Topic: Wednesday Chronicle: Obama's Latest Mortgage Scheme

[jpatrickham]

Reply |The Patriot Post no-reply@patriotpost.us to me
show details 11:16 AM (1 hour ago)



Read this on the Web at http://patriotpost.us/edition/2011/10/26/chronicle/
       
Chronicle · October 26, 2011

The Foundation

"Where an excess of power prevails, property of no sort is duly respected. No man is safe in his opinions, his person, his faculties, or his possessions."

James Madison

"Eviction scheduled for November 2012"The president's barren jobs program has also forced him to go back to the drawing board on his mortgage program. His latest anti-foreclosure tonic merely doubles-down on failure. Stubbornly high unemployment has made it harder for people to pay their mortgages, adding to the already record number of foreclosures plaguing the economy. The housing overhang, coupled with weak demand, has depressed home values further. And now even more borrowers owe more on their mortgage than their home is worth. Obama's answer is to open up his disappointing Home Affordable Refinance Program to all underwater borrowers, a growing class of debtors who, alarmingly, now account for nearly a quarter of the nation's homeowners. HARP had been limited to those owing up to 25% above their home's value. But once people started the application process for a HARP refinance, they found out they owed more than 125% of the value of their home and couldn't qualify. Of the 11 million homes underwater, fewer than 900,000 borrowers have opted to go through HARP since the program was rolled out in 2009. Now the sky's the limit. And the administration thinks the broader plan will help the average underwater family save a couple hundred bucks each month on their mortgage payments. ... Say a borrower going through HARP decides that a few hundred bucks in monthly savings don't outweigh the tens of thousands of dollars owed beyond the value of the house. He walks on it anyway. Guess who takes the loss? Taxpayer-backed Fannie Mae or Freddie Mac, that's who. Under Obama's plan, only loans guaranteed by Fannie and Freddie are eligible. The failed mortgage giants have already cost taxpayers hundreds of billions of dollars, and the price tag just keeps climbing higher. In effect, Obama is trying to keep people in homes they can't afford at the expense of homeowners who borrowed responsibly."

--Investor's Business Daily


What will the president's mortgage plan actually do?

[LadyVirginia]

In effect, Obama is trying to keep people in homes they can't afford at the expense of homeowners who borrowed responsibly."

And once again the we see the agenda that motivates this administration...

[jpatrickham]

In effect, Obama is trying to keep people in homes they can't afford at the expense of homeowners who borrowed responsibly."

And once again the we see the agenda that motivates this administration...

Every red blooded American and most in the rest of the World know exactly what Barack Obama is doing. The trouble is, no one is doing anything about it!

[benb61]

The trouble is, no one is doing anything about it!

I think that the roadblock isn't that nobody isn't doing anything about it but more that nobody knows what to do about it.

This was the problem I had with Glen Beck, many times watching his show, he was showing everything the Marxists/Socialists were doing to screw the good ole USA, but never showed what we could do to stop them.

[Pandora]

The trouble is, no one is doing anything about it!

I think that the roadblock isn't that nobody isn't doing anything about it but more that nobody knows what to do about it.

This was the problem I had with Glen Beck, many times watching his show, he was showing everything the Marxists/Socialists were doing to screw the good ole USA, but never showed what we could do to stop them.

I think stopping them is what Issa and Grassley are up to.  As for the rest of Congress, they are useless.

[jpatrickham]

The trouble is, no one is doing anything about it!

I think that the roadblock isn't that nobody isn't doing anything about it but more that nobody knows what to do about it.

This was the problem I had with Glen Beck, many times watching his show, he was showing everything the Marxists/Socialists were doing to screw the good ole USA, but never showed what we could do to stop them.

That, unfortunately comes under the heading of Racial Intent. There, I said it!

[Pandora]

The trouble is, no one is doing anything about it!

I think that the roadblock isn't that nobody isn't doing anything about it but more that nobody knows what to do about it.

This was the problem I had with Glen Beck, many times watching his show, he was showing everything the Marxists/Socialists were doing to screw the good ole USA, but never showed what we could do to stop them.

That, unfortunately comes under the heading of Racial Intent. There, I said it!

Well, don't stop there; 'splain, for today I'm a muddle-head.

[jpatrickham]

The trouble is, no one is doing anything about it!

I think that the roadblock isn't that nobody isn't doing anything about it but more that nobody knows what to do about it.

This was the problem I had with Glen Beck, many times watching his show, he was showing everything the Marxists/Socialists were doing to screw the good ole USA, but never showed what we could do to stop them.

That, unfortunately comes under the heading of Racial Intent. There, I said it!

Well, don't stop there; 'splain, for today I'm a muddle-head.

"Muddle-Head," Thanks! That may explain my frequent lapses. Hillary Clinton was on her way to being the next President, doubt anyone could have stopped her. In my estimation, Barack Obama was the future of the Democratic Party. Communist, Marxist, Liberals, or whatchamacallit Radicals, hijacked the Democratic Party, through Hillary under the bus, knowing Obama would eventually been found out. Using his skin color, they took the chance and the rest is History, if you want to call it that. I call it the First American Coup d'état!  

[Pandora]

Yep.  And I don't doubt for a minute they planned on using the race-card at the least sign of resistance.  Hell, they were already doing it during the campaign.

Any move to impeach this guy will be called racism.

[jpatrickham]

Yep.  And I don't doubt for a minute they planned on using the race-card at the least sign of resistance.  Hell, they were already doing it during the campaign.

Any move to impeach this guy will be called racism.

Not only that but, I believe very strongly this "Occupy Wall Street" Kabul is a direct response to the failure of Obama. They are desperate and hoping an incident would cause a riot to ensue and blame that on the Conservatives or at least The Tea Party.

I can remember some Liberal Pundit salivating on Fox News, daring the Right to say something about Obama's color. It didn't happen and it was Obama himself that tried using it.

The extraordinary thing about Obama, is the fact he isn't. Everything, was handed to him. President of the Law Review at Harvard? Is that anything like Al Gore winning an Academy Award, or Barack Obama getting the Nobel Piece Prize before elected to President?

In 20 years or so, the whole truth will come out about Barack Obama and the scheme to win the United States. I won't be around but, almost hope I was. A must read!

[Libertas]

This HARP needs to have every string severed with a fricken chainsaw!

[AlanS]

In 20 years or so, the whole truth will come out about Barack Obama and the scheme to win the United States. I won't be around but, almost hope I was. A must read!

I just hope it's the truth and not the NYT edition.

[jpatrickham]

In 20 years or so, the whole truth will come out about Barack Obama and the scheme to win the United States. I won't be around but, almost hope I was. A must read!

I just hope it's the truth and not the NYT edition.

In 20 years, it will be like a Chinese Menu, you will get both!

[Predator Don]

Proverbs 26:11

As a dog returneth to his vomit, so a fool returneth to his folly.

[Libertas]

Heh, good one Don!