-Presumably, like myself, these people had to provide employer information, contact information outside of the household...all ways to notify in event of changes to the contract. AND....if this sort of stuff did manage to happen without all the attendant notifications, then I welcome the government to go after those lending agencies participating with a very large brick bat on behalf of those homeowners and I would support funding to round them all up and penalize them severely.
Sue - you HAVE to be notified when another bank buys your loan. You must be notified prior to the first payment being due. It has to disclose the new lender and where/how to make your new payment. There have been a very few times this has not happened (probably more during the numerous bank failures) and there are ways to remedy the problem. But, they are very involved and I think some homeowners are overwhelmed by them. Most cities/states have pro bono agencies to help homeowners deal with those situations.
Why should hard working taxpayers who paid off their mortgages subsidize others who didn't?
Wrong question. The right one would be;
Why were the Kings of Wall Street bailed out and made whole when they crashed the economy while hard working Americans are still losing their homes, thanks to the near-depression the financial industry created?
BOB
Obama is a statist , through and through.
----------------------------------------
Unlike Newt and Mitt? Both of whom made considerable $ from Freddy and Fannie? Got news for you, conservatism (if one ironically considers either Mitt or Newt a conservative) is also a statist political philosophy.
Evening Chucky! Did you enjoy your Florida primary evening last night?
Yes I did Phine. No real surprises though. Bet you're glad its over.
Chucky,
We actually watched a little tv this evening. However, I am still so shell shocked I loaded Abba onto the hubby's iPod. (Can't wait to see his face when he turns it on!)
You know, in some states, that's legal cause for divorce.
Got in the car this afternnon and my wife had "Dr Hook and the Medicine Show" on the CD player. Just glad that I didn't have my hearing aids on.
Chucky,
Last night he made me listen to disco and the Bee Gees. Turnabout is fair play.
TOG,
Haven't heard Dr. Hook in years. Have to remember that for the hubby's iPod!
phine ... was going to beg you to not torture your husband. But "Last night he made me listen to disco and the Bee Gees"!?!?! Go ahead and crank up the ABBA & Dr Hook!
TOG,
6:00am and the "Dancing Queen" by Abba are on tomorrow's agenda!
phine ... Ya' know, that would make one heck of a video for youtube.
TOG
Right now he is starring in a youtube video I am hoping goes viral. If it does, I'll give you the link!
Oh, did I mention that tomorrow morning when his alarm goes off, it will be to "Dancing Queen"? Hee, hee, hee.
Sorry, that was supposed to post above!
The best thing the President and the congress can do about the housing market is to stay the hell out of it. If the government hadn't meddled in the first place the housing market would have worked itself out. This is not the first time the housing market as gone down, and usually in a few years will again go up. I believe since I purchased my first house the housing market has been like a yo-yo, up and down at least 4 times.
How many programs have Obama came up with to save homes and none of them have been effective for the amount of money the government has put into it. This is nothing but another political ploy to try and help his reelection.
what a novel idea, a president who is trying to do things to help people out. You know he must not be a Republican.
And gosh if they like what he is doing they will vote for him, that is amazing. What a devious mind he has.
Yea, the Tea baggers should do all they can to work with Obama to keep piling on to that $15.5 Trillion.
The easier and wiser solution is to vote in someone who will work with the only group trying to bring financial sanity back to our government.
Get out the vote?
Get the incompetent bum out of office before he vacations his way to $30 Trillion and 50% unemployment.
TeaBummer==I can remember Bush 43 bragging about the rate of home-ownership going up under his leadership. All the while the bubble was getting bigger and bigger. The in 2007 & 2008 he stuck a pin in the bubble.
Seattle, You know the congress was controlled by the democrats in 2007 and 2008 and it was the democrats that said everything is going ok when the Bush Administration pointed out the failures that could happen if not changed. Remember Maxine Waters and Barry Frank saying Freddie and Frannie were in good shape. Also Obama was a Senator at the time and did nothing to try and correct what was wrong in the housing market. So there is a lot of blame to go around.
”The man of system . . . is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it.
He goes on to establish it completely and in all its parts, without any regard either to the great interests, or to the strong prejudices which may oppose it.
He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board.
He does not consider that the pieces upon the chess-board have no other principle of motion besides that which the hand impresses upon them; but that, in the great chess-board of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might chuse to impress upon it.
If those two principles coincide and act in the same direction, the game of human society will go on easily and harmoniously, and is very likely to be happy and successful.
If they are opposite or different, the game will go on miserably, and the society must be at all times in the highest degree of disorder.”
