President Obama, The Bankruptcy Code and Leadership

23 Feb President Obama, The Bankruptcy Code and Leadership

If there is one thing that the Obama Administration can already claim is its ability to take unchartered directions quickly on issues that it deems important.  Yet, in his first month as President he has failed to tackle the most pressing issue this Country is facing, Foreclosures.

First, President Obama put together a team before the inauguration that was poised to hit the ground running.  Then, there was the largest inauguration ever, and the most expensive.  Next, there was the stimulus bill that the majority of the Country was against, yet it passed. This morning, the Government announced that it may take up to a 40% ownership in Citigroup.

The Government could very easily nationalize Citigroup and Bank of America. This would be much cheaper to the taxpayers.  What impact will this new direction have on the economy?  Probably none, only time will tell. However, I know that it will not save homes.

This is what really needs to be done right now.  President Obama has taken his time when it comes to the Bankruptcy Code and amendments to help save homes.Each and every day foreclosures are being filed around the Country, and each and every day that nothing gets done about it, the problem becomes larger and larger.  I doubt that anyone in the Senate or the House of Representatives homes are in foreclosure, because if they were, something would be done about the problem.  However, I would like to see a breakdown of how much money was donated to each member of Congress by the mortgage and banking industry.

Being from Florida, preventing more foreclosures is always on my mind.  Lee County, Florida has been especially hard hit and continues to be devastated by a weak economy that was dependent upon construction and tourism.

President Obama needs to stop being a politician and start being a leader.  He ran on a platform of change, openness and transparency.  I am not seeing it yet.  The American people are not seeing it yet.  The economy is not seeing it yet.  The Stock Market is not seeing it yet.  Although today may be an interesting day on Wall Street with the Government buying more stock.  If Wall Street sees this as a new trend, it could lead to some very interesting trading days.

President Obama, we elected you to chart a course and to lead us forward.  We need your assistance right now in the form of mortgage modification.

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Carmen Dellutri is a proud member of the Florida Bar, and he is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. He practices in the areas of Consumer Bankruptcy and Plaintiff's Personal Injury. He is the principal attorney at The Dellutri Law Group, P.A. The firm supports many charitable and civic causes by donating time and much needed capital to our community. Mr. Dellutri and the other attorneys in the firm routinely speak to students of all ages about various legal and societal issues.
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