[CutePuppy]

In effect, it's a Third World/colonial scam on a gigantic scale: plunder the public treasury, then buy the debt which was borrowed and transferred to your pockets. You are buying the country with money you borrowed from its taxpayers. No despot could do better.

It's a revolving door between the government and cronyism (mostly in high finance or lobbying, as these "professions" don't need special expertise or "what you know," but rather expertise in "who you know")...

That's how the crony socialism works and Clintons' and Obama's operatives are particular experts in the political-financial revolving door (e.g., Rahm Emanuel, Thomas "Mack" McLarty, Steve Rattner, Franklin Raines, Jamie Gorelick etc. etc.)

"Power in the money, money in the power.
Minute after minute, hour after hour...
... Keep spending most our lives
Living in a gangsta's paradise." - Coolio.

From Ex-subprime lender leading HAMP efforts - NYP, by Catherine Curan, 2010 December 26

As many as 13 million homes will be lost to foreclosure by 2012, but troubled borrowers seeking help from Uncle Sam are sent straight to the very same mortgage industry insiders who led the country into crisis.

It's hard to believe Uncle Sam would choose him, but Bruce Paradis, chairman of the nonprofit Homeownership Preservation Foundation -- whose hotline number is included in every denial notice sent to borrowers rejected from the federal Home Affordable Modification Program, or HAMP -- knows all about troubled mortgages because his lending company originated nearly $70 billion in bad loans from 2004-2006 under his watch.

That's right -- the former CEO of notorious subprime lender GMAC's Residential Capital arm is charged with leading a key component of the Treasury department's response to the mortgage morass.

The rest of the board is packed with GMAC veterans and other financial industry insiders. More than $1 million in industry funds supports the $13 million Homeownership Preservation Foundation, which has a contract from the Treasury Department. ..... < snip >

..... The HAMP numbers that are available from the COP paint a picture of failure so dismal that noted credit expert and Georgetown law professor Adam Levitin is calling for HAMP to be shut down. Begun in early 2009 with a goal of preventing 3 million to 4 million foreclosures, HAMP will prevent only 700,000 to 800,000 foreclosures, according to the latest COP estimates. That's just 6 percent of the 12 million tidal wave. Even worse, re-default rates are high and rising. ..... < snip >

Unbelievable? It would be... in a normal world; but in the socialist "gangsta's paradise" it ain't.

[Liz]

Bruce Paradis, chairman of the nonprofit Homeownership Preservation Foundation -- whose hotline number is included in every denial notice sent to borrowers rejected from the federal Home Affordable Modification Program, or HAMP -- knows all about troubled mortgages because his lending company originated nearly $70B in bad loans from 2004-2006. That's right ----- the former CEO of notorious subprime lender GMAC's Residential Capital arm is now leading a key component of the Treasury department's response to the mortgage morass. The rest of the HAMP board is packed with GMAC veterans and other financial industry insiders.......the $13 million Homeownership Preservation Foundation has a contract from the Treasury Dept.

Hmmmmm-----looks like the Ohaha insiders are looking to protect their stash----and Cousin Brucie is sure the right man for the job.

THEY'VE ONLY JUST BEGUN TO STEAL The crooks got (ahem) "$13 million" to operate as a tax-exempt Foundation.

Hope Brucie keeps all of the receipts----we're gonna want to know where all the money went.

As the CIA says---the crooks always leave a paper trail.