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.

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Comment by janet barks on March 9, 2012 at 3:33pm


Video on the March 24th march at the Capital in Washington.

Comment by janet barks on March 9, 2012 at 12:45pm


Comment by 173d Viet Vet on March 9, 2012 at 9:02am

Of course, the worthless Attorney General, Eric Holder, would not prosecute any of Woe-Bamaz henchmen, but there is a federal statute known ans the Anti-Deficiency Act. It carries criminal punishment for any person in the federal government who spends money not authorized by Congress to be spent in the manner in which the spending occurred.

But when you are Demoncrap Party member, the rules and laws do not apply. Just look at what happens daily and you will see the truth of this statement. 

If Woe-Bama gets re-elected, it WILL set in motion, events that will predictably result in the Second American Revolution!  Patriots need to plan for such an awful but necessary event....

Comment by Thomas Angle on March 9, 2012 at 5:36am

Sharron, according to the Constitution, we are not owed any mortgage protection from the federal government. The problem is WE let the government time and time again over step it's bounds. The Constitution is the answer, the problem is not following it.

Comment by Doug Nicholson on March 9, 2012 at 2:01am

WAY TO GO, WALTER JONES! Yes, I'm shouting! I'm proud to live in North Carolina, the home of the first member of Congress to have the testicular fortitude to stand up to Odumbo! WAY TO GO, SIR!

Comment by John Wiseman on March 8, 2012 at 9:09pm

Sharon, if indeed you are more than a liberal troll, I am more than happy to answer your post.  Yes, I am outraged that once again, the government is injecting itself into a business that apparently they have no understanding of.  I am outraged that anyone would once again suggest that loans be written without any underwriting or consideration by the bank's risk committees.  I am also outraged that people, namely me are once again being asked to subsidize a benefit for 3 million people, who have no business placing themselves on the public dole.  I am sorry that you, or anybody else out there is having trouble refinancing their homes, but I also do not see how or even why it should be my business.  People made bad personal financial decisions, and they probably laughed at the financial planners who told them not to do so while they did it.  I have absolutely zero sympathy for those unfortunate folks, as a financial planner, when they reaped the consequences of their ill conceived decisions.  I am also outraged that the people who will benefit most from this program are the fine people who created the housing bubble and artificially higher pricing in the residential real estate asset class than what normal market forces would otherwise have dictated.  I can see no justifiable reason to further enrich these people at my personal expense.

As for your accounting, baloney.  Giving a huge tax credit and then claiming that these loans were paid back is nothing more than a shell game.  If the government is making all of this money on the bail outs, why are we running deficits of $1.6 Trillion per year.  The Obama White Houses reporting on this issue has been debunked as a complete lie so many times now that I am somewhat surprised that anyone in the universe is still willing to use those figures.  But then again, here you are.

Comment by Charles F Nichols on March 8, 2012 at 7:13pm

LOL spiffy. Thats obama ,spiffy. The black white guy who can sell his brothers on how he will bring them out of poverty all the while helping his rich friends get more for themselves but naturally not the republican rich guys. So when he speaks of making the rich ,pay more he really didnt mean his wall street buddies nor his rich friends of the congressional black caucus or even his rich liberal friends or for that matter his rich environmentalist friends and certainly  not his rich union friends because they will break his spiffy knee caps. 

Comment by Jo Gonzalez on March 8, 2012 at 6:25pm

Excuse me, "BEEN THERE, DONE THAT"!!!  It was this total lack of responsibility, that crashed the Housing Market in the first place, and HE must want it buried.  Frankly, not only the Housing Market, but all of us!!!  We have Brains ,and do too much thinking, and we don't follow the Liberal Agenda's class room books.  We think for ourselves, therefore, we know, when we are staring SOCIALISM in the eye!  Having owned a Real Estate company, I can see the pitfalls, and you just don't loan money to dead beats unless you want to lose your butt.  However, it is all designed for exactly that, Loss. 

