Posted on 02/22/2009 7:06:25 PM PST by tobyhill
The Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators, Housing Secretary Shaun Donovan said Sunday.
President Barack Obama announced the plan Wednesday, saying it will help up to 9 million people keep their homes in a housing market ravaged by foreclosures. But critics, including several leading Republicans and some commentators, said the $75 billion proposal will unfairly help some people at the expense of others.
White House spokesman Robert Gibbs acknowledged Friday that some people who made "bad decisions" might end up getting help under the proposal. But Donovan, Obama's secretary of housing and urban development, told CNN's "State of the Union" on Sunday that "there are no 'flippers,' investor-owners or scammers that are eligible for this program."
"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.
(Excerpt) Read more at cnn.com ...
take away the mortgage interest deduction for the recipients of the coming “mortgage bailout”-if osamaobama pushes this through the R’s should hold out for such a provision.
How many "stated income" liars and illegal aliens are on the list of those to be helped? How many "no doc" loans were made to wholly unqualified borrowers? These people should not be bailed out. It's time for them to be out of the market. It's NOT time for their stupidity to be rescued by laying the burden on taxpayers.
Boy that sounds like the truth!
The beginning of a protest movement against Barack Obama's redistributive policies is underway. Though still small, every movement starts somewhere. While called the "Tea Party" after the Boston Tea Party, this movement is similar to movements throughout history where the producers of society refuse to have their property and income confiscated.
This movement can succeed if it does not stop at protest and includes changes in economic behavior...
History tells us, however, that economic redistribution plans fail because the producers of society would rather not produce, than have the fruits of their production taken away and given to others. Obama can raise the tax rates on income, but he cannot force people to generate income to be taxed. People may just say "no." This resistance will not come from evading taxes, but from evading taxable income. In the end, as must all economic redistributors, Obama either will have to resort to repressive measures, or he will have to abandon his redistributive plans.
The best example of this phenomenon is the forced collectivization of farms in the Soviet Union. At the time of the Revolution, Russia was a largely agrarian society which allowed more productive farmers (so-called "kulaks") to prosper. Since the kulaks represented a political threat to communism...
In addition to protest, supporters of the Tea Party would do well to change their economic behavior to deprive Obama of what he wants most, your tax dollars. Invest in municipal bonds, carefully manage your investments to minimize taxable income, do everything possible and legal to insulate yourself from creating taxable income. In so doing, you will doom Obama's plans because the inability to raise tax revenues will cause Obama to move to more confiscatory tactics, and then the political revolt really will begin, as it has throughout history.
Liars.
he ain’t seen nothing yet
BTTT
The messiah is in panic mode??? Sure he is. He and all of his radical friends and mentor are eating this up. They couldn’t be happier.
I hope he’s feeling the pressure - the more the better.
Hey, I know some people have seen this, but it’s so funny that I have to post it wherever I can. I couldn’t stop laughing... LOL...
Hitler’s experience with the housing bubble and government bailouts...
http://www.youtube.com/watch?v=bNmcf4Y3lGM
Okay. Here it is. Joe is behind in his mortgage payments. He needs help. But the “help” he’s hoping for stipulates that he can’t be behind in his mortgage payments.
I’ve said it before. The press will announce Obama has solved the foreclosure problem and never say the word “foreclosure” again.
I don’t think they meant what you mean.LOL
does anyone know what is actually in the bill, including the fine print??
with all the differing statements - I think not!
Liars indeed. Besides, if people have income and are paying their bills, why do they need bailing out?
This is the Government deciding who the "winners" are and who the "losers" are.
If you're the white guy making $50k/year and on the virge of going under, even though you've played by the rules, you're out.
If you're the non-white guy making $20k a year sitting in a $600k home with never a hope of being able to afford that house, you're "in."
Reparations by any other name, is still reparations. Stealth or not.
I always have to wonder what’s going on sub rosa.
To this day, I think Clinton’s peccadillos were smoke to keep the attention off of their China dealings, etc.
Obama’s financial shenanigans aare covering massive power grabs (porkulus was just done a little to overtly - I expect more to be done behind the scenes).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.