No Foreclosures without Gov’t Review… WHAT!?
Posted by darthkeller on February 25, 2010
While checking out the interwebs today I noticed an article that struck my fancy:
Obama May Prohibit Home-Loan Foreclosures Without HAMP Review.
Please, allow me a moment to get this straight: Liberals wanted MORE regulation and oversight so that there would be no chance of discrimination when buyers went to secure a home loan. Discrimination would not be allowed based on race, sex, sexual orientation, religion, or ability to pay back the loan. Correct?
Since I like Bawney Fwank, I’ll use his quotes:
And here he is lying about what he said:
So, Liberals pushed us into Fannie/Freddie, which banks KNEW would be a bad idea, and in 2008 it all came crashing down when banks were not getting paid back on the loans they were FORCED to approve.
Now, Obama wants to ensure that if a bank starts foreclosure proceedings, they cannot foreclose on the house until the Home Affordable Modification Program has a chance to check everything out.
Are they expecting that the borrower simply chose not to pay even though they have the money and the threat of a government agency which sounds like an overused recreational drug is going to scare them into paying? No, they just want to screw with the system even more than they already have.
Let me break it down for you: When a bank lends someone $100,000 for a home, they have an appraiser look at the home to ensure that it’s worth the loan. Then they expect to be paid back, a little at a time, each month, by the “owner” of the home (the bank actually owns the property, hence the reason you’re paying them for it). If they stop receiving payment from you, they are out $100,000. So, they will foreclose on the house and put it on the auction block. Why? Because selling a $100,000 for $50,000 is better than getting $0 for it.
This is just another ploy by the Obama administration to do two things:
1) Strengthen ACORN and ACORN-esque groups. They are able to break into homes that are owned by the bank, which gives them credibility to help the “little man” out. Actually, they are using the “little man” to push their power-hungry agenda
2) Keep the banks under their foot. Remember, this is the administration that forced banks to take TARP money, then wouldn’t allow them to pay the money back without a strings attached. Why? CONTROL
So, there you have the Liberal mindset: Create an agency, then a program for that agency. Screw up everything by stupid rules and regulations. Pretend to ride in and save the day. Once the day is “saved”, refuse to leave and ride off into the sunset, instead, stick around and enslave the people!
I bet it does better than most of the crap that comes out of Hollywood these days.