"We Can't Wait" Will Do Little To Help Homeowners, Charges House GOP'er

Congressman Patrick McHenry (R-N.C.) declared Monday that the White House’s “We Can’t Wait” initiative has come along too late to help struggling homeowners.

As part of this new effort, the Obama administration announced a series of fresh housing refinancing opportunities to help those homeowners who are financially incapable of refinancing their mortgages.
 Mchenry, Chairman of the House Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, however, has stated that this new policy will do little to help homeowners.

“Today’s announcement by the President is just another step in the floundering strategy of an administration that has been grossly incapable of providing meaningful solutions to help struggling homeowners,” McHenry wrote in a press release. “When it comes to this administration’s housing policies, the time to act has long since passed. More than 6 million Americans are behind on their mortgage payments or facing foreclosure and the policies of this President have done more harm than good.”

The new housing refinancing options, meant to supplement Obama’s Home Affordable Refinancing Program (HARP), will reduce refinancing costs and allow easier eligibility for refinancing among other changes.

Sanders Welcomes Warren To Consumer Protection Bureau

Sources are reporting today that President Barack Obama will soon name Elizabeth Warren as a special adviser to the new Consumer Financial Protection Bureau. Warren, who currently chairs the Congressional Oversight Panel, which has monitored the TARP program, will not need to be confirmed by the Senate.

Sen. Bernie Sanders (I-Vt.) applauded the decision to appoint Warren to the agency.

“At a time when the working families of this country are profoundly disgusted by the greed, recklessness and illegal behavior of Wall Street, I applaud President Obama for appointing a tough and brilliant advocate to head the new Financial Consumer Protection Bureau.  The American people are tired of being ripped off by large banks and financial institutions and, in Professor Warren, they finally will have someone in a position of power who can protect their interests.”