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.