Socialist President Obama will use any excuse to enact a new tax. This time, Obama is proposing a refinancing scheme that would allow those homeowners, under water, to refinance their mortgages to get lower interest rates, even though they don't meet normal lending qualifications. Sound familiar?? That is what got us into the financial collapse in the first place. In any case, to make this happen, Obama wants to charge banks a new tax to create a Federal Housing Administration insurance fund to cover $5 - $10 Billion in potential new loan losses that may go bad if this scheme is enacted into law.
The problem is that Socialists, that have never worked in business, do not understand that the banks will never absorb this new tax. Instead, they will pass it on to all consumers in new fees and charges. HELLO, Mr. President. If in fact this is a good plan, the homeowner getting the new mortgage should pay a small fee as part of the payment each month, presumably to cover the risk. So if it is possible to refinance from let's say a 6% mortgage to a 4% mortgage available today, the mortgage could be written at 4. 2%, still providing a savings to the homeowner, and a small payment into the insurance fund to cover the risk of the deal.
In this way, everybody wins and we don't have cost sharing impacting all consumers. But wait a minute, Obama is always looking for ways to redistribute income from the 50% of Americans that pay all the income taxes in our country to the 50% of those (Obama's PEEP's ) that pay no income taxes at all. Enough is enough.
The good news is that this new bank tax will not make it through Congress because it is a dumb idea. If Obama is serious about helping homeowners who are upside down on their mortgages, this mortgage insurance, similar to Private Mortgage Insurance (PMI), used for people that put 10% or less down, is the way to do it. Instead, Obama would prefer to have an election year issue than solve the problem.
We have got to take back our country in 2012 and 2014 by sweeping Socialists, at all levels of government, including President Obama out of office. We must elect Conservatives, that understand business and know how to get things done; not Socialists that practice Class Warfare designed to divide our nation. Socialist President Obama is desperate to win reelection. Obama has stated that he deserves to be reelected to finish the job he started. This Blogger can't think of any good reason why. Please give us a break, we can't stand 4 more years of Obama's failed policies.
The economy is still a mess. There are about 25 million Americans either unemployed, underemployed working part time that want full time work, or who have just given up looking for work altogether. The real unemployment rate is not 8.3%, as announced by the government to bolster Obama's campaign; but rather more than 15%. 46 million Americans are on Food Stamps, up from 26 million when Obama took office. There are 6 million fewer people working today than when Obama was elected. The foreclosure rate is the highest in American history.
And, President Obama tells us he deserves to be reelected. If all of this wasn't so sad, it would be laughable. Further, if this was not all bad enough, we have to make Obama a one term President to repeal the ObamaCare monstrosity that will intrude into our lives and bankrupt our country.
What planet does Obama live on; certainly not one that includes the United States of America. Obama is Jimmy Carter II, a complete failure, which is the reason we must make him a one term President. Obama will add about $5 Trillion to the $16.7 Trillion National Debt during his first term in office, with no end in sight, more than any President in American history.
Obama is bankrupting our nation in order to transform our country into a European style, command and control Socialist nation. Obama and his Socialist pals in Congress are a clear and present danger to our nation as bad as any external enemy we have ever faced. They all have to go and the sooner the better.
We have to take back our country in 2012 and 2014 to restore fiscal sanity and constitutional government to our nation. 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. In the mean time, there Obama goes again. It is just Tax, Tax, Tax and deficit spend. President Obama and his Socialists pals in Congress, all feeding at the trough, know no other way to govern than tax and deficit spend.
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