How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter

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Fannie Mae, Foreclosed Homes, Foreclosure, fraud, Freddie Mac, Government corruption, Government coverups, Housing Crisis, Housing Foreclosures, Housing Scams, Mortgage, Scams, Scandal

This housing mess is the biggest fraud in the history of the United States and something tells me that it is not over yet, i.e., before Obama stepped a foot into the White House.

I remember getting a call from a family member back in 2000 who NEVER worked a day in her life.  She informed me that a real estate agent contacted her and asked her if she wanted to own her own home.  She said yes and the real estate agent said, all you have to do is give me your social security number and it is a done deal.

This woman was calling me to ask me my opinion but did not like the answer when I began to inquire as to how she proposes to pay for the home and to maintain it.

After several heated discussions (why ask if you are not going to like the reply), she decided against purchasing the home.

Then there is another distant family member who purchased a home under the same fraud. This woman worked but her income was limited.

For three or four years running, every time I called this woman, she was on the telephone re-working her mortgage with the bank.

How these people scammed the system, I do not know because it never occurred to me to be so dishonest but by re-working her loan, somehow she ended up with a new car, a new this, a new that and a trainload of debt.

????????????

Who the hell convinced these people that owning a house was a civil right or some crap?  If one cannot afford it, then be mature enough to do without.

Not to mention, now the government wants to buy these homes and rent them out to the former owners.

What this says to me is that these people who thought they were gaming the system have in their willingness to be a party to this fraud (or not), if Obama has his way set themselves up to become permanently enslaved to the government.

Therefore, I ask, who swindled whom here and has it occurred to anyone that the end game being laid out by the Obama administration may have been the plan all along?

Evil I know, but so Progressive.

ELECTION 2012: Michele Bachmann Gets Under Newt Gingrich’s Skin At Iowa GOP Debate 12152011

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Election 2012, Fannie Mae, Freddie Mac, GOP, Iowa, Iowa Debate, Michele Bachmann, Newt Gingrich, Progressive Republican, Progressives, Republican Party

As in the above video (2:00 ) and on several other occasions last evening, Gingrich sounded a little too much like a Progressive.

Very well done Bachmann.

Video of Banned SNL Skit Outting George Soros (10/6/08)

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Dictatorship, Dirty bureaucrats, Dirty Politicians, Economic Collapse, Fannie Mae, Fascism, fraud, George Soros, Marxism, Pelosi, Poverty, Power Grab, Progressivism, Scams, socialism, Soros

SNL immediately pulled this skit within a few days of airing (I wonder why) but thanks to freedom, Dollard and a few others, the skit continues to live. I thought that now is the perfect time to revisit the perils of Progressivism and spooky dude, George Soros (6:19 of video).  Link PAT DOLLARD.

Vodpod videos no longer available.

Video of Banned SNL Skit Outting George Soros (…, posted with vodpod

Barney Frank’s Personal Agenda Re TARP Profits

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Fannie Mae, Freddie Mac, Housing Crisis, obama, TARP, TARP for Main Street Act of 2009, Treasury Department, Troubled Asset Relief Program

It is called the “TARP for Main Street Act of 2009” which is all about spending the profits and repaid TARP money as it comes in Barney’s way and no, there is no mention of replacing the TARP money anytime soon from where it came.

TARP funds to bail out banks and other entities belong to American taxpayers and upon repayment of said funds were supposed to be repaid to taxpayers.  However, the Democratic Party has now decided to recycle the TARP money elsewhere as they deem necessary. 

In other words, the Democrats have their own agenda for our money.

“…Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers.  Last Friday, Frank introduced the ‘TARP for Main Street Act of 2009,’ a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats.

In exchange for receiving TARP money, financial institutions were required to hand over shares of preferred stock that paid a dividend for the government.  In theory, if a financial institution paid the dividend faithfully, and then repaid the TARP money, then the government would turn a profit.  Last month, the General Accountability Office (GAO) reported that, through June 12, 2009, the government had received $6.2 billion in dividend payments.  The original TARP legislation required that money made from the program ‘shall be paid into the general fund of the Treasury for reduction of the public debt.” 

 Obama is no different than a thug standing on the corners waiting for the perfect mark.  The same goes for the rest of the Democratic Party.  In this case, the American people are the mark and ripe for the picking.

The government has gone into the loan shark business.  Once in debt to a loan shark, getting out is a problem since they would rather stay in your pocket forever.  The same goes for government.  In fact, several months ago, Frank admitted that he wanted to be in the pocket of every American.  Hence, TARP money which belongs to the American taxpayer is no different.

 “Frank, however, wants to spend the money before it can be used to pay down anything.  First, the ‘TARP for Main Street’ proposal would take $1 billion ‘from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act’ and apply it to a trust fund that Frank has long wanted to create for low-income rental housing.  (The measure, unfunded, was part of last year’s bailout of Fannie Mae and Freddie Mac.)  Next, Frank would take $1.5 billion from TARP dividends for a so-called ‘neighborhood stabilization’ fund.  Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.”

The ‘TARP for Main Street’ bill would also spend $2 billion, apparently from remaining TARP funds, to subsidize people who are delinquent on their mortgages, and another $2 billion to ‘stabilize multifamily properties that are in default or foreclosure.”

WASHINGTON EXAMINER

Government must not be allowed to PLAY WITH THE TARP MONEY AKA OUR TAXPAYER DOLLARS.  That money must go back to the Treasury where it belongs.  It is immoral for the Democrats to squander our money, create more debt and headaches for the country while sticking us with the tab. 

How does any of this make any sense except to anyone but a Democrat?  If the Democratic Party has its way, the TARP money will be gone forever.