— Adam Smith, The Theory of Moral Sentiments, 1759
Tea Bagger, coined by liberals to discredit their fellow Americans who believe in the struggle to keep the Government's hands out of their pockets and leave us alone to create the wealth, jobs, energy, inspiration which has always driven this Nation to higher levels of prosperity. The American "Tea Party" movement is inspired by and takes it's name from the American Revolution Boston Tea Party a protest movement that objected to "Taxation without representation" and which ultimately led us to form a Constitutional democracy, a weak Federal Government and a Federation of States with very specific rights which were NEVER intended to be surrundered to an ALL POWERFUL Federal system of government. When the States lose their rights we are a Nation lost!
Yesterday I heard Obama trying to help home owners not lose their home. I've been following the circus clowns representing the GOP and have yet to hear how they're going to help anyone stay in their home or create job or insure those that have no insurance. I know to say they'll repeal anything Obama has done gives the Rep/Teabags a woody but something needs to be put in its place and I've heard nothing. I thought that in 2010 Republican ran on jobs and here we are 2012 and they're complaining that thing haven't gotten better without looking at themselves as to what they've contributed to improve the situation and the answer is NOTHING!
Unfortunately, not every homeowner should have been a homeowner at that time or at that value. Continually propping up those situations means that they will still eventually lose the homes that they simply could not and cannot afford-the trend is for incomes to be going down and taxations to increase, along with the price of all other necessities. A refinance cannot help something that should never have happened in the first place. Just as many people don't seem to be able to manage credit cards (otherwise why would we have all these agencies and programs to help people get out of debt "regardless of what they owe and regardless of their income") High unemployment means that in many cases there isn't the income to even pay a reduced mortgage payment. Interest rates are already ridiculously low, so I think that the savings being quoted on refinance are probably not as high as the media would like us to think...I don't think that there are too many people out there with double digit interest on their mortgages any longer as was the case in the early 1980's.
Sue, because many people's homes are "underwater" or the value is less than their mortgage, many with rates in the 6's or even 5's have not been able to refinance. This program will help those individuals and will put more money in the economy. And, there are thousands of people out there who fit this profile. You assume because rates have been low everyone has refinanced but these people have been unable to. They are making their mortgage payments but with a refinance could save sometimes hundreds each month. There are MANY people who fit this scenario.
Again, these are not homeowners who bought over their heads. These are responsible people.
Refinancing means taking out a new mortgage with a lower interest rate to pay off your existing mortgage, search online for 123 Refinance I got 2.831% rate on refinance! you should know your rate before you find a company. Learn the secrets and tips about refinance
kevingaryz - good rate but not a 30 year fixed. What program?
As obama now panders to irresponsible home owners?
Let's take time out to give two shout outs for accomplishments that Omsnbc won't be reporting!!!
1. Congratulations, to Mitch Daniels for bringing Indiana into the twenty first century and making Indiana the twenty third "Right to Work" state!!!
2. Congratulations to Fox News on their tenth year anniversary and for ten years of being number 1!!!
Congratulations to Fox The network that the courts passed legislation so that they were not required to tell the truth. Congratulation to Fox for all your lies and distortions which have convinced the less intelligent portion of society to promote you to the number 1 (fake) news agency.
What I love most about MSNBC is that they make Fox look almost middle of the road. CNN is actually starting to look like is has gone to the middle.
Fox is only #1 in very small minds!
Republicans won't even pass the salt to Obama. Hours before Obama met with House Republicans, Boehner sent each member a message that they were to unanimously disagree with every proposal Obama mentioned. In other words, forget fixing the problems of the country, make it impossible for President Obama to succeed in any way possible. In 2011 when Republicans became the house majority, they launched a full obstruction agenda, leaving Obama legislation for jobs in unaddressed committee files.
During Obama's campaign and presidency, big donors, lobbyists for insurance businesses, and Boehner and Cantor, along with their radio propaganda machine, have constantly pounded Obama with lies, misrepresentations, spin, racist stereotypes, false accusations, gloom doom and smear. Meanwhile, the peoples business remains unaddressed with legislation by the most unproductive Congress in modern history. That Congress is held in the lowest esteem on record.
Betrayed Republican and independent voters need to step up and flush the House toilet of their representatives that have failed to represent them, unless they are in the top 5% in income. It's not war against the middle class. It is dereliction of duty, neglect, and extreme partisanship.
The real dirty work is being done at state level by right wing governors and legislators attacking women's, workers', couples, and workers' rights. Transferring control to the states is the current plan to produce major social change like cutting education funding, giving governors autocratic control of local governments, filtering voting rights, placing government between women and their doctors and clergy, destroying the ability of workers to negotiate with the entities that employ them (which will eventuate the collapse of pensions, healthcare, and wages) and granting huge state tax breaks to the power elite.
