Barack Obama: Mortgage Scammer-in-Chief?
Posted by danishova on April 27, 2009
On March 21st, the Treasury Department, in conjunction with H.U.D., announced its “Making Home Affordable” program.
On April 6th we learned from grim-faced officials, including Tax Cheat Timothy Geithner, that U.S. Cracking Down On Mortgage Scammers:
Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation’s housing crisis.
Government officials say scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.
Today callers to Rush Limbaugh’s radio program revealed how they were scammed through the government’s own website for mortgage help, MakingHomeAffordable.gov., which is accessible through the HUD website.
RUSH summed it up like this:
RUSH: We’ve had two calls so far today from people who were having trouble paying their mortgages. These were not subprime mortgages. These people who had standard mortgages, business owners. In both cases, they went to the website that Barack Obama set up, MakingHomeAffordable.gov. It turns out that these two people have reported to us on the program today that what happened was they filled out all the forms necessary, answered all the questions on the website MakingHomeAffordable.gov, and the next time thing they knew they were solicited by law firms who, in one case, wanted $2,000, another instance wanted $2,700 to call your mortgage company and try to renegotiate your mortgage. Both of these people that called thought they were just going to be talking to some government agency, some bureaucracy, because they had heard Obama announce this. So what they thought was going to happen was that the government was going to call the mortgage lender and, on behalf of them — because Obama had promised this — they’d get a better mortgage and lower their monthly payment. Instead, they were solicited by law firms.
Rush reminds us what Obama said:
There’s seven to nine million people across the country who, right now, could be taking advantage of lower mortgage rates. We estimate that the average family can get anywhere from $1,600 to $2,000 a year in savings by taking advantage of these various mortgage programs that have been put in place. You can go to MakingHomeAffordable.gov — MakingHomeAffordable.gov, and the way the website is designed, you can plug in your information and immediately find out whether or not you’re potentially eligible for one of these, uh, — one of these mortgage refinances.
Gosh, if you can’t trust the Obama Administration, who can you trust?
”U.S. Cracking Down on Mortgage Scammers” was dated April 6th, not April 9th. Corrected above.