Obama’s Non-Existent Mortgage Relief Group

In his State of the Union speech, President Obama announced yet another task force that would investigate mortgage fraud and provide relief to the 12 million American families who are either losing or are in danger of losing their homes.

The new Residential Mortgage-Backed Securities Working Group, which is the sixth such group put together since 2009, would be co-chaired by New York State Attorney General Eric Schneiderman, U.S. Attorney John Walsh of Colorado and three members of the Justice Department and the SEC.

85 days since the president revealed the group’s existence there has been zero signs of any activity.

U.S. Attorney General Eric Holder held a news conference to announce that at least 55 Justice Department lawyers, agents, analysts and investigators would be assigned to work on behalf of homeowners. A news release promised 30 staffers would be joining efforts “in the coming weeks.”

HUD Secretary Shaun Donovan appeared on a morning talk show and described the administration’s actions as “a coup.”

45 days after the speech and 30 days after the announcement, Attorney general Schneiderman had no office, no phones, no staff and no executive director. None of the 55 staff members promised by Holder had materialized.

Calls from the New York Daily News to the Justice Department’s switchboard requesting to be connected with the working group was met with a dead end.

“I really don’t know where to send you.” said the operator, and after being transferred to the attorney general’s office and asking for a phone number for the working group, the answer was, “I’m not aware of one.”

The president has once again shown where his loyalties lie and they’re obviously not with the 12 million American homeowners who are collectively$700 billion under water.

 

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