Comment by Sharron Deer on March 8, 2012 at 5:43pm

I'm confused. You're outraged because they're not checking the status of the homeowners and you're also outraged because the homeowners don't need help in the first place? Aren't those contradictory?

I guess you haven't tried refinancing recently. I have a small mortgage on my condo and looked into refinancing. I would have paid less each month, but the fees were so high that it would have taken three years of lower payments to cover the fees. 

You wondered what happened to the "$1 trillion"? It's all online, so it's not that hard to find.

$700 billion was authorized, but only $600 billion has been disbursed. That's not peanuts but it's a lot less than $1 trillion. Of that, $280 billion has been repaid with interest. Citigroup, for example, was loaned $45 billion, has repaid the loan, and the government made $12 billion in profit on top of that. Bank of America has repaid their $45 billion, with the government making $5 billion on the deal. JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley and a bunch of smaller banks have all repaid the loans as well.

I'm not taking a position here, and we're still owed a bunch (which obviously isn't great) but it's nowhere near as bad as what you described.

Comment by Carolyn Hamilton on March 8, 2012 at 4:51pm

This a tiny bit lengthy but you all best read this....We are in for it now...

Wonder how the Congress feels, kinda like we have for three and a half years.

Coup D’etat: Pentagon & Obama Declare Congress Ceremonial

Congressman Jones introduces bill that would subject Panetta & Obama to impeachment

Paul Joseph Watson
Thursday, March 8, 2012

Defense Secretary Leon Panetta’s testimony asserting that the United Nations and NATO have supreme authority over the actions of the United States military, words which effectively declare Congress a ceremonial relic, have prompted Congressman Walter Jones to introduce a resolution that re-affirms such behavior as an “impeachable high crime and misdemeanor” under the Constitution.

During a Senate Armed Services Committee hearing yesterday, Panetta and Joint Chiefs of Staff Chairman Gen. Martin Dempsey brazenly admitted that their authority comes not from the U.S. Constitution, but that the United States is subservient to and takes its marching orders from the United Nations and NATO, international bodies over which the American people have no democratic influence.

Panetta was asked by Senator Jeff Sessions, “We spend our time worrying about the U.N., the Arab League, NATO and too little time, in my opinion, worrying about the elected representatives of the United States. As you go forward, will you consult with the United States Congress?”

The Defense Secretary responded “You know, our goal would be to seek international permission. And we would come to the Congress and inform you and determine how best to approach this, whether or not we would want to get permission from the Congress.”

Despite Sessions’ repeated efforts to get Panetta to acknowledge that the United States Congress is supreme to the likes of NATO and the UN, Panetta exalted the power of international bodies over the US legislative branch.

“I’m really baffled by the idea that somehow an international assembly provides a legal basis for the United States military to be deployed in combat,” Sessions said. “I don’t believe it’s close to being correct. They provide no legal authority. The only legal authority that’s required to deploy the United States military is of the Congress and the president and the law and the Constitution.”

In an effort to re-affirm the fact that “the use of offensive military force by a President without prior and clear authorization of an Act of Congress constitutes an impeachable high crime and misdemeanor under article II, section 4 of the Constitution,” Republican Congressman Walter Jones has introduced a resolution in the House of Representatives.

The full text reads;

Expressing the sense of Congress that the use of offensive military force by a President without prior and clear authorization of an Act of Congress constitutes an impeachable high crime and misdemeanor under article II, section 4 of the Constitution.

Whereas the cornerstone of the Republic is honoring Congress’s exclusive power to declare war under article I, section 8, clause 11 of the Constitution: Now, therefore, be it

Resolved by the House of Representatives (the Senate concurring), That it is the sense of Congress that, except in response to an actual or imminent attack against the territory of the United States, the use of offensive military force by a President without prior and clear authorization of an Act of Congress violates Congress’s exclusive power to declare war under article I, section 8, clause 11 of th

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