Furthermore, why should we allow the Democrats to put this money towards housing projects related to the crisis that they are responsible for. 

In my book, Barney Frank, the subprime disaster king spending $1 billion of TARP money for “trust fund for low income housing” and $1.5 billion of TARP money for “neighborhood stabilization” is not acceptable. 

Nothing will change and the ghettos will still be ghettos.  Who does Frank think he is kidding here?  This is nothing more than another Democratic con job.

cross-posted on: http://viewpointsofasagittarian.blogspot.com

Frustrated Home Owners, Lenders Clash Over Obama Program

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Fannie Mae, Freddie Mac, Homeowner Affordability and Stability Plan, Hope for Homeowners, Mortgages, obama

Many Michigan homeowners contacted the Free Press throughout the day today with word that lenders and loan servicing companies seemed to lack an understanding of what the Obama plan hoped to accomplish. Some were told they were not eligible when, under the guidelines, it appeared they might be; others were told that since they’d already gotten a loan modification earlier, they wouldn’t be able to get another – a premise the Treasury Department flatly denied to the Free Press on today.

Kenya Brown, a 39-year-old foster care worker for the state, got a previous modification through Countrywide and was told Wednesday she wouldn’t be eligible for another under the new program. Meanwhile, she’s spending about half her monthly income on a $115,000 home in Harper Woods with a $146,000 note on it.

The lender’s comment notwithstanding, she’s going to keep at it – calling regularly in hopes of getting her loan modified so she can pay less each month.

“It’s getting to the point where I’m getting desperate,” she said.

Countrywide’s owner – Bank of America – said Wednesday it intended to take part in the modification program – at least as much as its contractual obligations would allow it to do so. Many other loan servicing companies did so as well.

LINK

Everytime I hear this, I think of the telephone call I received from a neighbor one night.  I was working late, doing a marathon and a neighbor called me and said “I need your opinion on something.  I got a call today from this lady who told me that she could help me get a house.  She said that all I needed to do was give her my social security number.  What do you think?”

My response to my neighbor was this.  “You do not work.  You have never worked.  How are you going to pay for this house?  She then asked me again, “What do you think? Should I give her my social security number?”  My response was a resounding “HELL NO!”

To be honest, it was not my neighbor but a very young, streetsmart yet stupid niece of mine.  I just did not want to admit that I had someone with that mentality in my family, but decided to because we all have one.  After all this is America.  However, to her credit, this was the one time she actually listened.  I found later that the caller was a woman who worked for….you guessed it….ACORN.

Clearly the woman in this article is in over her head and just as clear is the fact that she should never have purchased a home in the first place.  I might be wrong, but I suspect ACORN had a hand in this sale somewhere along the line.  I also suspect that she voted for Obama under the false premise that he was going to help her out of this dilemma.  Another Obama lie.

Obama with all his promises will do nothing for people in this type of situation.  It is unfortunate because this debt will not go away.

Michigan’s unemployment rate jumped to 11.6% in January

THE RISK FROM UNDERWATER HOMEOWNERS

Tags

Fannie Mae, Freddie Mac, Homeowner Affordability and Stability Plan, Hope for Homeowners, Mortgages, obama

Obama’s $75 billion mortgage rescue plan doesn’t address the danger that more homeowners whose equity has evaporated might just walk away

The Obama Administration’s $75 billion homeowner-rescue plan offers a lot of help to people in imminent danger of losing their homes. It does far less for those who are deep underwater on their mortgages but have the wherewithal to keep making their monthly payments. And that could be a problem-not only for those homeowners themselves, but for the banking system and the economy in general.

Here’s the dilemma: Many homeowners owe more on their mortgages than their homes are worth, and-rightly or wrongly-increasing numbers of them may decide to give up and mail in the keys. The taboo against reneging on debts already shows signs of fading in hard-hit markets like Phoenix and Las Vegas. More abandonments would increase losses for lenders while damaging the vitality of neighborhoods.

There’s not much in the Homeowner Affordability and Stability Plan announced on Feb. 18 to deal with this looming problem. Provisions to reduce monthly loan payments for homeowners who are struggling don’t prevent these so-called “voluntary foreclosures,” since in many cases the payments already are affordable. The most effective way to keep underwater homeowners from walking away en masse would be a big writedown of the principal they owe. That would give them positive equity in their homes-or at least the hope for it once prices begin creeping upward again-and with it, a reason to stay put. Although the Obama plan permits principal writedowns-and even pays off up to $5,000 of principal for homeowners who remain current on their payments-they aren’t required, or even central to the proposal….

….Coasts Hit the Worst

Moreover, “private-label” mortgages that lack Fannie or Freddie’s backing-particularly in California and the Northeast, where home prices are higher and subprime mortgages more common-aren’t eligible for Fannie and Freddie refis at all. “Where the markets have been hardest hit on the coasts, where private mortgages are the biggest, this program won’t really help,” says a fixed-income portfolio manager for a major mutual-fund management firm.

The senior Administration official said the 105% cap seemed advisable in part because re-default rates tend to rise with high loan-to-value ratios. And the government excluded private-label loans from the refinancing program because it little or no authority to dictate rate changes where government-affiliated entities don’t provide guarantees.

Obama’s plan is broader and stronger than Hope for Homeowners, the unwieldy, mostly voluntary program passed by Congress last summer. On the other hand, that’s not saying a lot. Hope for Homeowners has refinanced a microscopic 25 mortgage loans so far. Even a thousandfold improvement over that would still constitute failure for the Obama Administration. That’s why this plan may require some changes in the months ahead.

LINK