Posted on 03/01/2009 7:43:45 PM PST by Steelfish
MARCH 2, 2009
Call Them Irresponsible Rewarding those who put the 'liar' in liar loans.
President Obama continues to insist that only "responsible families" will benefit from his foreclosure prevention program.
Addressing Congress last week, Mr. Obama said his plan "won't help speculators or that neighbor down the street who bought a house he could never hope to afford."
Sorry, Mr. President. It's becoming increasingly obvious that your plan is going to help tens of thousands of borrowers who put the "liar" into liar loans.
Just listen to Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila Bair. In Congressional testimony last week, Mr. Bernanke compared many troubled borrowers to people who accidentally start fires by smoking in bed.
For her part, Ms. Bair told public radio that it would be "simply impractical" to review old mortgage applications and try to distinguish between honest and dishonest borrowers. All of this moved the Associated Press to report that the President's "assurance Tuesday night that only the deserving will get help rang hollow."
Mortgage fraud exploded during the housing boom and appears to have continued even as home prices fall. In December the Mortgage Asset Research Institute reported that mortgage fraud increased 45% in the second quarter of 2008, compared to a year earlier.
The Treasury's Financial Crimes Enforcement Network reports a similar rise for the full year ended in June of last year. A federal bailout of troubled loans will do nothing to discourage this trend.
(Excerpt) Read more at online.wsj.com ...
Either that or he serves him.
Zombie banks and zombie like cretins (Bernanke, Geithner, Obama) in charge. It’s like Night of the Living Dead...Part 13.
He is of his father, the devil.
When illegal aliens get loans and no one in Government can find fraud, it’s time to make them all hang for treason.
Not kidding.
Liberals champion failure and hate financial acumen and success. They always have and always will.
The father of lies.
Guess they figured "everyone was doing it"...
Except for themselves, of course.
People have no idea the Kennedy’s own oil companies, even though they rail against “Big Oil” and for “green” energy.
The hypocricy of the Left is the zero sum game that it really isn’t about “fighting for the little guy” it is about CONTROL.
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