Socialist Plans For All But Working Taxpayers

In Phoenix this week President Barack Hussein Obama unveiled to America the details about his $75 billion mortgage plan.  In doing so, we find out it is just another of Obama’s socialist plans that has something for all but the working taxpayer.  This mortgage plan like the stimulus bill takes freedoms and rights from the working taxpayer. 

Socialist Obama issued this warning: "All of us must learn to live within our means again."  Who is all of us?  The federal government is spending trillions we don’t have. Maybe the government should set an example of this?  The key to understanding Obama’s plan will be to understand that there are two different groups of homeowners who are at risk of foreclosure.  The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs.  About three million households with the number rising fall into this category. Without help, they will lose their homes.

The socialist Democrats pressured lenders into loaning people money for homes they couldn’t afford.  People who couldn’t qualify for a loan were given loans anyway because of this pressure, now Socialist Obama says we must live within our means.  But, those who shouldn’t have had a home loan in the first place will get the help.  We the working taxpayers who pay our mortgage loans, now will have to pay for the non workers loans too.

The second group is far larger. It is made up of the more than 10 million households that can afford their monthly payments but whose houses are worth less than what is owed on their mortgages. In real estate parlance, they are underwater. If they want to stay in their homes, they will have no trouble doing so. But some may choose to walk away voluntarily, rather than continue to make payments on an investment that may never pay off.

Why should you and I pay for someone else’s loan that they can afford?  That is what Obama wants, the socialist Democrats ruined the home market by forcing bad lending practices and now they want hard working taxpayers to pay for it.

No one wants to see people down on their luck suffer or lose their home.  All of us are ready to help those trying to help themselves.  But how much can you penalize hard working Americans that are paying their mortgages to help those that never should have had the loan? Why do I have to help people who over extended themselves, those people who chose to not live within their means. Now the same socialist Democrats who caused the problem are now making the rules to fix the problem. That right there is a disaster in the making, they have already caused enough damage!

Some of this plan is good.  Obama’s plan calls for allowing 4 million to 5 million ineligible homeowners with mortgages through Fannie Mae or Freddie Mac to refinance their home loans at lower rates. To accomplish this, Obama said he would remove restrictions that prevent Fannie and Freddie from refinancing mortgages valued at more than 80 percent of a home's worth.

Obama’s plan offers financial incentives for lenders to reduce the mortgage payments for as many as 4 million homeowners who are at risk of losing their homes. Under the $75 billion Homeowner Stability Initiative, lenders would cut mortgage payments so it does not exceed more than 31 percent of the borrower's income.

"My plan establishes clear guidelines for the entire mortgage industry that will encourage lenders to modify mortgages on primary residences. Any institution that wishes to receive financial assistance from the government, and to modify home mortgages, will have to do so according to these guidelines — which will be in place two weeks from today," Obama said.

"My administration will continue to support reforming our bankruptcy rules so that we allow judges to reduce home mortgages on primary residences to their fair market value – as long as borrowers pay their debts under a court-ordered plan. "

America this alone will stop all home loans, lenders are not going to loan money for a home knowing that the buyer can file bankruptcy and have the mortgage amount reduced.  Take out a home loan for $200,000.  Six months later file bankruptcy and a judge can say the fair market value is only $125,000.  Then tell the lender redo the loan for $125,000.  America you and I make up the difference if any lender will loan with that kind of bankruptcy law in place.

Obama’s $75 billion mortgage plan is a socialist plan for all but the workers of America who pay the taxes.   In six months when this plan like most government plans fails to work there will be a new expensive plan to take its place and to take more of your hard earned money.

America don’t let the socialist behavior of President Barack Hussein Obama and the socialist Democrats destroy America.   Join with SpeakNowAmerica.org today! We are ready to defend our rights and tell the truth the socialist main stream media won’t tell you. Join us America to protect your rights, your country, and your money. Comment here and email us at YourVoice@speaknowamerica.org. Help us and be part of bringing our Great country back.

 
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