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Speaking on a cheesy raised platform in the middle of a Las Vegas residential street, Obama unveiled his new “Mortgage Refinancing Program”, a new program designed to steal money from those greedy banks and bribe homeowners with the promise of lower interest rates on their already “underwater” mortgages.
Under the Obama plan, homeowners who have loans backed by Fannie Mae and Freddie Mac, are CURRENT with their mortgage payments and who meet other [undisclosed] ‘requirements’ would be able to refinance their mortgage at today’s exceptionally low interest rate, thereby lowing their monthly payments and saving the homeowners (potentially) thousands of dollars a year in interest.
The plan itself is actually old news. In 2008 it was proposed by Chris Mayer and Glenn Hubbard, professors at Columbia Business School; where Obama finds most of his economically illiterate Keynesian comrades including Jean-Paul Fitoussi, who has proposed “Forced Borrowing” as a means to fund more and bigger Government.
Essentially; in typical Obama-Marxist fashion, the Mortgage Refinancing Program tells banks or other investors who own the mortgages of these homes to take a hike, suck up the loss (where none existed before) or else Obama will punish you in some [again undisclosed] fashion. It’s about Threats, Intimidation and Extortion – Plain and Simple.
As for the homeowners of these “current, but underwater” properties, they will still be underwater – but look at all the extra money they will have to spend. Wouldn’t you vote for Obama if he saved you $4000.00 a year? Maybe you wouldn’t, but plenty of people really are that easy to bribe. Remember the bums and homeless people that Obama dragged to the polls in 2008 – just by bribing them with a baloney sandwich?
Well, now he’s got a lot of baloney.