You will not believe this one , but then again, while pandering for votes in an election year, most especially for a man who never actually stopped campaigning, I suppose any moral hazard, no matter how damaging is possible.
(CNSNews.com) – Wth no authorization from Congress, President Barack Obama has announced that his administration–through the Federal Housing Administration–will insure refinanced mortgages for 2 to 3 million borrowers without verifying their income or even if they hold a job, according to the Department of Housing and Urban Development (HUD).
You know, I was just sitting around this past weekend, thinking to myself, how could we make our current economic malaise even worse than it is today. After Jimmy Carter and the Democrat Congress got together and dreamed up the Community Reinvestment Act. Then Bill Clinton and his Democrat cohorts got together and put real teeth into the seemingly benign law that would be the crux of our economic meltdown circa 2008. After the inevitable collapse that is the result of every such government intervention designed towards leveling out the field of life time results, and after the cries of, “predatory lending,” rang out from the very morons who visited this mess upon us, it never dawned on me that anyone would ever be stupid enough to suggest that we do the same exact thing as what caused the problem as a solution to it. Two questions immediately jump out at me from the murky place that is our world today. One, didn’t we already spend $1 Trillion in an ill advised bail out of our banking system to alleviate this problem? Two, Where did that money go? It will never cease to amaze me how Wall Street and the Banking Industry is perceived to be in the pockets of the Conservative movement. What utter nonsense. One quick view of Barack Obama’s top appointees will tell you otherwise. His top appointees are literally a who’s who of former board members of Goldman Sachs.
There is a silver lining though.
Wooley further explained in an e-mail, “Even if their circumstances have changed, they are still managing to be current on the original higher priced mortgage, so that’s the proof to the FHA that they can handle the lower payments.”
“The streamline refinance process is only available for FHA-insured mortgages that are performing – the borrower is paying the mortgage,” Wooley said. He added, “By not requiring verification of income and other underwriting requirements, FHA reduces the cost of the transaction, as well as the time it takes – all to the mutual advantage of the borrower, the lender and FHA.”
Apparently, this program is only available to folks who do not actually need the help. You might wish to ask why on Earth Barack Obama is working feverishly to lend aid to those 3 Million People who have demonstrated that they don’t need the government to interfere on their behalf with another costly form of handout from the public Largess. Some might postulate that Barack Obama is merely pandering in a shameless manner for 3 Million votes in what could be a close national election come November, but I think that there is something else at play here. It seems that the awards committee let slip that the front runner for the coveted Dennis Moore Award is Steven Chu. I personally believe that President Obama, knowing that he still has 10 full months to steal from the poor in order to redistribute wealth to the rich did not want to waste time getting a good solid entry into that category for consideration. This maneuver will serve notice that he wishes to take home the plastic piece of hardware.
Then, there’s also this to consider about the whole story as well.
Wth no authorization from Congress,
This really is the perfect illustration for this Administration isn’t it. I was being a little snarky earlier on in this post. In all seriousness, this President is operating completely beyond the boundaries of our checks and balances system. The political left, in their insane hatred for George W. Bush accused him endlessly as being an out of control dictator. While there was never any actual evidence that he was operating in any way beyond the constraints placed upon a President by our Constitution, this little fact did nothing to slow that charge down from being leveled by an in the bag biased media. Innuendo, baseless allegations, outright fabrications and 8 years of constant hit pieces parading around disguised as objective reporting, all without any type of a defense being put forward by the man himself are what probably did the most to saddle us with Barack Obama’s occupation of the Oval Office.
Barack Obama has appointed a plethora of Czars for almost every conceivable purpose, all of whom wield the power of the Executive Branch and have not once been vetted by nor been overseen by the Legislative Branch, as dictated by our Constitution. After having failed to get his destructive cap and trade scheme passed legislatively, he simply used executive fiat to impose those standards through a series of executive orders designed to give the various Federal Agencies lease to self expand their scope and authority. Now we have an EPA that treats milk being produced on farms as a dangerous pollutant, a Department of Energy which views its purpose as shutting down any actual domestic energy production, a Department of Education which is inspecting the lunches of 4 year old students, A Department of Justice that is supplying semi automatic weapons to Mexican Drug Cartels, law suits filed against our Southern Border States designed to force them to accept the invasion of hostile foreign enemies, and a shiny new Health Care Law that gives the President power to determine literally whether we live, die, starve or eat. With no authorization from Congress, Barack Obama is seeking to destroy the United States. This spiffy new program designed to lend aid to 3 Million people who do not need aid is nothing more than attempt to further that end.
