Banks to benefit most from White House program to help fight foreclosures
Really? Shocking. But yet more from The Hill:
“Giving money to the banks isn’t what the government should be doing right now,” said Dean Baker, co-founder of the Center for Economic and Policy Research.
“I’m not a big fan; it’s ill-conceived,” he said.
The basic principle is to help struggling homeowners but with so many people underwater on their mortgages the new funding is unlikely to do much good, Baker said.
“You need to make sure that someone benefits from the program other than banks,” he said.
Ahem. Only the banks can benefit — they are they ones who made the bad loans.
And because BAC will never, ever make the White House look bad on this profoundly misunderstood point, Charlotte almost certainly will host the DNC in 2012.
