But give Obama credit for recognizing a crisis that has the potential to put countless numbers of families on the street in a tidal wave of home foreclosures over the next few years. ...
In announcing his pick of Donovan, a New York City housing official, to head the federal department Housing and Urban Development, Obama correctly stated that to end the nation's economic crisis, we have to address the mortgage crisis first.
It won't be easy. On the same weekend of Obama's announcement, 60 Minutes aired an excellent report on the looming "second wave" of massive home foreclosures expected to rock our economy through the year 2011.
It was good to hear Obama point a finger of blame at those responsible for this mess, the greedy individuals who knew damn well they couldn't afford to homes they were purchasing but charged forward anyway.
These reckless people will be first in line when the bailout money starts flowing while hard working people who took second jobs, scrimped and saved, and did all the right things to avoid foreclosure will get no government-backed goodies.
The president-elect sees Mr. Donovan as the right man for the job. I, for one, hope he is right.
_________________
Paul Shepard blogs the Democrat side of politics for BlackVoices. He has been a journalist for 16 years; on the national urban/minority affairs beat for The Cleveland Plain Dealer and for The AP in Washington, D.C.
Comments: (7)
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By: blkone on 12/16/2008 8:19AM
Sorry Jeff but you still have a few things to learn. Let's call it correctly. If anyone cared to audit some loan files they would find that 80% of the bad loan issued were not with subprime borrowers but borrowers who qualified at he time for conventional loans. However lenders felt they would make more money by using subprime structured loans. The most that the greedy public should be blamed for is trusting that lenders would protect their interest, after all it would be in the lenders best interest to have these loans repaid.
I'm probaly a generation older than you but I came from a place where most people were fair with others. I know you're saying these borrowers should have known better but, again if I call a company that sells furnaces I expect for them to help me make a decision based on their knowledge of the furnace business not mind because I am not in the furnace business. So call it the way it is.
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By: tate on 12/16/2008 10:34AM
Jeff the homeowners didn't create this mess YOU IDIOT!
It was the fault of the greedy lenders!!!
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By: Alexis Stodghill on 12/16/2008 11:39AM
Well put, blkone!
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By: jakeefer on 12/16/2008 3:54PM
Give Obama Credit for "recognizing the crisis" .... Really? Obama was part of the crisis... he was taking campaign contributions to look the other way while this whole mess was piling up. Don't pander the man just because he got elected...
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By: Joyce on 12/17/2008 5:26AM
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Joyce
http://www.webtraffictrigger.com
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By: CAMELIA on 12/18/2008 6:33PM
The only thing I have to say is that I am sick of all you complaining *@! people. This man has not even taken office yet and people have the nerve to WANT to blame him for this mess. Stop being part of the problem, (and that's all complainers are!) and be part of the solution. Times are hard! I have two that I'm trying to keep in college. I work 160 hours every two week. But one thing is for sure, I will take care of mine and I don't cast blame because I can pull them out. Life will go on.
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By: Sonja on 3/12/2009 11:44PM
My comment or complain about Blasting Govenment Housing.Will I'm an Attendent at one of the housing places. i just to blast them about equal right for all attendents right. Well I'm an attendent with a diaability them I can't have a gas stove in my unit. Now I've being going to court with them for about 2 to 3 years for an electric stove.Now I see everyone that came after me and say they want an electric strove and they got with no problem. I have a dotor's letter saying fix the problem and it's not solve yet. I'm with Legal Service Aid I'm just a single Mother trying to make it but it is really hard out here. I never knew that I will have to go through this in life I through it was only talk. It's relly for resl,BEING DISCRIMINATED WHERE YOU ARE NO MATTER WHAT RACE,SHAPE, FORM,OR FASHION. AND IT'S TIME TO CHANGE LIKE YOU SAID WHEN SRE PEOPLE GOING TO GET IT. IT'S OVER,,,NEW IT'S TIME FOR NEW BEGINNING THE CHANGE,,,
THE'C' MEANS CARE ABOUT ALL AS ONE. ONE LOVE ONE
FAMILY GOD CHILDRENS AGAIN..
THE'H'MEANS HISTORY WAS MADE AND NOT JUST HISTORY
BUT WE AS THE PEOPLE OF THE UNITED
STATE PRAYED FOR ALONE TIME NOW IT
HAS ARRIVE AND STRONG AS EVER.
THE'A'MEANS AMERICA WAKE UP AND SMEL WHAT'S READY
GOING ON IN THE WORLD. WE ARE WERE WE
USE TO BE WE ARE TRYING TO GET BACK
THERE NOW LET'S WORK TOGETHER AS ONE
THAT'S THE ONLY WAY NOW.
THE'N'MEANS THE NATION MUST COME TOGEHTER TOO AS
ONE STOP ALL THIS WAR AT ONE TIME I
REMEMBER EVERYONE GTTING ALONG .WHY
CAN'T WE IT DOING AND LIVE HAPPY
AGAIN
THE'G'MEANS GOOD THINGS ARE GOING TO HAPPEN JUST
GIVE IT SOMETIME TO WORK ITSELF OUT.
WE BEEN PATIENT FOR ALONG TIME WE CAN
ALITTLE LONG. WE GOT TIME..
THE'E'MEANSEVERYONE NEED TO CHANGE FOR THE BETTER JUST GOT OVER ANYTHING THAT BLOCK YOU FOR LIVING YOUR LIFE RIGHT IN PEACE JUST LOVE WHO LIVE BY NO MATTER WHAT.
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