Saturday, September 3, 2011

Obama Sues 17 Major Banks For Bad Mortgages

Socialist President Obama apparently ordered the Federal Housing Finance Agency to sue 17 major banks for selling $41 billion of sub prime mortgages to Fannie Mae and Freddie Mac.   No doubt the government's lawsuit will allege that these banks did not exercise proper due diligence in making loans to people who could not afford to repay them.  Do you think?  Well as the kids say dah!

But this lawsuit could back fire on Obama because it was his Socialists pals in Congress like gad fly and big mouth Congressman Barnie Frank from Massachusetts, Senator Chuckie (never met a camera he did not like)Schumer from New York, and the entire Congressional Black and Hispanic Caucuses and many others that screamed "red lining" at banks and mortgage companies in the 90's because they demanded a reasonable down payment and good credit scores to make a loan.   Since many lower income Americans, including some in minority groups, did not meet these requirements, they were not given home loans by risk averse banks.   Of course, Socialists screamed racial discrimination and threatened banks with penalties and more regulations if they did not loan to people that otherwise would not qualify for loans.

The banks cowered under this Socialist pressure and eventually realized that there was a good buck to be made by helping all Americans realize the American dream of home ownership.  All went well until the real estate market tanked and the bubble burst causing defaults and foreclosures.   Clearly, those that got adjustable sub prime loans with teaser rates, because they had little or no down payments and or low credit scores, could no longer make their payments particularly when interest rates went up just a little bit.   This financial disaster just grew and grew as these same people lost their jobs.    

While the banks and mortgage companies are certainly not innocent in this story because in many cases mortgage consultants, working on straight commission, helped borrowers doctor documents to get loans,  there are many Socialist politicians and some Republicans still in Congress that should be in jail.   We could start with Barnie Frank, Chuckie Schumer, Maxine Waters and many more that refused to regulate Fannie Mae and Freddie Mac.   In fact, if this case goes to court, President George W Bush should be called to the stand because Bush saw this financial collapse coming.  Bush asked Congress to regulate Fannie and Freddie and Socialists, in particular, on the take including then Senator Obama that were getting huge campaign contributions from Fannie and Freddie, refused to take action.  Of course, you will never hear from the left wing, lame stream media that Bush in fact sounded the alarm bells before the financial crisis struck in 2007. 

Suing these 17 major banks will make for good theater; many of which got bail-outs, but to what end.   The banks will be hesitant to make an example of Socialist politicians still in office because they fear Congressional retaliatory action and more regulations.  Besides, if the banks lose in court and have to pay some sort of settlement to the government, they borrow money from the Federal Reserve at near zero interest rates.  In other words, if they have to pay hush money just to get Obamanistas off their backs, they will do it with borrowed money.   The banks are all part of the crony capitalism that exists in the United States regardless of which political party is in office.   Everything in Washington is done with a wink and a smile among crooks all feeding at the trough.  

Obama thinks there could be some political advantage to suing the big bad banks with the election looming.   The banks will go along to get along.   Crony capitalism is another reason that WE THE PEOPLE must take back our country in 2012 and 2014.   In addition to electing Conservatives to sweep these Socialists, including President Obama, out of office, we must push for various Constitutional Amendments to regain control of our country.   Clearly, we need a Balanced Budget Amendment to prevent the bankruptcy of the United States.  We definitely need Term Limits for Members of Congress.   12 years in office is more than enough for crooked politicians to steal us blind.  We must have more check and balances related to Congressional ability to raise taxes.  Finally, we must define American citizenship to make it impossible for someone to come across our border illegally to have children for the sole purpose of automatic citizenship.  

We have to take back our country in 2012 and 2014.  Our elected representatives, of both political parties, have proven that they cannot be trusted to protect the interests of the American people.   As such, we must take back some of the powers we have granted them.  We have to clean out the barn because it is pretty stinky in Washington.   It will be hard work.   We can do it.   We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.   This lawsuit against the major banks is just a show trial among elite club members in Washington.    It is a distraction from the real problems in our country and nothing more.  

P.S.  Ever wonder what happened to former Socialist Speaker of the House Dick Gephard, originally from St Louis.   He now lives in the wine country in California in a very exclusive gated, country club, golf course community in a home worth about $5 million.  Gephard owns a consulting company and is a paid lobbyist working for some of the largest companies in the world.   Gephard even represents some foreign countries.  Gephard's financial success certainly did not happen from his Congressional salary.  Gephard trades his contacts in Washington for big money.   Is it any wonder that Socialist Majority Leader Senator Dirty Harry Reid's family members are paid lobbyist earning millions.  This is just business as usual in Washington.  Just more feeding at the trough at our expense.     

No comments:

Post a Comment