Rep. Dennis Cardoza, D-Merced, isn't making many friends at the White House these days. The conservative Democrat has become increasingly angry over the lack of action on the home foreclosure crisis. Cardoza's district has some of the highest home foreclosure rates in the nation, and he says the administration's plans aren't helping his constitutents who are about to lose their homes.
The home foreclosure response by the administration is similar to its response to the Gulf oil spill: Too little, too late, too many excuses. Seems like there's a pattern here.
Cardoza is so angry that he is pushing legislation that would restrict the travel of Housing and Urban Development Secretary Shaun Donovan. As Cardoza put it in a telephone interview with The Bee, his intention is for Donovan and his aides to "keep their sorry asses in Washington until they fix the problem." They do not understand the depth of the problem, Cardoza said.
Cardoza's amendments would wipe out HUD's $21 million travel budget. They would also prohibit HUD officials from traveling using funds designated for administration and operations.
It's a symbolic measure, but is intended to make a point to the administration that Democratic members are upset over the lack of progress on a foreclosure fix. Administration officials need to "quit pretending that their programs are going to work," Cardoza said in the interview.
Donovan says Cardoza's amendments won't help his constituents. This is from Politico:
"It doesn't make any sense to hurt the people we're trying to help by cutting HUD's travel funding," Donovan said. "That is funding that goes to do foreclosure counseling events and a whole range of other things that are exactly the kinds of things that we want to be doing in his district. So to me it looks like he's cutting off his nose to spite his face."
Cardoza also said in The Bee interview that the Obama administration is too cozy with the banks that hold most of the underwater mortgages. The officials working on the foreclosure problem came from Wells Fargo, Bank of America, Fannie Mae and Freddie Mac, Cardoza said. They have a conflict of interest and are protecting their old employers instead of looking out for the interests of homeowners.
"The lack of action on foreclosures and the president not coming to district, which he had promised to do, have me pretty fired up," Cardoza said.
Cardoza's travel-ban amendments have the support of Reps. Jim Costa, Doris Matsui, Mike Thompson, Lynn Woolsey, Anna Eshoo and Jerry McNerney, all of California, and Rep. Marcy Kaptur of Ohio.
It's too bad the program was called 'helping families avoid foreclosure'. There's no way a family making $30,000/year is going to hold onto a house valued at $300,000. It was built by builders using borrowed money, sold by greedy shysters throwing 'interest-only' loan syllables at ignorant buyers, and sadly, bought by those who really thought prices only went up. Plenty of room for disillusionment - disillusionment shown by dried lawns, grafitteed windows, and decimated neighborhoods, and families without a roof over their heads. Besides suggesting that HUD officials stay in Washington DC -- most of us think they are there way too much and don't know the life of the rest of us -- does Mr. Cardoza have any constructive twist to put on this sad dreary mess the Republicans brought to us?
No one in this administration understands the depth of any problem. From Obama on down, they act like a bunch of collegians thinking that every week is spring break and where can they go next on the taxpayers' dime.
The complete and utter self absorption of the Obamas is particularly disgusting. People have lost and are losing their jobs, their health care, and their homes, and all the Obamas can do is party and vacation and pretend that they're the king and queen of the country.
If the Bushes had behaved this way, there would have been no end of the recriminations from democrat politicians and their allies in the media.
How on earth the greatest nation on earth could have put such a spoiled brat in the White House is beyond my comprehension.
Most of the people that have tried to get the help have been turned down and it seems it pushes them in closer to foreclosure than they were in the first place. The whold concept is a big joke. The banks should be required to rework the loans at the current value of the house not the hundreds of thousands more than they are worth. They need to be held accountable for what they have done.
Nobody ever wants to cut spending and make government smaller or do away with perks even though the rest of us in the private sector have had to take pay cuts and scale back during this recession. Where is Woolsey's sacrifice? I see her still wearing her expensive suits, traveling back and forth from Washington to California on our dime and living the high life while her constituents are suffering. Once we march to Washington and take her money away from her will she see what the rest of us are going through. Woolsey needs to be retired and NOW! What a liberal tool!
No one did the right thing in the mortgage industry! I repeat, no one! The exceptions were saavy the real estate agents who followed the golden rule and recommended buyers against buying above their means. The culprits are those who gained as a result of this predatory form of lending to anyone that couldn't afford it. Schemes ruled the day and this is one example of how a "freemarketeers" in the housing market became destructive. They are the winners because those well paid by the lobbyists in the industry have deep pockets.
Cordoza has a right to be upset and the suffering goes on because his district has to be one of the worst in the nation. If everyone in the banking industry was honest, we wouldn't need oversight and regulations. Now we know it was beyond honesty and the greed just took over.
Cardoza is with a good lot of people. They need to start pressuring the President and force these banks to refinance homeowners. The other alternative would be to put a Federal moratorium on forced forclosures and let these folks live in these homes. After all, we need to point out the real crooks. Mind you the economy will come back and big shot, bums, who created this mess, deserve to be losers.
Here is a typiclal liberal comment....a couple of hundred words...and in the end it was the Republicans that did the dirty work!! Since when are Barney Frank, Chris Dodd, and others of that ilk Republicans?? Lay off the Koolaid, Sylvia!
Pretty funny the righteous indignation of this elected "Ostrich"...let us not forget which party has been in control of congress during this whole mess...what a hypocrite and anyone that voted for him.
We have three wild cards working against the United States
Mexico has invaded us---open Borders
The Islamic hoard is spreading like a spider web.
Our Government is led by a Dictator, and is Communist.
Just read history.
It`s taken about 100 years---but here we are.
Al Pinkerton
Loan modifications are a JOKE too! Loan Mods are future foreclosure/short sales in disguise. They only postpone the inevitable. Instead of doing a short sale now when the Fed is favorable, we will see 1000's more in the near future of the folks who tried the Loan Mod route.