If I had Onion-level parody skills, I’d treat the latest story in The Hill on Team Obama’s latest housing headfake masquerading as an initiative by riffing on one of its planned new program. Call it HUMP, Homeowners Upward Mobility Program. In true Ministry of Truth style, mortgage borrowers facing foreclosure would be moved, discreetly, into tent cities that would do Potemkin proud, with names like “Country Club Lane” and “Lake Shore Drive” and painted facades in front of their tents and shanties. Local merchants would praise the new subdivision and the inhabitants would say how nice it was to now be living in a McMansion, even if it was only really a couple of inches deep.
But instead you get my normal shtick.
The Administration is so far from having a plan that it is only talking about having a plan: “White House signals more aggressive stance to protect homeowners.” It’s a little late to be talking about doing something in January of an election year, particularly when you’ve spent over a year (starting in November 2010 with the coverup known as the Foreclosure Task Force, which dovetailed nicely with the administration basically taking over the attorney general “settlement” talks, but letting Iowa AG Tom Miller get a lot of media profile so as to disguise who was running the show.
Now the only thing the Administration could conceivably do (well it could in theory do a lot, but that would require being in a parallel universe in which Obama had realized he could go down in history as a great president if he leashed and collared the banks) is a really big refi program by Fannie and Freddie. Oh, but the Administration already has that happening, sort of. We talked about their new scheme last October:
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