Geithner: Mortgage Service Companies Failing The American People

By Chingyu Wang-Talk Radio News Service

Treasury Secretary Timothy Geithner accused mortgage service companies of not providing adequate assistance to Americans at-risk of losing their homes.

"We do not believe that servicers are doing enough to help the homeowners, they are not doing enough to help navigate the difficult and often frightening process foreclosure," said Geithner.

To counter the mortgage service companies’ shortcomings, Geithner touted a new program developed by the Obama administration entitled Home Affordable Modification Program (HAMP).

"HAMP has now offered trial modification to more than 1.4 million Americans, this represents roughly 3 quarters of Americans estimated to be eligible for this program today. About 1.2 million homeowners have begun trial modification and seen an immediate reduction in their monthly mortgage payment by an average just more than $500 per month,” Geithner said.

The secretary stressed that the program is not designed for those who those invest in real estate or are at risk for losing vacation homes.

Sen. Sanders: Financial Reform Should Shine Light On The Fed, Financial Institutions

By Chingyu Wang-Talk Radio News Service

Sen. Bernie Sanders (I-Vt.) told reporters Thursday that Wall Street reform legislation should focus on increasing transparency in the Federal Reserve, the U.S.'s central bank.

"During the bailout, the Fed lent zero interest to almost zero interest loans, trillions of dollars, to lodge financial institutions. The American people don't know who received that money," Sanders explained.

This is not the first time Sanders has touched on the need to air out the inner-workings of the Federal Reserve. In 2009, the Vermont congressman introduced the Federal Reserve Transparency Act.

Sanders added that financial institutions should also be required to amp up transparency.

"People are attempting to hide the problems that they have until the last minutes when they announce they are about the collapse," said Sanders.

"It is illegal to hide the debt that you have," Sanders added.

Lawmakers Give Healthcare Reform Mixed Reviews During Hospital Association Conference

By Chingyu Wang
Talk Radio News Service

While House Speaker Nancy Pelosi (D-Calif.) thanked members of the American Hospital Association (AHA) during its their annual conference Tuesday for supporting the Democratic health care reform bill, Sen. John Cornyn (R-Texas) reminded the audience that "you and I found ourselves on a different page."

The AHA, a national organization formed by almost 5,000 hospitals and medical care providers and 37,000 individual members, displayed packets during the conference that praised the new health care reform law for expanding health coverage to an estimated 32 million Americans in the next ten years.

Citing a new report by the Centers for Medicare and Medicaid Services, Cornyn told members of the audience that health care costs will rise to $311 billion by the year 2020, and said his "biggest disappointment" with the law is that it will worsen America's long term fiscal situation.

Pelosi, on the other hand, said hospitals stand to benefit the most from the new law due to "32 million patients [having] an insurance card...fewer uncompensated emergency room visits...[and] reduced costs and improving care."

Department of Health and Human Services Secretary Kathleen Sebelius, who followed the Speaker, discussed the case of Well Point Inc. attempting to decline health coverage to breast cancer patients, and called on the AHA to help discourage such "illegal" behavior on the part of insurance companies.

Senate Democrats Tout Major Provisions Within Wall Street Reform

By Chingyu Wang
Talk Radio News Service

A collection of Democrats along with small business advocates said Wednesday that the Wall Street reform bill is the only way to save the U.S. economy, and emphasized that the proposed Consumer Financial Protection Agency is central to reform.

Frank Knapp, President and CEO of the South Carolina Small Business Chamber of Commerce, said that without Wall Street reform, "'Too Big To Fail' banks will be back to the old greedy, irresponsible, even fraudulent ways, and it'll fail us all once again."

Sen. Michael Bennet (D-Colo.), on the other hand, pointed out that the Consumer Financial Protection Agency in the bill will ensure fair competition in the market.

"[It is] common sense regulation to make sure that all businesses in this country are able to compete against each other fairly," he said.

Senate Majority Whip Dick Durbin (D-IL) claimed that "the strongest consumer financial protection in the history of the United States" will expose hidden risks within the financial sector, and will "guarantee that mortgages won't explode!"

Sen. Jack Reed (D-R.I.) added that he is hopeful the bill will make its way to the Senate floor by Monday.

Democrat Urges President to Push Immigration Reform

By Chingyu Wang-Talk Radio News Service

Rep. Luis Gutierrez (D-IL) called on Arizona Governor Jan Brewer to veto a new anti-immigration bill that, under Arizona law, would allow law enforcement officials to arrest anyone on "reasonable suspicion" that they are undocumented immigrants.

"The governor of Arizona should veto the bill, and if she doesn't, the President of the United States, Barack Obama, should assert federal government's preeminent role regulating and enforcing our nation's immigration laws," Gutierrez said.

The Illinois Democrat said that the Arizona law is in breach of the Constitution and violates the rights of American citizens.

“The lunacy of rounding up people because they look a certain way or are suspected of being in violation of immigration statutes can only lead to one thing violations of people’s basic, fundamental civil rights. Profiling,” Gutierrez said.

Gutierrez also called on President Obama and said "the President needs to begin to work harder and bring the people together so we can get this process started in the Senate [and] it must begin immediately."

Gutierrez said that the summer months between Memorial Day and Independence Day would be the only chance for a comprehensive immigration bill to be passed saying "the Judiciary Committee will begin its work on getting the next Supreme Court Justice and we won't be able to deal at a judiciary level with a comprehensive immigration bill."