Cross Posted at Musings of a Mad Conservative.
So am I misreading this, or is he basically trying to nationalize the banks in order to pay people to vote for him with mortgages that are on E-Z Terms?
buzzsawmonkey wrote:
Yup, you got it.
Cloward-Pivens… Do I really need to say any more????
No income verification for morgages. Here we go again!
@ doriangrey:
@ Rodan:
What could possibly go wrong? It worked out so well last time.
@ buzzsawmonkey:
It almost destroyed the economy last time. Obama thinks he can get the motherfucker this time. Reparations, crackers!
In the words of the ancients…
We are really screwed…
Now here’s an interesting story: Fourteen-Year-Old Girl Buys a House in Florida.
She’s actually showing that the entrepreneurial spirit is not yet extinguished. NPR, of course, would rather die than celebrate that—their story looks instead at “the market hitting bottom” and, drearily, this landscape of “underwater” houses being “the only world she’s known.”
But good for Willow; she’s making money, investing money, expanding her holdings, taking dead property back into the market, and making it possible for people to find a place to live.
@ buzzsawmonkey:
It’s not quite the same as nationalizing the banks. He is basically buying up all of the healthy mortgages of the banks. What does that leave you might ask? Well, the banks would be saddled with their unhealthy mortgages. The economic principle known as adverse selection would take over from there. Another round of failures in an already consolidated industry, and what we will be left with is Fannie, Freddie, Wells Fargo, Citibank, BOA, maybe PNC, Goldman Sachs, and not much else. After that, he’ll nationalize them. God help us after that.
Flyovercountry wrote:
In short, just as the abysmal mess of Obamacare is designed to bankrupt the healthcare system to pave the way for the “simplification” of government takeover, this does the same to the banks. It’s an interim intentional fuck-up to create a call for Obama the Great to cut the Gordian Knot.
Blogging from my Android
@ buzzsawmonkey:
we have a winner in today’s WTF is he up to now contest!
“The government is really too big to fail, because we can print our own money! Greece? No, never heard of it. Nor the Soviet Union, either. Governments don’t fail—and what are our creditors gonna do, repossess the country?”
buzzsawmonkey wrote:
Hmmm, can I short sell my shares in America???
@ doriangrey:
Obama already did…
Your 401K has been nationalized to buy barbecued ribs for the First Lady.
buzzsawmonkey wrote:
You can get barbecued ribs for for $1.45??? Where???
doriangrey wrote:
“She ain’t goin’ to the barbecue, she’s gonna be the barbecue!”
—the film “10,000 Maniacs”
@ doriangrey:
Hot Sauce Williams on the East Side of Cleveland. Great Bar-B-Q, but you need an armed escort to walk through the neighborhood.
Flyovercountry wrote:
Back in the early ’70s, the only Chinese restaurant near the University of Chicago was referred to as being “just a short sprint from the campus.”
I cannot stress strongly enough: Обама continues to Rape The Country!
Baby Doc Baraq and his merry band of Tzars don’t need no stinkin’ Congress.
Congress should be pissed. But they are stupid
@ waldensianspirit:
A Congress Critter from North Carolina actually submitted articles of impeachment against the Zero and Eric Holder.
Flyovercountry wrote:
I’ll bet that bill will go only as far as the nearest wastebasket.
Flyovercountry wrote:
Give me a link, I sooo want to post an article on my blog about that…
I’ll give the GoP til July 31st to start a smear Obama campaign in national ads before I give up on them. They need to lay the groundwork now showing the negative communication focus of every type of Democratic machinery. So when the Negative Obama ads come out he can’t appeal for sympathy because his feelings are hurt.
I see a big todo in the media today about the News Orleans Saints pay to injure the other team program. A huge indignant uproar across the left. but isn’t Fast and Furious just the same program on roids. Just bigger, just more illegal, just more big Obama at work, just more unnoticed by the smart cynical news media?
