Obama’s Credit Solution: ‘Serious Talk’ With Bankers
by The New LedgerPresident Obama says he’s going to have a “serious talk” with bankers today to pressure them to provide more credit. Why? Well, because if you’re upside down on your house and want to take advantage of low rates, your bank is just as likely to say, “eh, no thanks, we’ll just keep making money.” We’ll discuss this and more on today’s edition of Coffee and Markets, a daily podcast from The New Ledger on politics, policy and the marketplace with Francis Cianfrocca, brought to you by BigGovernment.com.
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Related Links:
TNL: Want to Refinance? Tough Luck Pal
Business Insider: Citi’s TARP Repayment Bilks Taxpayers
Bloomberg: Obama to Have “Serious Talk” With Bankers
NYT: Refinancing Woes Mount
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41 Comments
What if you are "upside down" on the Federal budget? Mr. Obama.
I really feel for the people that are upside down on their mortgages, and it's dragging our economy down. However, making credit too readily available is a big part of what got us into this mess in the first place. The federal government already mandates that banks give loans to people that they would otherwise consider to risky to lend to. Now, they are supposed to renegotiate loans for people that no longer have enough collateral to back those loans?
President Obama spent a lot of time on the campaign trail and early in his presidency preaching fiscal responsibility. It's time that he and Congress start practicing what they preach, rather than trying to strong arm the major banks into refinancing loans that are already high-risk for the banks.
Obama is trying to repeat the worst part of history. His greed, ignorance and stupidity are unbelievable.
Whoa, I thought the TARP money was going to be used to buy-up these "toxic loans" and clean the slate. Why was it instead used to purchase equity shares in banks? Whose fault is that? Well, it CANNOT be Obama's — just ask Obama!
Well what can you expect from an individual with no real world job/work experience. The government under BHO needs to stand down. Theses men and women in DC do not understand because they have no real world experience, what is the old adage, "those who cant… teach", in this case those who can't go into politics. Folks this is what happens when you put individuals who are generally inexperienced and worst off are attorneys into power. Their job is to manipulate the law to their advantage. The banks should be allowed to fail, this country was built on success and failure. "Fat cat bankers on Wall St" BHO stated, well who are the fat cats, who do they back, who watches out for them? BHO complains about the irresponsible spending of the banks but what about the irresponsible spending of the fed govt? This is corruption and it has to come to a stop. How much more of this are you going to take? Waiting 'til elections of 2010 is too long and we don't have that kind of time. The time is now to bring down corrupt politicians, bias fringe media and special interest groups through http://www.savingtherepublic.com
Will this President share a beer with these bankers also?
[...] View post: Big Government » Blog Archive » Obama's Credit Solution: 'Serious … [...]
He hates bankers, the thing I can't figure out is why they don't hate him.
Fear him? Sure I can see that, but it does not explain all of it.
Well AGW types print upside down charts and think it' completely acceptable.
I can't see why B-Daddy and crew would have any problem with the practice.
It is rather hysterical to see B-Daddy blame the banks for giving out bad loans, then demanding that they do so to "Fix" the problem
He knows what he's doing, he doesn't care, same old story, divide and conquer, build political capital through short term idiocy etc. and let someone else worry about the eventual fallout when it goes nuclear (or blame Bush, hey it got him elected)
Is Hussein creating predatory lending practices that he blamed BUSH for? Hmmmmmmm
[...] more from the original source: Big Government » Blog Archive » Obama's Credit Solution: 'Serious … Share and [...]
If you are upside down on your morgtage, you can refinance with any number of morgtage agents to get a better rate – so long as your credit is good – but you still owe the whole amount. That was the agreement. It is time to place the blame where it lies and that is with the debt holder, not the bank. Holders of morgtage that are worht more than their property are just going to have to hang in there, or take the hit and walk away. It is not the government's problem, nor mine. I would also appreciate a great deal more truth in reporting. Color me as completely unsympathetic.
my goodness. this obama fella is such a control freak!! what a micro manager is he!
Banks are not as stupid as Obama. They will turn down shaky loans and ignore obama. If they continue to make loans to people without money or income, they will need bailed out again. I suspect banks agenda is to avoid another bailout at all costs.
Alinsky at his best. Isolate and attack your opponents. Chicago thugocracy in action.
I think the big gansta rapper who resides at 1600 Pennsylvania Avenue should check out his neighbors in the House and Senate. Talk about "Fat Cats"! They have been loading up their wallets and funding barrels of pork since they took office. So where does he get off putting the problem on the banks? After all, it was the banks right along with Fannie Mae & Freddie Mac who helped put us in this awful mess. They all need to go and soon!!!!
I'd hold off on the "stupidity" a little longer if I were you. Evil maybe, but not stupid!
Who is going to stop this "stupid" president, I dare ask? He is making FDR look brain dead!
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