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Obama’s Refinance Program: Underwhelming Policy, Expedient Politics
Did you know that you can’t be in favor of fixing the housing market and not be in favor of President Barack Obama’s American Jobs Act? That was the underlying message of a conference call with two top Obama advisers on Monday morning, nominally convened to explain and take answers from journalists about the much-touted new mortgage refinance program Obama is unveiling as he heads out west ((( loading up on campaign cash ))).
..... the fact that the officials wouldn’t put a dollar figure on how much the plan would help the economy or the housing market, or say how many homeowners would benefit from the program, should have been the tip off. The reality is that the plan won’t do much to lift the massive housing debt that is slowly suffocating the U.S. economy.
*snip*
But Obama’s new plan addresses only the size of interest payments on mortgages, not the problem of the underlying principal debt, which exceeds the value of ¼ of American homeowners’ houses. Worse, it only helps some of the people who can benefit from lower monthly interest rate payments to stay in their house.
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NOTE: Bolded text and parentetical remarks are mine.
Typo in opening:
It’ NOT Rick Sentelli .. it’s Rick Santelli.
Forgive my oops.
The jackass marxist in the whitehouse has telegraphed this plan when he subordinated debt in the GM take over in favor or unions. The whole idea of capital, interest and repayment of just debts is anathma to this ass and his politics. In fact, loans and interest are not supported in islamic law either from what i gather. A coincidence? Well, most law enforcement types will say there is no such thing as coincidence and it does apply in this matter too. Barky is firing all rockets now before trying to stop his stuka like dive in the polls.