The Obama Presidency

[Anthony]

When you'd like to join me in reality, feel free.

North Carolina? Well then I was born in reality, but got the fuck out.

[Gooch]

Shit, I guess Barry is a socialist after all.

[Andrew]

Hey guys, look what the New York Post printed:



Link to MSNBC story.

So is it racist? Or is it just a commentary gone horribly wrong?

[Gooch]

I don't know if it's racist but I do know that the Post should know better. It's definitely stupidity on their part, regardless of intention. Just like this is stupidity:

The Obama administration unveiled a plan Wednesday to help 9 million "at risk" homeowners modify their mortgages, committing $75 billion of taxpayer money to back the initiative.

The Obama plan will use $75 billion from the $700 billion financial bailout fund to match reductions lenders make in interest payments that lower borrowers’ payments to 31 percent of their monthly income. Under the program, a lender would be responsible for reducing monthly payments to no more than 38 percent of a borrower’s income, with government sharing the cost to further cut the rate to 31 percent.

The plan contains two separate programs. One program is aimed at 4 million to 5 million homeowners struggling with loans owned or guaranteed by Fannie Mae or Freddie Mac to help them refinance their mortgages through the two institutions.
A separate program would potentially help 3 million to 4 million homeowners by allowing them to modify their mortgages to lower monthly interest rates through any participating lender. Under this plan, the lender would voluntarily lower the interest rate, and the government would provide subsidies to the lender.

"The plan I'm announcing focuses on rescuing families who have played by the rules and acted responsibly: by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can't afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments," President Barack Obama said in prepared remarks.

In response:

I do not buy this "acted responsibly" nonsense. If a person took out a loan greater than 38% of their income they most assuredly did not act responsibly.

Furthermore, the Obama plan increases the size of Fannie and Freddie, rewards servicers for no reason, giving them an incentive actually to waste taxpayer money, and rewards those who acted irresponsibly. Is this a good thing?

Addendum:
One question I have was not answered by either article. I am very concerned for the borrower's sake about loan modifications turning non-recourse loans into recourse loans.

How many people will become unwitting interest slaves for the rest of their lives by signing up for one of these "loan modifications"? That is likely to happen if non-recourse loans become recourse loans.

I am still holding out hope that Barry comes to his senses but as of this moment, I am kicking myself in the ass for having supported this man.

[Advocate]

Good job, Barry.

United Socialist States of America.

[Space Pirate Roberts]

I think the idea was supposed to be that the stimulus bill is so bad it must have been written by a monkey, and they stupidly failed to anticipate the potential racist/pro-assassination interpretation.

[Joust Williams]

yes, we know ;p

I should have bought a house last year!

[Advocate]

Me too.

[Razor Ramon]

Everyone is stunned but you all voted him into office knowing exactly where he stood.

[Finch]

I don't know if it's racist but I do know that the Post should know better. It's definitely stupidity on their part, regardless of intention.

You obviously don't know the New York Post!