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"And ye shall know the truth, and the truth shall make you free." - John 8:32
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Author:  Jeff Churchill
Bio: Jeff Churchill
Date:  October 27, 2011
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Topic category:  Government/Politics

We Can’t Wait!
Well, Wait One Minute Mr. Obama!

“We can’t wait” re-re-finance mortgage program seems to be President Obama’s newest propaganda campaign; especially now after the failure of last month’s spendulus attempt, “America’s Job Act. And yet again, he like politicians of the past is just simply inflating more hot air into the existing blimp that has yet to fully burst; merely to buy votes with our tax dollars!

“We can’t wait” re-re-finance mortgage program seems to be President Obama’s newest propaganda campaign; especially now after the failure of last month’s spendulus attempt, “America’s Job Act. And yet again, he like politicians of the past is just simply inflating more hot air into the existing blimp that has yet to fully burst; merely to buy votes with our tax dollars!

My best guess since Obama and his ACORN comrade’s sprayed kerosene on the lending institutions, fanning the flames of “Social Justice” in the 1990’s turning the privilege of home ownership into an entitlement they seem hell bent once again to artificially create another magical illusion. By using the insolvent Government Supported Enterprises Fannie Mae and Freddie Mac lending institutions and Federal Regulators, no doubt forcing bankers to renegotiate home mortgages for home owners who are currently solvent, but the value of their home is lower than the mortgage; what?!

Wait one damn minute, Mr. Obama, more toxic loans?!

Might I mention that it was because of the self serving power brokers, the past and present Administrations and Congress’ involvement in our lives and businesses throughout this nation dating back to the 1930’s, contributed to the current economic crisis; starting with: Federal Housing Administration part of the National Housing Act of 1934, Fannie Mae established in 1938, Freddie Mac established in 1970 and the Community Reinvestment Act of 1977.

These are just a few of the GSE’s that caused this housing bubble to explode; why? The almighty vote!

Here are just a couple of facts that led to the meltdown: In 1977, the Community Reinvestment Act addressed alleged discrimination by banks in making loans to the poor and minorities in the inner cities. Unfortunately, some folks in the inner cities have poor credit and low income, who really are not entitled to home ownership; put simply they can’t afford to repay the mortgage loan. However, former President Jimmy Carter and his infinite wisdom pushed the Act through Congress; why?

Carter was failing dismally as President and simply needing something to ignite the electorate to buy votes.

What these politicians fail to realize is that home ownership is a privilege that American’s strive for in achieving one of many parts to our “American Dream.”

Now that Carter’s fiasco, the CRA, is in place you have to love the political opportunist, Bill “Slick Willie” Clinton; in 1992 Freddie Mac and Fannie Mae were pressured, through HUD, to purchase toxic loans from banks allowing these lending institutions to continue making these risky loans. The Clinton Administration in 1995 using the Treasury Department, baited banks with tax dollars to encourage even more risky loans. Now to add fuel to the fire, the Treasury Department had regulators tracking loans to rate the performance to coerce banks. With this leverage banks were legally extorted by groups like Obama’s henchmen, “ACORN,” to make loans to groups with weak credit and low income. This ultimately led to our economic collapse.

As a matter of fact Congress was warned several times from 2001 through September of 2003 by former President George W. Bush and his Administration of the impending implosion, but Congress ignored the warnings, in particular Representative Barney Franks and former Senator Chris Dodd, and continued pushing lending institutions to issue high risk toxic mortgage loans to continue their mission to offer “Affordable Housing” to the less fortunate. Basically using Fannie Mae and Freddie Mac as a buffer, continuing to guarantee home mortgages; again more vote buying.

Don’t get me wrong, George W. was no saint in this economic quagmire; however, he and his Administration had the fortitude to come forward in an attempt to rescue our looming implosion.

Obama since April 2009 has been attempting to use the same shenanigans that got us into this mess! Except he’s allowing home owners who are underwater with their mortgages, meaning they can’t refinance because their homes are worth less than the original mortgage value of the loan, to have banks ignore certain requirements, again, through the Home Affordable Refinance Program, HARP; approved by Congress.

Unfortunately, banks these days are caught between a rock and a hard place, because of two Congressional geniuses, I’m using the word genius lightly, Representative Barney Franks and former Senator Chris Dodd. Do you remember the recently passed bills, the Dodd-Frank Wall Street Reform and Consumer Protection Act? Or, how about the Restoring American Financial Stability Act of 2010? Yes, these new pieces of legislation put a cork up our future finances, both individually and business. Can you say Socialism..?

These mentally challenged pundits just can’t figure out which end is up!

Except now Obama has ordered members, or his Czars, within his Administration to look for ways to omit Congressional involvement allowing him, our Dictator in Chief, to expedite home mortgage refinancing even faster; circumventing Congress, once again.

As of October 24, 2011, via the Federal Housing Finance Agency: Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers; Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac; Waiving certain representations and warranties that lender commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac; Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and extending the end date for HARP until December 31, 2013, for loans originally sold to the Enterprises on or before May 31, 2009.

Oh my, that’s after the 2012 elections; humm.?

Now remember, the term “Enterprises,” the White House is referring to Fannie Mae and Freddie Mac lending institutions. These are the two major GSE’s, that are now again guarantying these toxic assets with more of our tax dollars; why?

Obama needs the votes and he’s using any means possible at our expense.

I understand that we are in desperate times and home ownership, at one time not long ago, was a long term investment; not a short term investment, like the house “Flippers” who aided in the artificial housing market boom. However, the “Flippers” were not the sole responsible party for this crisis; our past and current Administrations and Congressional power brokers were mainly at fault. The D.C. power brokers just provided the opportunity to these enterprising capitalists.

Like most investments, including home ownership, there are risks. Real estate has been for decades a long term investment. Moreover, like many of our past economic cycle down turns or adjustments, including the real estate market, over the years regains its strengths. Once everyone brushes off the dirt from their knees after falling, we stand up and we make it happen; the right way. That’s what makes us stronger in the end.

Unfortunately, the housing market has to adjust and because of our current Administrations actions they are only prolonging the agony. It has to happen, or our Country will suffer yet an even greater economic implosion.

By the way, President Obama and family are heading to the exotic island of Bali in November, for another lavish fun filled vacation at our expense; while over 14 million American’s are looking for employment.

Do you seriously think he cares about you and me?

That’s my opinion and I’m entitled to it.

Jeff Churchill

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Biography - Jeff Churchill

Jeff Churchill is Christian and has been married for 25 years, now living happily in Hawaii.

He has retired from a career in law enforcement, with over 22 years of experience in Los Angeles, California. He supervised an award winning Police Reserve Officer Unit and surveillance detail. During his tenure he has received countless hours of tactics training and is certified by the Federal Bureau of Investigation as a Firearms Instructor and Range Master.

Currently he is a member of the TEA Party Maui and TEA Party Patriots and is a Conservative. He has a passion for political history, current events and has a zeal for writing opinion articles on the latest events. His articles can be read at Pontificating in Paradise, WebCommentary and countless Letters to the Editor at Maui News and others across the State of Hawaii.

His hobby is wood working, hand crafting hardwood furniture.

Read other commentaries by Jeff Churchill.

Copyright © 2011 by Jeff Churchill
All Rights Reserved.

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