Thank God! Friends, if you can believe this, listen on. Obama & Tim Geithner have been pushing for Freddie Mac and Fannie Mae to allow irresponsible home owners to just ‘ write off’ their PRINCIPLE. (remember this lovely government-owned institution? U.S. taxpayers (you & I, that is) have spent roughly $170 billion to rescue this very same company and will spend about $260 billion more through 2014). But the Federal Housing Finance Agency, which is NOT under Obama, said, ‘NO’. They said it wasn’t worth it- why? Because they feared that these same moochers would strategically walk away from their loans anyway. Isn’t that rich?
Yep, while the rest of us schmuks pay off our mortgages & pay our taxes like good little boys & girls, the O-Team wanted to just let the moochers lower their loan principal. Giving them 2%, FREE re-financing wasn’t enough. No. They get their actual principle reduced! After they get the principle forgiven and their loans modified, they can sell their homes- all while maintaining decent credit. They can buy a smaller home & wha-lah! Their problems are over.
BUT, there was a catch in all this. Good ‘ol Tim Geithner & The Treasury Department was to come to Freddie & Fannie’s rescue. SOMEONE has to pay for those reduced principles to the moochers , right? Guess who that was supposed to be? You guessed it- we SCHMUKS. We TAXPAYING schmuks. The Treasury Department was to use OUR taxpayer money to relieve Freddie & Fannie of all those losses that would have incurred if they forgave the moochers’ principals. So the corrupt Freddie Mac and Fannie Mae we rescued with our sweat soaked tax money would be financially unharmed as well!
So, to wrap it all up: The government-owned failed company that WE rescued with $170 BILLION dollars of our money wanted to give more of OUR money to unreliable moochers (Obama voters, no doubt) so that the moochers’ financial problems could be over. AND Obama, Tim Geithner and the failed Freddie & Fannie get to look like heroes while we, responsible, tax paying schmuks get labeled as ‘wall street fat cats’ that ‘cling to our guns & Bibles’ and ‘callous’ to the poor & destitute of our nation. Sound about right?
Americans, the VAST MAJORITY of us have been responsible with our money. We pay our taxes and NEVER mooch off the government. We deserve better treatment than this. The FHFA is not under Obama’s power. This is an example of what happens when you take the control of money OUT of politics: you get better decisions. Obama & the Treasury Department and the government-owned Freddie Mac and Fannie Mae wanted to give away yet more of our money- but the Federal Housing Finance Agency- completely separate from the meddling fingers of the Obama Administration said, ‘NO’. Thank God for that.