Housing secretary defends Obama foreclosure plan (Obama in panic mode after bailout backlash)

cnn ^ | 2/22/2009 | cnn

[Boucheau]

“But critics, including several leading Republicans and some commentators...”

Well crafted spin/propaganda, right here, folks.

Have you noticed that the 0bamunists look like kids?

Status-seeking-beta’s is how I have referred to leftists for over twenty years now. It has never proved more accurate than wiht these pasty, thin-skinned puny-boys.

These aren’t leaders, sorry.

This is mediocrity given power by the multitudes of spoiled and envy-filled ingrates known as Democrats.

[JavaJumpy]

This is the part I don’t get. If they have proper income to afford their mortgage, why do they need help?

[tobyhill]

There's been 2000 point loss in the DOW since he got elected and 900 loss since he took office. Something just ain't right with this administration.

[ProtectOurFreedom]

I could do everything you say and, as long as I work for a company, reduce my total tax payments by maybe 2 or 3%. In California, our sales tax is headed toward 10%. There are unavoidable gasoline taxes. Special assessment taxes on everything. Local utility taxes. County taxes. Real estate taxes. The tentacle of government are long and the consequences of avoiding any of these taxes are very heavy. There’s really no way to starve the beast except by electing the next Ronald Reagan — and even he couldn’t abolish entire useless departments in the government.

[Nachum]

It just gets better and better:

The List: Obama's fifth week in office:

In response to the backlash against the bailout for faling homeownwers, triggered in part by Rick Santeli on CNN's rant on the floor of the Chicago stock exchange, Housing Secretary Shaun Donovan responded publicly; "the Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators."

Obama Upholds Detainee Policy In Afghanistan:
The Obama administration told a federal judge military detainees in Afghanistan have no legal right to challenge their imprisonment there, embracing a key argument of former President Bush’s legal team

Obama appoints "The Vacuum Cleaner" to be the new US ambassador in London. Obama has been embroiled in a cronyism row after reports that he intends to make Louis Susman, one of his biggest fundraisers, the new US ambassador in London.

Obama's administration attended four full days of negotiation at the "Durbin II" conference. During that time his people sat and passively watched the following: the failure to adopt a proposal to act against Holocaust denial, a new proposal to single out Israel, which will now be included in the draft without brackets, broad objections to anything having to do with sexual orientation, vigorous refusal by many states to back down on references to "Islamophobia" (the general allegation of a racist Western plot to discriminate against all Muslims), and numerous attacks on free speech.

Barack Hussein Obama will propose a massive business tax on greenhouse gases in his FY 2010 federal budget to be presented this week.
The massive tax increase and power grab was buried at the end on article on Obama's forthcoming budget proposal in The New York Times:

(view the full list on my profile page at FR)

[grey_whiskers]

"...And more than anything, we're targeting the folks who are playing by the rules," Donovan said.

Freudian slip, no doubt.

Cheers!

[tobyhill]

They'll produce the same false info to get the bailout as they did to get the loan in the first place.

[ProtectOurFreedom]

Flippers usually added value. They took a decrepit old fixer upper and made it habitable again. I don’t have any problem with adding value. A friend of mine used to buy houses, keep them for about four months, and renovate them top to bottom with huge amounts of risk capital. Then he would sell them and make a profit which was his income during the four months. It was a risky business and he was rewarded well for putting his risk capital on the line. And the neighborhoods were enormously improved by having a blighted eyesore turned into a nice house.

[FFranco]

Obama will be resigning from the Preidency before the end of this year. You just can’t expect an affirmative action, minority candidate to be up to the big jobs. The office will go to Biden. Not sure if he’s up to it either.

[martinidon]

exactly!
“We're going check everybody’s income when they come into this program. We're going to make sure that people are paying their bills. And more than anything, we're targeting the folks who are playing by the rules,” Donovan said.”

This statement would exclude 99% of all of the people ACORN represents. In fact, I would think that this statement would exclude 90% plus of all home owners in trouble so I can assume the $75 billion will not be needed....

[mplsconservative]

0bama is an a$$ plain and simple.

With all of the money Soros has at his disposal, one would think things would run much more smoothly.

[martinidon]

post of the day!

[JrsyJack]

Amen...maximize your "take home pay" by changing your w-4 so that you don't give the IRS an interest free loan. Take the money that is no longer being withheld and have it invested in your 401(k) or 403(b) or an IRA (All are pre tax deductions)Place as much money in other pre-tax type accounts such as those that are available for child care expenses, transportation expenses or medical expenses. (consult your benefits or HR people at work to see if your employer offers these benefits)

These are all 100% legal means to starve the federal gov't of tax dollars and you save $20-$30 for every $100 in income you avoid taxes on.

[Hanna548]

This program makes no sense to me. He says only people with an income, who pay their bills will qualify.

People in foreclosure have not been paying their bills, even those with a job, so they won’t be helped according to him.

People who had been doing just fine, but were recently laid off, have no incomem, so they won’t qualify, even if they have paid their mortgage faithfully for 10 years and bought a home that was within their means.

Who qualifies for this? It seems to me it is all smoke and mirrors and another way to funnel money to banks on the front end then collect it from the taxpayer on the backend.

Anyone know who will actually be helped by this?

[Hardastarboard]

more than anything, we're targeting the folks who are playing by the rules,"

Liars.

I suspect that they mean that last statement. They're definitely targeting those who play by the rules.

[chris_bdba]

“there are no ‘flippers,’ investor-owners or scammers that are eligible for this program.”

How exactly will they make sure of that? If the owners address is the house he’s trying to flip then no one is the wiser.

[grey_whiskers]

I think the current figure for default of "modified" mortgages is running about 59%. The same people who wouldn't pay the mortgage on the original terms still won't pay when the terms are modified. I predict they will default again...after responsible people are burdened with their irresponsibility.

I read within the past week (may have been Mish Shedlock's blog, or Minyanville, but don't quote me on that part)...that most of the "refinanced loans" lowered the interest rates, but that other fees and such were tacked on so that the monthly payment was pretty much the same.

So there was no noticeable difference to the borrower.

Cheers!

[tobyhill]

We could have our first black president, first stand up comedian as a president and the first female president all within 4 years.

[KansasGirl]

What comment by Chris Wallace?

[SC Swamp Fox]

That is great. Thanks!