Einstein is proven right again.
Not, not relativity.
Not the grand theory.
Insanity.
Einstein once defined insanity as
Doing the same thing over and over again and expecting different results.
Barack Obama is no stranger to hypocrisy and he clearly knows how stupid his base is. He knows they won’t remember anything he says from one day to the next. They certainly won’t remember what he said last year, so Obama zombies, pay attention.
Last year the Obama regime basically extorted a settlement from large banks in a mortgage deal. As noted by Investors, Obama blamed everyone except for the real culprits.
Subprime Scandal: Announcing a massive $26 billion mortgage deal with “abusive” banks, the president blamed everybody for record foreclosures except the party most culpable: government.
He blamed lenders:
Speaking Thursday from the White House, Obama scolded “irresponsible” and “reckless” lenders, who “sold homes to people who couldn’t afford them.”
he blamed buyers
He also cited buyers who bought homes bigger than their budgets,
and he blamed Wall St.
Wall Street bankers who packaged the shaky mortgages and traded them for “profit.”
And it was all wrong
“It was wrong,” he asserted. And now the nation’s “biggest banks will be required to right these wrongs.”
President Clinton fretted that blacks and other minorities could not qualify for mortgages at nearly the same rates as whites and Asians. So Clinton codified more “flexible” underwriting standards in a “Policy Statement on Discrimination in Lending,” and entered it into the Federal Register.
At the same time, he set up a little-known federal body made up of 10 regulatory agencies — the Interagency Task Force on Fair Lending — to enforce the looser standards. It threatened lenders to either ease credit for low-income borrowers or face investigations for lending discrimination and suffer the related bad publicity. It also threatened to deny them expansion plans and access to Fannie Mae and Freddie Mac.
“The agencies will not tolerate lending discrimination in any form,” the 20-page document warned financial institutions. The task force enforced these policies throughout the Bush administration.
According to Peter Ferrara, senior fellow at the Carleson Center for Public Policy:
“This overregulation reached the point of forcing lenders to discount bad credit history, no credit history, no savings, lack of steady employment, a high ratio of mortgage obligations to income, undocumented income, and inability to finance down payment and closing costs, while counting unemployment benefits and even welfare as income in qualifying for a mortgage.
“This” he said, “turned into government-sanctioned looting of the banks.”
The Justice Department — along with HUD, which regulated Fannie and Freddie — proved the most aggressive members of the fair-lending task force. Eric Holder, then acting as deputy AG, ordered lenders to actually “target” African-Americans for home mortgages they couldn’t otherwise afford. Obama cheered Holder on as an inner-city community organizer who also pressured banks to ease credit for home borrowers.
So what does Obama do in the wake of all this wrong doing? You’re not gonna believe it:
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
Once again a democrat regime seeks to compromise mortgage underwriting standards.
Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.
Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps.
Sound familiar to anyone? Other than Obama voters, I mean.
Obama just last year hammered the lending industry for $26 billion for making loans to people “who bought homes bigger than their budget” and now is seeking to provide assurances that repeating the same “reckless” behavior will go unpunished.
Unfreakingbelievable
But don’t think for one moment that this is Obama’s first idiotic effort for housing. Last year Obama blasted Bank Of America with a $335 million dollar fine. BoA was fined for the actions of Countrywide, which BoA has purchased. The crime?
Not making enough risky loans.
Just days before Christmas, the Obama administration gave Bank of America a big lump of coal, levying a hefty $335 million dollar fine on the company for discriminating against minorities in its lending practices.
Supposedly Countrywide, a mortgage company bought by Bank of America in 2008, had not given out enough low interest rate loans to minorities from 2004 to 2008.
You know, when the mortgage crisis was in full bloom.
Countrywide was the whipping boy for the mortgage mess.
BOSTON, Oct. 11 — The Countrywide Financial Corporation, the nation’s largest lender and loan servicer, reported on Thursday that delinquencies and foreclosures in its portfolio were rising steeply. A few hours later, the company became a target of borrower anger in Boston as about 100 people gathered at three Countrywide offices to protest its practices.
If I gave you one guess as to who was behind those protests, I bet you would nail it. (Other than Obama zombies, I mean)
Thursday’s protest was the second this week organized by a borrower advocacy group and aimed at Countrywide. On Tuesday, ACORN, the Association of Community Organizations for Reform Now, organized a protest in eight cities.
Curiously, by September of last year buyers were no longer responsible for any of it. They’d all become “responsible homeowners.”
Responsible homeowners, Mr. Obama said, were plagued by “the irresponsible actions of others,” including lenders and buyers who were unrealistic about repayment options; speculators “looking to make a quick buck”; and banks “that packaged and sold those risky mortgages for phony profits.” And “When the party stopped, and the housing bubble burst,” Mr. Obama continued, “it pushed our entire economy into a historic recession – and left middle-class families holding the bag.”
Not everyone should own a house. Obama’s track record with that is pretty lousy.
President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff.
But Obama is not stupid. There is a motive for this and it’s called redistribution of wealth. Obamacare has nothing to do with health care. It is redistribution. Any and all of Obama’s mortgage and housing efforts are also redistribution.
These risky loans will certainly fail once again and the burden will once again be dropped upon the heads of the taxpayer.
Full blown socialism.
In 2011 at Osawatomie, Kansas, Obama had this to say:
Now, in the midst of this debate, there are some who seem to be suffering from a kind of collective amnesia. After all that’s happened, after the worst economic crisis since the Great Depression, they want to return to the same practices that got us into this mess.
Indeed.
If it’s a day ending with a “y” Barack Obama is again proving just how stupid and amnesic his supporters are.
Work hard. Be financially responsible. Don’t take on more than you can pay. Pay your mortgage. Pay your bills.
And in Obama’s Amerika your reward is to pay for everyone who doesn’t do any of that.
DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education.
DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed.
Except for liberals being foolish.