Wednesday Chronicle: Obama's Latest Mortgage Scheme

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Subscribe to The Patriot Post — It's Right and It's FREE: click here. Chronicle · October 26, 2011 The Foundation "Where an excess of power prevails, property of no sort is duly respected. No man is safe in his opinions, his person, his faculties, or his possessions." --James Madison Editorial Exegesis Eviction scheduled for November 2012 "The president's barren jobs program has also forced him to go back to the drawing board on his mortgage program. His latest anti-foreclosure tonic merely doubles-down on failure. Stubbornly high unemployment has made it harder for people to pay their mortgages, adding to the already record number of foreclosures plaguing the economy. The housing overhang, coupled with weak demand, has depressed home values further. And now even more borrowers owe more on their mortgage than their home is worth. Obama's answer is to open up his disappointing Home Affordable Refinance Program to all underwater borrowers, a growing class of debtors who, alarmingly, now account for nearly a quarter of the nation's homeowners. HARP had been limited to those owing up to 25% above their home's value. But once people started the application process for a HARP refinance, they found out they owed more than 125% of the value of their home and couldn't qualify. Of the 11 million homes underwater, fewer than 900,000 borrowers have opted to go through HARP since the program was rolled out in 2009. Now the sky's the limit. And the administration thinks the broader plan will help the average underwater family save a couple hundred bucks each month on their mortgage payments. ... Say a borrower going through HARP decides that a few hundred bucks in monthly savings don't outweigh the tens of thousands of dollars owed beyond the value of the house. He walks on it anyway. Guess who takes the loss? Taxpayer-backed Fannie Mae or Freddie Mac, that's who. Under Obama's plan, only loans guaranteed by Fannie and Freddie are eligible. The failed mortgage giants have already cost taxpayers hundreds of billions of dollars, and the price tag just keeps climbing higher. In effect, Obama is trying to keep people in homes they can't afford at the expense of homeowners who borrowed responsibly." --Investor's Business Daily What will the president's mortgage plan actually do? Upright "[T]he President now says that 'we can't wait' for Congress to act. What he's missing, though, is that Congress isn't acting because the American people don't want their representatives in Washington to go along with Obama's spend-more-tax-more scheme. It seems that the only audience that might be receptive to the President's message is the protesters who are camping out in solid opposition to the capitalist system, advocating for the government to bail them out, just like it bailed out the banks and the automakers. ... One thing is certain: Regardless of the answer, America cannot wait for President Obama to stop circumventing Congress." --Heritage Foundation's Mike Brownfield "President Obama couldn't have chosen a more fitting slogan than 'We can't wait' to promote his latest legislative elixir for our ailing economy. ... Audacious is no longer an adequate word to describe this president. He forced through his first stimulus through crisis-leveraged fear-mongering and then never really used but a fraction of that money for so-called stimulus purposes. Why would anyone still believe a thing he says? Who is he to tell us 'we can't wait' on the proper constitutional safeguards against such precipitous executive action? He is not America's king. The Framers deliberately placed safeguards in our system to prevent such capricious executive action. ... [H]e doesn't believe he needs authority, only 'noble' intentions." --columnist David Limbaugh "For all the blood-for-oil nonsense, if America wanted Iraq's oil it could have saved a lot of blood and simply bought it. Saddam Hussein would have been happy to cut a deal if we only lifted our sanctions. ... We never levied taxes in Iraq either. Indeed, we're left holding the tab for the liberation. And we most certainly are not in political control of Iraq. If we were, we wouldn't have acquiesced to the Iraqi government's desire for us to leave. ... Some partisans will undoubtedly say that the key difference is that Barack H. Obama, and not George W. Bush, is president. But this lame objection leaves out the fact that Obama acceded to a timeline drafted by the Bush administration. Moreover, Obama has moved closer to Bush than anybody could have predicted." --columnist Jonah Goldberg Insight "Virtually everything is under federal control nowadays except the federal budget." --politician Herman E. Talmadge (1913-2002) "The control of the production of wealth is the control of human life itself." --British writer Hilaire Belloc (1870-1953) Click Here Honor the Marine in your Life with Our New Marine Mug! Handmade in Minnesota, our brilliant red pottery mug is just the gift you've been hunting for! Imagine how good that next cup of coffee or tea will be in this beauty! With a handle big enough for man-sized hands, our Marine pottery mug is tough enough for your military hero while still having all the beauty of a hand-made piece. Essential Liberty "The Communists rewrite history all the time, with grand flourishes and straight faces. And many American liberals do too. ... In Massachusetts, however, it's real history that's being shoved into the closet. A Somerville, Massachusetts public school principal, for instance, has