We wrote last month about the many reasons that Steven Mnuchin is not the right person to become our new Treasury secretary. Well, it turns out I’m not alone in that opinion!
2017 is not looking to be a great year for anyone who is dealing with high debt loads or who is having trouble paying their bills. A few days ago, I wrote about the upcoming expiration of the Home Affordable Modification Program, which helps distressed homeowners avoid foreclosure by renegotiating their mortgages - and why that program should be extended. Well, another government program that helps distressed borrowers, the Mortgage Forgiveness Debt Relief Act, or MFDRA, is set to expire this month too. And that is a problem.
This year is quickly coming to an end. I’m not too happy to see that the government has still given no signs of extending the Home Affordable Modification Program (HAMP) through to the end of 2017.
Well, here we go again. The president-elect has selected his former rival, Dr. Ben Carson, as his nominee for secretary of the Department of Housing and Urban Development (HUD). So we have yet one more example of a cabinet nominee who will not be working in the interests of “average” Americans.
So much for our new president-elect’s promises to “drain the swamp.” Mr. Trump hit Hillary Clinton hard with accusations that she is “totally controlled by Wall Street.” However, by choosing a Wall Street insider, Steven Mnuchin, as his Treasury secretary appointee, Mr. Trump has shown that he prioritizes the profits of the big banks and their executives’ outrageous salaries more than he does the average American who is simply struggling to pay their mortgage - or, even worse, who has already lost their home.