New Orleans In an excellent book on community building in the wake of disasters of historic proportion, A Paradise Built in Hell, Rebecca Solnit raises a number of insightful points about what she refers to as “elite panic.” In post-Katrina New Orleans we saw this all the time, the predictions of dire consequences and the …
Tag: geithner
New Program: More Bailout, More Drowning
New Orleans President Obama, Secretary Geithner, and the rest of the hapless pickup crew that flubs around in the housing and foreclosure crises came together to “repurpose” yet more of the TARP money that was set aside for home mortgage modifications that might prevent foreclosures and threw $15 billion of the total at some homeowners …
Principal Reduction Versus Arrogant Banks
New Orleans From the day the latest foreclosure modification plan as announced several weeks ago, and it became clear that banks saw their participation as voluntary, I said this was not going to work. The government orchestrated immediate acceptance by their subsidiaries, Citi and Bank of America, but as surely as I predicted that was …