Bigger, more powerful state government and weaker federal government is closeted under the banner of "states rights". That was the rallying cry of racist segregationists and police violence against workers just a few decades ago. It also shows up in states such as Texas where 25% of its citizens are poor and have no health care insurance. They aren't "dying in the streets" as Republicans like to point out, they are dying in emergency rooms and in their own beds. The life expectancy of the poor is 6.5 years earlier than the middle class, mostly attributable to lack of health care, the cause of death for 45,000 Americans a year.
Is this an America that is exceptional? It is exceptionally brutal and deteriorating in individual freedom, due to Republican dogma and agenda.
obama is going to run on;
It's President Bush's fault!!!
Your a Racist!!!
President Bush made me get osama!!!
Gary - Do you really think a platform of "Vote for Obama or you are a racist" will get the President reelected?
I have yet to hear a program proposal that will benefit my, my family, my community. I have yet to hear a single proposal that isn't going to cost more dollars that we do not have. I have not yet met anyone who actuallly has benefitted from any of the programs implemented early in this administration. But I have seen my personal freedoms erroded, my personal income and investments and savings erroded, my costs for absolutely everything escalate, unemployment within my immediate household, and I don't want any more of it. Therefore, the GOP were elected to bring sanity back into the budget discussion and spending limits (NOTE: our president still hasn't given us a budget to even begin the process of looking at it for fat to cut out of it)....well, I am all for them blocking any more insanity and nonsense that only promotes the political career and perks of those in office.
Sue - if you have not heard about these programs you either are not listening or, as you've shown here, don't understand the concept of what is being proposed.
Like I always say infinity shove your racism up your AZZ!!!!
1
The problem with President Obama's plan is that he wants banks to be forced to refinance a $150K loan on a house that is now valued at $120K. Mortgages have lower rates than credit cards because the value of the home is MORE than the value of the loan. What is so complicated about this?
If everyone would remember Willard Mitt Romney's stance on the Housing issue back in July, "Let them go into foreclosure, let investors come in a buy up the houses and then rent them to the very people that lost their home in the first place"
what a great American! He always has his investor buddies close at heart...
OBAMA is correct WHAT HAS CONGRESS BEEN DOING ALL THIS TIME? THE DO NOTHINGS.
I am wondering NOW if CONGRESS is not INVOLVED in all this? Because they are doing absolutely Nothing to help the HOMEOWNERS !!!
The President has been trying to push through his proposals all this time and CONGRESS says NO !
Can you believe these REPUKEALINS and CRAP BAGGERS. Like ROMPNEY said THE RICH ARE ALL SET THEY AND THE POOR DO NOT need HELP. Then wheres the HELP FOR THE MIDDLE CLASS who are sinking.
CONGRESS HAS DONE CRAP for the AMERICAN PEOPLE ! It shows !!!
Your tirade is childish, shows your ignorance, and doesn't related to any specific issue or resolution. "The President has been trying to push through his proposals" What happened to "of the people, by the people, and for the people"? This isn't about what Obama wants, it is what the American people want. The problem has long been that once in Washington, our congressman, representatives, senators, and yes, even the president, seem to forget who they represent and seem to think that they can live our lives more effectively than we can. Our incomes are now more like our allowances and Government is taking on the role of being a Mommy and Daddy who will give us just enough to go the candy store. I really don't care who started the problems, I just want it to stop now. I don't want to trade for new and more expensive problems along the way.
Sue-3329001 - YOUR tirade is childish and shows YOUR ignorance. Every President works to get their bills and proposals through the proper channels. It has been done by every modern day President. Did you rant and rave over all of their agendas or just Obama's?
Vote for Obama and things will be alright...it's that simple.
Vote for republican and things will fall apart like they did under the Bush/Cheney administration.
Obama/Biden 2012 !!!!!
I agree with Toyota3 keep it simple, Vote for Obama. I know what side my bread is buttered on. I am not one of the 1%, heck I would be working with a pension except for Bush/Cheney war.
