President Calls for Expanding Opportunities to Home Ownership.
' First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts. This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.) Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)'
This isn't D vs. R. But US vs. the Gov't.
It is idiocy to think that simply letting people that have no history of living within their income to be provided a loan for a home, is absurd. When histories are checked ... it will be in the majority to find, the loans made were to people that moved frequently because they couldn't make their rent when due.
No savings, perhaps even applicants and receivers of food stamps and other helps for paying utilities, etc.
This is true of many/most that are driving new, big shiny pick up trucks,etc., They have cell phones (2 or 3 or more in the family), which is great if you can feed and cloth your family. It is a recipe for failure to move those who have not learned to manage their money into a new home. Even a habitat for humanity home.
They do not know how to live within their means. Paid on Friday evening, eating most all meals out at fast food restaurants, drinking beer to reward themselves for all the hard work they did, buy lottery tickets ($50.00 or more) every week or gamble in some other form etc.. Not all... Not all...; but this is true of thousands of the loan participants. They can't come up with the payments. They have nothing invested, but other peoples money. They walk away
And will do it again in some other form. It is a way of thinking. Understandable thinking for illegals coming here with little formal education. They work hard, paid usually in cash,(no taxes) learn how to work the system here, free medical, schooling, emergency room care, shots, churches that will provide aid in many forms. etc. We are the ones to blame for this folly. We accept this as okay. Like the President said awhile back "They have come here for a better way of life. How can we fault that?"
- Clinton administration’s White House Budget Director Franklin Raines ran Fannie Mae Raines and obtained $90,128,761 in compensation from 1998 to 2003. Of this amount, $52,815,708 was derived from components tied to attaining EPS goals. Raines is due more than $1 million annually for life.
- CFO Timothy Howard (D) received $30,155,029 in compensation from 1998 to 2003.
- Jamie Gorelick, Clinton Justice Department official,remember the wall of separation that denied agencies to share intelligence on terrorists, worked for Fannie and received $26,466,834 in compensation from 1998 to 2003.
- Executive Vice President Robert Levin received $26,418,623 in compensation from 1998 to 2003.
- Richard Syron, the CEO of Freddie Mac, is getting $14.1 million.
- Democrat Jim Johnson, recently on Obama’s VP search committee, has hauled in millions from his Fannie Mae CEO job.
Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians.
Obama`s campaign is littered with the like-minded:
- Penny Pritzker, Obama’s national finance chair was, with her family, the half owner of Superior Bank, which was shut down in 2001 by the FDIC after it had lost nearly all of its more than $2 billion of assets on bad loans to high-risk borrowers.
- Valerie Jarrett,Obama advisor, a former political operative for Mayor Richard M. Daley, and the CEO of a housing and development company based in Chicago with ties to Obama going back to his Illinois legislature days.