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NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT

"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Thursday, May 10, 2012

Obama Free Money - Call Today!


Using the institutions of government to re-distribute the wealth
in an endless quest to buy votes.


Socialism  -  Democrats stealing the wealth of the producers to buy the votes of those "with needs"
  • Billions of your tax dollars used to pay down the debt of voters . . . I mean homeowners.
  • The government will increase from $50,000 to $100,000 the amount of aid borrowers can receive to pay down their mortgage.
  • Why stop there?  Let's pay down everyone's car loans and credit cards.


Tired of paying those bills?  Have no fear, Comrade Obama is here with FREE MONEY for one and all.
                                                            .
Comrade President Obama is directing his Fellow Travelers in the Beltway to pay down people's home mortgage debt in the endless quest for votes.
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Just this week in the Golden State the government owned mortgage giants Fannie Mae and Freddie Mac have signed on to Keep Your Home California, a $2 billion program where the Socialist Feds will pay down your home loan with other people's money.
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The initiative uses federal funds from the 2008 Wall Street bailout

Fannie Mae and Freddie Mac own about 62% of outstanding mortgages in the Golden State reports the Los Angeles Times.
                                            .
The state will allocate the federal money, resulting in help for fewer California borrowers than the 25,135 that was originally proposed. The $2-billion program is run by the California Housing Finance Agency, with $790 million available for principal reductions.  Only a small number of California homeowners — 8,500 to 9,000 — would be able to get mortgage write-downs with the current level of funds available. 
                                .
The two mortgage giants were seized by the federal government in 2008 as they bordered on bankruptcy, and taxpayers have provided $188 billion to keep them afloat.
                                         .
Fannie and Freddie last year made it their policy to participate in state-run principal reduction programs such as Keep Your Home California as long as they or the mortgage companies that work for them don't have to contribute funds.
                                                      .
Banks and other financial institutions have been reluctant to participate in widespread principal reductions. Lenders argue that such reductions aren't worth the cost and would create a "moral hazard" by rewarding delinquent borrowers.

(Los Angeles Times)






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