The Obama administration should take a step back and look at FHA when it comes to Fannie Mae, Freddie Mac and the current economy. So let’s put this is prospective here, Obama, the Obama adviser’s, Barney Frank nor Andrew Cuomo understand the real issue. The real issue here is the 4.1 trillion in lost equity. Until we address the lost equity we are just spinning our wheels!
FHA is doing the right thing and that is simply get out of the way and let the free market system fix itself. There are more than enough laws already in place to deal with all of the problems. We just need to in force them. The FHA model has held up pre meltdown, current meltdown and now post meltdown. Anyone please let me that it does not work. FHA will show the Obama administration how to make it work. This reenventing of the wheel here is not the answer.
So what has Obama been doing, let’s take a look. Saxon was given 886 million dollars to help address their 35,000 plus loan modifications. Only 42 have been done to date at a cost of a little more than 20 million each. How can this be? Why is’nt the Media talking about this?
As bad as the Saxon situation is not the worst. The former IndyMac Bank, now Bank One aka George Soros, received 814 million to help with loan modifications and they have completed none, zero, donut. How can this be? Why is’nt the Media talking about this?
Look Bush has been gone now for ten months. Obama has spent more money that Bush ever did. The dirty work being done behind Obama is unbelievable and yet my own mother love’s Obama. I feel Obama is far from our smartest president and his refusal to release his college transcripts or IQ test is just unacceptable. I have no faith in Obama or his administration in regards to the economy. Obama likes to blame others for his reckless spending but what is the next president going to be dealing with in 2012. The lack of accountability with the current spending is unbelievable and Obama himself thinks he is doing a B+ job. I would give him a D at best. Obama better find a way to get money back in the people’s hands or he will be a one term president.
I understand that a lot of people still like Obama but I feel like he has done some kind of Jedi Mind trick of his supporters. If Obama calls of George Soros directly and the many other of his campaign supporters then I will reconsider this. Until then I stand by my statement.
Maybe it is time for TMZ to look at the Obama administration. The hypocrisy here has set a level that I hope I never see matched again in my lifetime.
You can read much more about this subject at the following link;