18 months Obama has been in office. We suffered waiting for the administration to get the facts and develop a plan to do something about it. To tell you the truth I never thought of this way, but he’s right — it is the best way possible.
It took 35 years for us to get into this mess and now the young president came up with a plan to fix the foreclosure mess, change the housing market, and change our economic prospects from bad to at least possible. The government owns the majority stake in GMAC which handles hundreds of thousands of loans. Oversight of GMAC is by Obama and his administration. The order was given to stop foreclosures, stop hiring people who were falsifying documents and stop evictions, sales, auctions and everything else.
Why? Because the administration was coaxed and coached by some people who have not received sufficient credit yet from the U.S. Senate and from the House of Representatives. In 18 months the President understood what was going on and developed a plan that was designed to stop it dead in its tracks. GMAC was the vehicle for the action, (pardon the obvious double meaning) for stopping all foreclosures throughout the nation. The rest will now unravel on its own and much more quickly than you might imagine.
I don’t care about politics, political parties or ideology. I care about people living in their homes and getting back into their homes. The President just made that possible by forcing the entire industry to its knees. That took a creative plan and an iron will backed by certainty he was right. He waited, to our horror, as millions of foreclosures were pushed through, but until he was sure he knew what was happening and that he wasn’t busting up a legitimate system, he wasn’t going to act. Once he “got it” he acted. And now people are entitled to stay in their homes, regain their homes, and get damages and even punitive damages. Suddenly 18 months doesn’t seem that long.
I give credit where credit is due. President Obama deserves credit for this bold action that stopped the foreclosures better than any law, legal decision, or politics. As the dust settles from this action, you’ll see what I mean. The jig is up. Pretender lenders are now going to have to answer for their actions in ways they never imagined — including in some cases loss of their freedom as they count days behind bars. The house of cards is in the process of falling. We are no longer watching a train wreck in slow motion. The light at the end of the tunnel is no longer an oncoming train, it is justice.
Posted on September 26, 2010 by Neil Garfield