OBAMA'S LATEST FORECLOSURE SCAM

The Latest Obama Homeowner Scam
By Lee S Gliddon Jr

Obama announced his latest scam today (02/09/2012) as he said, "We have reached an agreement with banks to settle for $25 billion in an effort to ease the foreclosure crisis."

I would appreciate knowing just why banks would have to pay over any money at all for the people who bought far beyond their means? After all, it was the Democrats of Congress that demanded that banks make loans to people with no credit check, no means of repayment, and no realistic collateral evaluation of the homes financed.



Obama is seeking to reward people who overspent, people who had no jobs when purchasing, people who have a lousy credit rating and, to be blunt. are takers, his motives are unreasonable and unjust. But, what Obama does not reveal is the fact that if anyone does refinance he/she must pay fees that go directly into federal coffers thereby enabling him to justify further spending!

As Obama sets about finagling his scam he deliberately ignores the huge losses sustained by legitimate homebuyers that bought within their means, but due to the misguided Democrats in Congress, lost billions in equity they had set aside as their retirement nest eggs.

As an example I offer the following: In 2005 my wife and I purchased a home that was bought for $235,000.00. We paid $175,000.00 as down payment and financed $60,000.00. Our thought was, the money we paid as down payment was to be part of our nest egg for retirement. However, with home prices that are now at $89,000.00 we have lost $146,000.00!

There are millions of hard working Americans that bought what they could realistically could afford and would be capable of continuing paying their mortgages if it were not for the bungling of Obama Administration as they deliberatly deny jobs to the American workers! With food and fuel prices steadily increasing and utility costs soaring, we cannot get rid of these ill purposed group fast enough!

Well, Obama is catering to his base, the takers, as he purposely ignores hard working Americans that lived within their means.

I can only pray that this inane Democrat is a 'one term' President as I really would like to wake up from the nightmare he, and his fellow Liberals have created!