@ doriangrey:
Here it is, and the links were all kind of sketchy, no main stream stuff. The Daily Paul, LarouchePac etc., but here is the best looking one I found.
https://beyondthecurtain.wordpress.com/2012/03/08/rep-walter-jones-calls-for-impeachment-if-obama-does-not-seek-war-authorization-from-congress/
There was something on Tea Party Nation as well.
@ doriangrey:
Here is the resolution from the Library of Congress
http://thomas.loc.gov/cgi-bin/query/z?c112:H.CON.RES.107:
I’m fine if the government regulates the mortgage market as long as they get out the mortgage business. There are many underwater mortgages around that Obama put underwater to serve his election purposes. Beak the banks up a little bit so they can fail, stop tying these mortgages into sellable securities, require a certain percentage of them to be held locally.
The government serves as a monopoly. A monopoly squashes competition which is essentially the American Spirit. There should be a large window in the US economy for the single person business to grow into a 100 person business unimpeded by government competition or walmart competition. That means they have to be given financial and regulatory advantages so they can compete fairly and easily for the incremental $1 in a consumers pocketbook.
darkwords wrote:
Save yourself some time, like I did, and reconcile the fact that that’s not going to happen.
It’s much less frustrating.
Anyways, its H.Con.Res.107.@ doriangrey:
Apparently, it isn’t being taken too seriously.
Flyovercountry wrote:
Amish neighborhood, I presume.
Flyovercountry wrote:
Hmmm, Walter B. Jones, Jr. former conservative Democrat who changed parties to become a very conservative Republican. The articles of impeachment were filed on last Wednesday 03/07/2012.
Macker wrote:
“Reparations = rape-a-nation!”
-Michael Savage
Barry and Moochelle are busy doing IMPORTANT stuff.
http://www.daylife.com/photo/0aM1271e4M47m?__site=daylife&q=michelle+obama
Yep. The country is in the best of hands.
http://www.daylife.com/photo/07ru352epcezg?__site=daylife&q=michelle+obama
Little Barry is working at his only job.
http://www.daylife.com/photo/09bX0Fc0BhbrH?__site=daylife&q=Barack+Obama
@ yenta-fada:
The President shaking hands with the CEO of Rolls Royce U.S.A. inc. I wonder how many hybrid and or affordable cars Rolls Royce makes. Or is he interested in their jet engines they make here in this country for the private jets he’s always lobbying against.
Flyovercountry wrote:
I’m weary of looking at the daily evidence and seeing the blindness of people who imagine that the imam in chief is worth of the Presidency. I say he is evil. He proves it by his actions and by his lies. *sigh*
Fake U.S. historic markers with a leftist agenda dotting the Hudson Valley, NY.
@ Flyovercountry:
So, I’m sure you noticed that Greece’s debt has been deemed a credit event and triggered the CDS insurance? This should be ‘interesting’.
What do you think?
@ yenta-fada:
Does that woman ever wear sleeves?
Urban Infidel wrote:
Linky no worky
Urban Infidel wrote:
Nope. She has this psycho thingie about her well toned arms. I’m guessing her body image is very distorted. No one dares to tell her when sleeves might be an appropriate choice.
yenta-fada wrote:
ugh! thanks!
http://urbaninfidel.blogspot.com/2012/03/passing-shots-woodstock-new-york-fake.html
Urban Infidel wrote:
lol pic. happy products of re-education camp./
http://www.daylife.com/photo/0aLzejt3QU0wS?__site=daylife&q=michelle+obama
Urban Infidel wrote:
Gee, nothing sinister in that./
@ Urban Infidel:
Here’s one with sleeves showing Moochelle’s compulsion to invade everyone’s personal space. Like the Queen of England. I HUG YOU!
http://www.daylife.com/photo/04PK0z0dDjg8i?__site=daylife&q=michelle+obama
yenta-fada wrote:
I was like, Robert Hass? Who was that? At first glance I thought maybe he’s an obscure figure from history but the message was so clearly leftist, and as we all know only they can dissent, Tea Partiers are just old racists. Plus, it’s Woodstock so the liberal slant wasn’t a huge surprise.
@ yenta-fada:
Thhe epitome of of Obamma voters.
