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» All Aboard:

All Aboard

Posted by on September 6, 2010 at 4:19 pm.

“(WSJ) The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.

Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.

Under the new “short refinance” program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.”

Get ready for another railroad job as Obama teams up with his banker buddies to give you the railroad job of your life. Who wins? The bankers who shovel the bad debt on to the backs of current taxpayers and future taxpayers, the irresponsible who bought real estate way beyond their means and Obama, who  is hoping to buy millions of votes with this con job. Who loses? Hard working people who live within their means, the same people who will end up paying for another Obamascam. Renters also lose as they will gain nothing but more taxes and higher housing prices. Yes, people who rent because they decided that they could not afford the house payment will now be paying for the people who went ahead and bought a house even though they could not afford it. Another major moral hazard comes to America.  Who cares anymore? This country is run more like a casino then a capitalist society. To any of the republicans out there, I wouldn’t feel to smug because the republicans are just as guilt as any of the democrats in promoting a lottery type economy. This crap has been going since Nixon, maybe even longer. Programs such as FHA 235  were promoted: http://activerain.com/blogsview/786465/do-you-remember-fha-235-s– This was a republican run lottery that allowed some people moderate income and first time home buyers a chance to pay 4 percent interest while others paid 13 percent. What a deal! Anything to help builders and bankers. Screw the rest of America. I would like to ask President Obama how paying other peoples mortgage debts and trying to inflate housing prices will make housing more affordable for the rest of us. The answer is it won’t. Someday it would be nice to see the government stay out of the free enterprise system and let it work. If people can’t pay for their home then they should not be in it. If another 5 million houses hit the market because of it, then so be it. If you think Obama is doing this to help out distressed homeowners think again. This is another program to bailout banksters. Mr Obama if you really want to make housing affordable leave the market alone. If housing prices go down because the government (the taxpayers) don’t prop it up. Guess what? Cheaper housing prices equals more affordable housing prices. Maybe banks won’t lend 800,000 dollars for houses like this: http://www.doctorhousingbubble.com/wp-content/uploads/2010/09/notice-of-default-culver-city.png if they understand that the taxpayer will no longer bail them out from under their horrendously bad loans.  Myself and others are tired of working to pay for the lifestyles of banksters and the irresponsible among us.  I doubt you’re listening Mr President and I assure everyone that this is only a portion of the approaching government backed banker scam coming down the track. Get ready to pay for your ticket on the Obama Bankster Express.

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