Obama's Mortgage Bailout Plan

Obama's Mortgage Bailout Plan

Neal Boortz
Oct. 25, 2011

Poor Barack .. he has been such a dismal failure as a president (he was a failure as a community organizer as well, in case you didn’t know) that he now has to go searching for constituencies who might somehow be talked into voting for him. Yesterday he focused on people who facing foreclosure. He has tweaked the HARP plan and is now poised to rescue hundreds of thousands – perhaps millions – of people from the threat of having to find a place to rent – though renters is exactly what these people need to be.

We still have a lot to learn about Obama’s proposal. But here are some things we do know at this point.

1. Obama is not seeking congressional approval of his plan. He’s quite proud of this, saying “If congress won’t act. I will.” There pretty much goes well with his “ready to rule from day one” stance before his coronation.

2. There will be no appraisals on the homes refinanced under this plan. The government will have no way of knowing if the house is worth any where near what is being borrowed under the plan.

3. There will be no income checks on the homeowners who refinance their mortgages under Obama’s scheme. There is a requirement that the mortgage be up to date when the refinancing is done, but there will be no check on where the money to make the mortgage current came from. A homeowner can max out the credit cards and borrow additional money from friends to catch up the mortgage to qualify. That’s fine.

4. The average amount one of these homeowners will save on mortgage payments will be $27 a month.

So .. where do you think this will all go? Really not too hard to figure out, is it? But that’s OK. Most people will remain uninformed about Obama’s plan and how it’s working. They will just know that Obama is trying to do something about people facing foreclosure. For some voters, that’s enough.

Your children will end up bailing this effort out somewhere down the line.

Ah yes... he can always depend on the ignorance of voters to bail him out.

And of course the MSM will gladly fly cover on this abortion of a plan.