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In reply to the discussion: Pres. Obama tells Dems, on TTP: "Get informed, not by reading the Huffington Post" [View all]Octafish
(55,745 posts)Is great phrase. Geithner sacrificed homeowners to foam the runway for the banks:
Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. It presents a damning indictment of the Obama administrations execution of the TARP program generally, and of HAMP in particular.
By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obamas bailout plan repaired holes in the banks balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would foam the runway for the distressed banks looking for a safe landing. It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.
CONTINUED w VIDEO and links and more letters...
http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982