banned the celebration of Columbus Day and Thanksgiving, calling them American 'atrocities' parading under the guise of historical holidays. Her decision, motivated by a desire to spare students and school personnel the pain of feeling insulted by the celebrations, further distorts history at the expense of ever-growing victim groups. ... Now more than ever, parents need to keep tabs on the history their children are learning in school. First, check to see if your children, especially middle schoolers and high schoolers, ever have the opportunity to read original sources, like the Preamble to the Declaration of Independence, the Constitution, and the Bill of Rights. ... Read historical fiction and biographies to your children, highlighting the self-sacrificing commitment to freedom shown by America's greatest leaders and heroes. ... And finally, remember that your educational choices extend far beyond one public school or an agenda-driven principal. If -- when -- the liberal indoctrination gets out of control, investigate charter schools, religious schools, private schools, homeschooling -- and consider running for your local school board." --columnist Rebecca Hagelin The Demo-gogues Straw men: "The one thing that we absolutely know for sure is that if we don't work even harder than we did in 2008, then we're going to have a government that tells the American people, 'you are on your own.' If you get sick, you're on your own. If you can't afford college, you're on your own. If you don't like that some corporation is polluting your air or the air that your child breathes, then you're on your own. That's not the America I believe in. It's not the America you believe in." --Barack Obama Math challenged: "[L]ast week, we had a separate vote on a part of the jobs bill that would put 400,000 teachers, firefighters and police officers back on the job, paid for by asking people who make more than $1 million to pay one-half of 1 percent in additional taxes. For somebody making $1.1 million a year, that's an extra $500. Five hundred bucks. And with that, we could have saved 400,000 jobs. Most people making more than $1 million, if you talk to them, they'll say, I'm willing to pay $500 extra to help the country. They're patriots. They believe we're all in this thing together. But all the Republicans in the Senate said no." --Barack Obama, questioning the patriotism of pretty much everyone Is the president's math even close, and, more important, are you feeling patriotic? Cheerleading: "This is going to be a tough election. The country has inherited very difficult political and economic times. Why wouldn't it be tough? Elections should be tough. They're tough choices. I think we're going to win." --Joe Biden Excuses: "Nobody can look you in the eye and tell you that the Recovery Act ... did not create jobs and did not do very good things for the economy. The problem was, in the beginning, the economists said that in fact we wouldn't go above 8 percent, because they didn't know until this last quarter that the economy shrunk in the last term of the Bush administration almost 9 percent. Everybody thought it was more like 5.5 percent. And so the point was, we were all operating off of what the blue chips were looking at, and the numbers were wrong." --Joe Biden "We turned the economy around. When you see 23, 24 months of consecutive job growth in our private sector and you see the president standing up today saying, look, it's not a bailout to help police officers and teachers and help people stay in their homes. These are not bailouts. These are Americans." --Rep. Chaka Fattah (D-PA) Spiking the football: "We led from the front [in Libya]. We introduced the resolution in the United Nations that allowed us to protect civilians in Libya when Gadhafi was threatening to slaughter them." --Barack Obama Dezinformatsia Straw men II: "[Republicans] want more people to fry. They love executions. They want people that don't have insurance to die on the gurney in the hospital bed. They want that to happen. They want -- forget about illegal aliens. Gay soldiers, forget about them. They're not -- they're to be booed. If you have a home, foreclose on the people. If you're a teacher, fireman or a cop, get rid of the guy. I mean, this attitude of causing cruel pain on people and getting cheers for it, what's that about?" --MSNBC's Chris Matthews Credit: "How many more dictators does [Obama] have to take down with NATO before the Republicans will give the president any credit at all without political calculation involved? This is another reason why those protesters are out in the streets of our country." --MSNBC's Ed Schultz "As one of my callers said this morning on my show, the Republican Party is like some of the banks down south, right? They refuse to give a black man credit. Period. I mean, he could carry their mother out of a burning building, and they wouldn't give him any credit." --radio talk-show host Bill Press It's bad messaging: "[Obama] has done these incredible things. He killed bin Laden! He set off the Arab Spring by going to Egypt and saying, 'Tear down these dictators,' and they did! He's ending the war in Iraq. He has fundamentally transformed our health care system. ... [He] has done so many very good things ... and the media doesn't even acknowledge it. The Democrats aren't doing a good job of messaging it." --radio talk-show host Thom Hartmann That's racist! "We have the chance to re-elect the first African-American president, and that's what we ought to be doing. And I'm not afraid or ashamed to say that as black people, we