I am a fan of the tea parties. I am neither old, nor am I a racist. I think I will start my own group…Poor People Who Are Staunch Financial Coservative.
NoThreat2U wrote:
There you are! I was getting tired of being pissed off with just a couple of people around. lol
Here a TV program catches Obama’s latest great idea For yahoo, the comments are actually creative and funny this time instead of being the usual soup of illiterate trolling.
@ yenta-fada:
I am around. SOmetimes lurking and sometimes just popping in to see what folks are talking about.
Feel good ‘car swarm’ of the day.
http://images.alarabiya.net/44/40/640x392_16735_199625.jpg
An Israeli airstrike in Gaza on Friday killed the commander of the militant group behind the abduction of Gilad Schalit,
@ refugee000:
I can hear it now…”Those evil Jooos! All we did is launch a barrage of rockets against them, and they have NERVE to fire back! Quick, someone call the UN!!!!”
@ refugee000:Go Israel.
@ 56 refugee000: The pussies that are Americas leaders will be too timid to applaud this strike. They are co opted by lefty political correctness.
Gee, it’s like watching paint dry around here.
NoThreat2U wrote:
Spring is just around the corner when we all can switch over to watching the grass grow.
Texas women got soul, got guitars,
got beer?
The Trishas,, “Trouble About My Soul”
http://www.youtube.com/watch?v=5avNK46w9no
@ refugee000:
Pity, it looks like he died too quickly.
@ refugee000:
Haven’t had a good car swarm in a long time. That’s gonna leave a mark! OUCH!
Hubby is fit to be tied. We have had major rain in Houston today, including street flooding and a ton of accidents. Two planes were struck by lightening landing at IAH. AND to top off his fabulous drive home the -0- landed at 4:30pm and shut freeways and streets down. He has been on the road since 4:45p and his eta (his estimate) is 8:30 -- 9:00. He works about 35 miles away.
refugee000 wrote:
The key militant killed was Zohair al-Qaisi Looks like they messed with the Zohair.
@ refugee000:
Looks like the Airbag did not deploy….
The proggies would be overjoyed if Obama appointed himself Chancellor of the United States working two jobs for them as the One
California to Texas translation guide… OK, I don’t care who you are, this is funny… And remember, I am from California…
OK, this is also just plain funny, it is the strangest spam I have ever received… (it’s from the comment section of my blog)
I dare anyone to say this isn’t the funnest spam they have ever seen…
@ waldensianspirit:
Can’t we just retire him as Dipshit Emeritus or something?
unclassifiable wrote:
And insult all the real dipshit’s in the world?
@ doriangrey:
What would they know? They’re dipshits.
Flyovercountry wrote:
Nope, probably lobbying for their entry into our markets as second source for the JSF (further increasing its cost) or to compete against GE and Pratt for the large jet market. Although Rolls is a British Co and Jugears hates the Brits, so maybe he was just pandering for votes
doriangrey wrote:
Tried commenting and all I got was a “waiting for moderation” response.
@ 70 doriangrey: As far as I have been able to tell this is a typing of phishing spam. Seems like a nigerian type of effort. Find one sucker out of 10 million emails and get rich.
@ doriangrey:
@ Macker:
Jello Biafra Green Party Presidential Candidate…
‘nuf said.
Mundane politics. I went to buy socks today. I decided to check which sweatshop company made the ones I liked. Pakistan. I put them back on the shelf. then it was a choice between Mexico and China. I’m ok with either, but decided to send the money to Mexico instead. Make them a better neighbor maybe. lol. cost a dollar more, but I didn’t want to send a dime to an anti american shit hole.
doriangrey wrote:
Bwhahahah! True, too true.
It took me at least a year to get over the culture shock when I moved from LA to TX.
State caucus is tomorrow. Unfortunately, unless things changed from last time around, you have to sit through all the speeches supporters for candidate ‘x’ and ‘y’ give. Guess I’ll take a book or two to read.
i live to be a foodie.
wow, shit just hit the fan here, details on the oot.
foodie good times
@ coldwarrior:
whose shit and what fan?
AZfederalist wrote:
OK, taken care of, I can’t seem to figure out how to turn the auto moderate until I have accepted a comment from someone.
momcat wrote:
hey mom cat…see yinz on the oot…