Funny, during that period, my husband and I both had full time jobs, got raises, saved for college and retirement......we could afford to contribute time and money to charity....Now, during the Obama administration, we have unemployment, evaporated savings, housing down the toilet, higher taxes, no raises, higher costs on every single necessity with retailers and wholesalers warning of more cost increases to come.....now, I am in danger of becoming a recipient of charity... I am not the 1%, nowhere near it...never have been and probably never will be, but guess what, I don't want what the present administration is selling either. Providing health care for "those who cannot afford it" doesn't include me other than to take from me in the form of taxes, require me to pay premium prices for my health coverage, and increased out of pocket costs....all the healthcare program is doing is expanding the free rides now, without expanding the base who has to pay for it. The money is going to run out, the golden goose will simply not be able to lay the eggs, and then nobody is going to have anything except for those in government, who have seen to their own welfare by exempting themselves from the rules that they enact-contrary to our constitution.
Sue - if you knew anything you would know that Bush started the downward spiral for our country and you are feeling the repercussions of that now. It is like a bolder rolling downhill. You may not feel it's impact until it hits but you can't just put the brake on it in mid hill. It is never a quick hit for a damned stupid President - like Bush. Nor will it be a quick fix by Obama. It will takes years to undo the damage Bush/Cheney did. Your lack of intelligence on this matter is overwhelming and - quite frankly - embarrassing for you.
Seeking Sanity--Yes the downward spiral was caused by events prior to Obama including some of Bush's policies but also some of the democratic congress policies. But regardless of who caused it (and I think Bush was a bad president), many of us think Obama's economic policies including his health care agenda have done nothing but make it worse and will never undo the damage. His government spending agenda will create deficit issues that may take a recession harder than this one and significant reduction in our standard of living before its fixed. Just because policies put in place prior to Obama created the downward spiral doesnt mean that anything Obama has done has made it better and there is no evidence of that yet. If anything, most of what he proposes appear that they will make government bigger, the deficit wider and attempts at creating equality of outcomes generally fails. Some of us dont hate Obama, we just dont think his economic policies are good ones. I personally long for the Clinton years.
Toyota3: What's in a name? The answer! And your above statements-
Very simple, very naive, very partisan, and clueless of reality and what makes America work.
I'm tired of the bailouts. If you bought a house you can't afford the issue is between you and your lender.
The rest of us should bail you out? WTF
could foreclosure be increasing due to the economy and nothing to do with millions of people buying homes they couldnt afford.
Always the victims fault?
"a tax on banks that would pay for a special fund through which some homeowners could refinance their mortgages." That's a good laugh!!!
When was the last time you ever saw a bank "eat" or absorb a "tax"? NEVER.... they simply pass them on to the consumer which means the middle class taxpayers will pick up the tab for this highly focused "unfunded" charity.
All a "tax" means is that one group will pay for the bailout of another..... always based on the political needs of some party or politician at the time. When you use the word "tax" it is confusing for people to see who gets stuck with the bill. The tax looks like it is on the bank investors but we know that won't happen so who gets stuck with it? Banking employees getting lower compensation? New home buyers? Anyone taking out a new loan of any type? How about raising credit card interest rates.... etc etc Lots of way for banks to pass on the tax costs.... and they will.
Someone is going to get stuck with the bill on this "other bailout". All ideas that involve taxing, spending or borrowing........ SUCK. They are just a form of unfair wealth reallocation or kicking the can down the road.
One thing we have learned in the last several years............. THE BANKS NEVER LOSE!!! When the government gets involved we get double screwed.
And so we are to believe Obama is riding in on his white horse, taking Republicans and Romney "to task" for what they are NOT DOING to save the housing market. How about focusing some of that "righteous indignation" for those responsible for the mess in the first place?? Jimmy Carter and his a$$-in-nine Housing Re-investment Act, BJ Clinton and Janet Reno for putting the Act on steroids, Franks/Dodds for blocking investigation into May/Mac, Rahm Emanuel who ran May/Mac, YOU KNOW THE CAST OF CHARACTERS FROM YOUR PARTY???? But nnnnoooo......Mr. President, instead of being sincere, you gotta try and act shifty and try and shift the blame off your party. You start by trying to clean up the mess by allowing the people responsible, namely Franks/Dodd to write the rules to fix it, great plan Barry(faking a thumbs up). And remember people this is not going to ADD to the deficit(wasn't that line used to sell HCR), it will be paid for by charging a small fee(tax) to the "evil banks". Problem being Mr. President the public is informed, and knows the Democrats are up to their "elbows" in blame for this one too. So instead of coming across as "concerned" by trying to shift the blame instead of admitting it and owning it, you only come across as a LIAR.
Your analysis might be correct except for the little fact that we have gone through 24years of Republicans since then and all things have gotten was worst, worst worst. So much for the GOP and their smart ideas to FIX THINGS.
Blame, blame blame! That is all hussain oBAMA can do because he sure can,t run on his record!