Remember when the Magic Marxist and his redistributionist friends took control of mortgages for the good of the people, of course, and provided some mortgage relief to people who bought homes they couldn’t afford at variable rates only to watch the market crash upon their fool heads? Remember how less than 4 percent of homeowners were actually defaulting, but Naked Rahm and crew made the country believe there was a mortgage crisis? Remember how they convinced this country that homeowners who bought way above their means deserved some relief and how said relief would be necessary to avert a banking crisis?
More than half of U.S. borrowers who
received loan modifications on delinquent
mortgages defaulted
again after nine months, according to a federal report.The re-default rate of loans modified in the first quarter
of 2009 was 51.5 percent by the end of the year, the Office of
the Comptroller of the Currency and the Office of Thrift
Supervision said in a joint report today.
The figure, which
measures payments at least 30 days late, climbed to 57.9 percent
for changes made in the prior 12 months.U.S. homeowners are struggling to make payments as
depressed housing prices leave them owing more than their
properties are worth. About 24 percent of properties with a
mortgage were underwater in the fourth quarter, First American
CoreLogic said last month. The median
price of a U.S. home was
$165,100 in February, down 28 percent from its peak in July
2006, according to the National Association of Realtors.
So government intervention didn’t work. Ergo, according to Obama, what do we need? Why, MORE government intervention, of course!
President <a href="http://search.bloomberg.com/search?q=Barack+Obama&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date
:S:d1″ onmouseover=”return escape( popwSearchNews( this ))”>Barack Obama‘s
administration is pressuring
lenders to alter loans to reduce the number of properties lost
to foreclosure. About 4.5 million foreclosures filings are
expected in 2010, according to RealtyTrac Inc., an Irvine,
California-based seller of default data.
So let’s get this straight. A bunch of homeowners bought homes they couldn’t afford. They began to default. Obama forced banks and mortgage companies (and consequently investors who own those companies) to take a hit in order to help irresponsible homeowners. The majority of “rescued” homeowners defaulted again. And now he wants to screw the mortgage companies even further in order to rescue these irresponsible shitbags yet again – at the expense of people who invested in said mortgage companies.
Let me ask you this, Fearless Leader: who will be left for you to rob when you’ve eaten and looted “the rich” into poverty?
Mar 26, 2010 @ 01:50:58
Time to buy more ammo.
Mar 26, 2010 @ 04:10:24
That’s the thing with liberals, isn’t it? They never think things through. of course since Alinsky was one of Obama’s mentors, it’s quite likely Obama knows full well what all this will do in destroying your country. I have many friends in the US, and seeing what is happening saddens me for them tremendously.
Mar 26, 2010 @ 13:51:20
t what point do The People say enough??I still believe that we will wake up one morning and find that the military as removed The Problem in DC along with all his fellow travelers but what if the military doesn’t? Do yall realize that with this regime controlling health care that it now controls who loses their weapons?? The md prescribes oxycontin for your case of shingles and,zip, turn in your guns. The md prescribes a tranquilizer for your anxiety and,zip,turn in your guns. This is the way They are going to it..watch….
Mar 26, 2010 @ 21:56:58
Therein lies the whole problem with socialism: sooner or later, you run out of other people’s money. (Tip o’ the hat to Margaret Thatcher)’put your trust in God; but mind to keep your powder dry.’ (Cromwell)