Thursday, August 26, 2010

Chase Bank and Obama's "Make Home Affordable" Scam

by Ted Rall

SOMEWHERE IN AFGHANISTAN--It isn't surprising, what with the world falling apart and all, that the world scarcely noticed that I lost my job as an editor in April 2009. Why should it? I was one of millions of Americans who lost their job that month.

But it mattered to me.

It wasn't all bad. No more early morning commutes. And no more Lisa. Lisa was my boss. My mean boss. My mean and crazy boss. In the long run, I stand to save thousands of dollars on therapy.

In the meantime, however, one visit with HR cost more than half my annual income. (My ex-employer, the Scripps media conglomerate, offered just four weeks severance pay--if I agreed not to work as a journalist for the rest of my life. Needless to say, I refused.) Just like that, I was broke.

The bills, of course, kept coming. Including my home mortgage. Unlike many people, I was conservative. When I bought, in 2004, I put down more than 50 percent of the purchase price. Refusing an adjustable-rate mortgage, I took out a vanilla 30-year fixed-rate mortgage from Chase Home Finance LLC.

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