should do it because he's a black man." --radio talk-show host Tom Joyner Wealth redistribution: "I would enact a 50% inheritance tax, because nothing is more un-American than an inherited elite that perpetuates itself." --TIME columnist and CNN host Fareed Zakaria Newspulper Headlines: Shortest Books Ever Written: "In Praise of Obama" --Commentary website Everything Seemingly Is Spinning Out of Control: "Alec Baldwin Defends Capitalism, Banks at Occupy Wall Street" --Yahoo! News We Blame Global Warming: "'Occupy Frankfurt' Protesters Defy the Cold" --Deutsche-Welle website That's Easy for You to Say: "Australian Bishops to Issue Toowoomba Statement" --Catholic News Agency Stabbing Your Wife in the Shower Is Not the Secret to Immortality: "Fontana Man Dies After Stabbing Wife in Shower" --Los Angeles Times Bottom Story of the Day: "Obama Team Moves to Rekindle 2008's Magic With Young Voters" --USA Today (Thanks to The Wall Street Journal's James Taranto) Village Idiots Authority: "The only way we can truly attack our economic challenges is with bold, bipartisan action in Congress. The president will continue to pressure congressional Republicans to put country before party and pass the American Jobs Act, but he believes we cannot wait, so he will act where they won't." --White House Communications Director Dan Pfeiffer Dumb and dumber: "[I] want [Obama] to stand up on his hind legs and fight these rat bastards. And he has got do it. ... [I] think he's got to indict these guys from Wall Street. Somebody's got pay for that mess. And I don't think it's the American public." --actress Kathy Bates A humorous exchange: CNN's Piers Morgan asked millionaire documentary maker Michael Moore about his support for the Occupy Wall Street protests and how that squared with his riches: "I need you to admit the bleeding obvious. I need you to sit here and say, I'm in the 1 percent, because it's important." Moore: "Well, I can't. Because I'm not." Morgan: "You are, though." Moore: "No, I'm not. I'm not." Morgan: "You're not in the 1 percent?" Moore: "Of course I'm not. How can I be in the 1 percent?" Morgan: "Because you're worth millions." Click Here Patriot Puzzles and Games Check out our great selection of patriotic puzzles and games for gifts and fun. Choose from patriotic-themed traditional jigsaw and heirloom wooden puzzles, and a variety of playing cards. All purchases at The Patriot Post Shop support our Mission of Service to America's Armed Forces. Short Cuts "We have entered a new phase of the endless Occupy Wall Street sleepover. Not working is hard work. After a month of tying up the police, generating mounds of trash, railing against Jews while holding up 'Nazi Bankers' signs, grappling with pervs, rapists and thieves in their ranks, communing with avowed communists, and hobnobbing with 1 percenter celebrities donning 99 percenter costumes (phew!), the Occupiers are rallying around a new mascot: Robin Hood." --columnist Michelle Malkin "Occupy Wall Street's Finance Committee has nearly $500,000 in the bank, and now some protesters are angry that they're not sharing. Coming soon: Occupy Occupy Wall Street." --former senator Fred Thompson "Wall Street protesters reported that thieves are stealing their cellphones and iPads and laptops and cash as they sit in the park. It was a lesson for the young protesters to learn. They were all for social justice until somebody poorer than them wanted their stuff." --comedian Argus Hamilton "Liberals love mob movements because you can't get mobs to think, which is perfect for Democratic ideas." --columnist Ann Coulter Semper Vigilo, Fortis, Paratus et Fidelis! Nate Jackson for The Patriot Post Editorial Team (To submit reader comments click here.) Patriot News Review Taxpayer Funded New Street Lights to Have Homeland Security Equipment Dem Rep. Chaka Fattah: 'We Turned the Economy Around' Obama: 'We Have Lost Our Ambition, Our Imagination' Obama on Libya: 'We Led From the Front' Good News: Support for Gun Control at 50-year Low Obama to Order Student Loan Relief More News The Right Opinion Paul Greenberg: Just Call 9-9-9 Rebecca Hagelin: When Liberals Rewrite History Walter E. Williams: Profits Are for People Tony Blankley: The Administration Slithers Away From Reality John Stossel: School Competition Rescues Kids L. Brent Bozell: Time to Cut off NPR Ben Shapiro: What a One-World Government Looks Like Terence Jeffrey: Hyde Was Right, Bush Was Wrong Michelle Malkin: Joe Biden: Beltway Bubble Boy Jonah Goldberg: American Imperialism? Please Jacob Sullum: Perry and Gingrich Recklessly Disregard the Importance of Judicial Review Austin Bay: From Arab Spring to Tunisian Fall -- Islamists Enter the School of Democracy More Opinion Grassroots Commentary The Rule of Law? Or the Rule of Lawyers? Is This What You Signed Up for? Saving Our Kids From Political Correctness Getting on the Plane High Crimes Obama Is No Martin Luther King More Commentary Policy and Analysis Heritage Foundation Insider Heritage Foundation Research American Enterprise Institute Center for Strategic and International Studies The Cato Institute Hoover Institution National Rifle Association Ludwig von Mises Institute Citizens Against Government Waste National Center for Policy Analysis The Heartland Institute (Please pray for our Armed Forces standing in harm's way around the world, and for their families -- especially families of those fallen Soldiers, Sailors, Airmen, Marines and Coast Guardsmen, who granted their lives in defense of American liberty.) Follow The Patriot Post:

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