Legal Commentary

The Anti-HOLC

By Big Tent Democrat

Like Atrios, I've been screaming about HAMP, the anti-HOLC, since last year. Atrios says it best:

Keeping people in their homes should always have been the goal, and smart people should have set up a reasonable incentive system of carrots and sticks, with that lovely $50 billion budget, to do this. Foreclosures are incredibly costly, both for the people getting kicked out of their homes and the surrounding communities. They're also costly for the investors.

I'm in looking forward mode, so I guess I should be thinking about what should happen now. Seems to me that since most of the HAMP money is still sitting around, the Obama Administration can still do a HOLC. I'd at least find out if I could if I was Obama. What Hillary Clinton said in September 2008 was true then and it is true today:

If we do not take action to address the crisis facing borrowers, we'll never solve the crisis facing lenders. These problems go hand in hand. And if we are going to take on the mortgage debt of storied Wall Street giants, we ought to extend the same help to struggling, middle-class families.

Speaking for me only

Full post as published by TalkLeft on November 05, 2010 (boomark / email).