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Another incompetent proposal
President Barack Hussein Obama's plan to meddle in the housing market under the guise of another so-called bailout represents one more tool Obama wants to employ to convince people they cannot plod along in life without help from the government.
Worse, the latest proposed crap shoot by the Obama administration would entail giving taxpayer money to people who mortgaged homes they could not afford, though we would be remiss if we did not admonish lenders that extended credit to people not worthy of possessing it.
For the record, Obama's new housing plan has three parts.
The first part would affect homeowners at risk of foreclosure. It would provide cash incentives for lenders in exchange for modifying a loan until a borrower could comfortably pay it. Ironically, lenders would receive incentives for modifying loans before the loans became delinquent.
The second part of the Obama housing plan would be earmarked for homeowners who are "upside down" in their mortgages. In other words, it would affect homeowners who cannot refinance their mortgages because they owe more money on their mortgages than what their homes are worth. Homeowners could participate as long as their mortgages are held or guaranteed by Fannie Mae or Freddie Mac.
The third part of this grand folly would allow Fannie Mae and Freddie Mac to broaden their mortgage lending by pledging an additional $100 billion in government capital. Since private lenders have been reluctant to engage a weak housing market (and rightfully so), the Obama administration—in its infinite wisdom—wants the two quasi-government corporations, which are partly responsible for the collapse of the housing market, to re-enter it in full force by loaning money to home buyers.
You read that correctly.
Fannie Mae and Freddie Mac would be handed $100 billion of the people's money to lend thanks to Obama. That's the same Fannie Mae and Freddie Mac that loaned money not long ago to home buyers who were not gainfully employed and could not verify their levels of income. And that's the same Fannie Mae and Freddie Mac that donated thousands of dollars to Obama's campaign fund when he was a member of the U.S. Senate and a candidate for president, too.
We accepted it long ago that Obama cares little for a free market economy. As each day passes, though, it appears Obama is on a mission to destroy it. At the very least, he appears to have every intention of interjecting the government in all aspects of our lives, including the housing market.
Obama, though, has been given an opportunity to "nationalize" the housing market—and the banking industry, too—because overzealous lenders sought enormous profits by playing fast and loose in the home mortgage business. At the same time, some homeowners are in a financial jam today because they were less than honest with lenders about their ability to pay a mortgage.
There exist homeowners, too, who simply cannot pay their mortgages because they lost their jobs in a sour economy. Those people are the ones who deserve some assistance from government, not the people who were dishonest and never intended to make a payment toward a home they legally agreed to buy.
Yet, the Obama housing plan, which the Congress must approve, remains what it is.
It is a short-sighted misuse of taxpayer funds in which, to some degree, bad behavior will be rewarded.
In our corner of the world, we call that incompetence. |
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