An underwater homeowner is defined as someone whose mortgage exceeds the value of his house. The Federal government is now gearing up to bailout these underwater homeowners by allowing Fannie Mae and Freddie Mac to refinance those under threat of foreclosure. These types of sub-prime loans were a large part of the housing and subsequent financial collapse in the first place, and Obama’s answer to fixing the sub-prime problem is to write more sub-prime loans to people who cannot repay them, or they wouldn’t be facing foreclosure in the first place. This strategy will work if the housing market suddenly and unexpectedly enters another inflationary bubble, which is not only unlikely but highly undesirable. On top of that, Fannie and Freddie are already deeply in debt, Freddie having already gotten 50.7 billion dollars from the Federal Treasury, and Fannie 30.4 billion. Of course we know this isn’t about underwater homeowners at all, but keeping Fannie and Freddie afloat so they can be looted by Democrat operatives like Raines and Gorelick, who voted themselves millions of dollars in bonuses based on falsified profit statements before the big collapse.

 

 

My home is my castle, we heard the man say

So what if the mortgage is due

Obama’s my man, he say not have to pay

My mortgage is paid off by you

With Fannie and Freddie behind me I’m set

To live here as long as I want

With Dems now in power I’ll take what I get

And if the bank takes it I’ll punt

Is this a great country, I’ll say that it is

When people like me without jobs

Can buy a new house with some dough that aint his

And live there like middle class slobs

And anyone questioning what’s going on

Is seen as a GOP tool

Although to be honest they’re wise to the con

It’s just that they want to be cool

They think that it’s awful that people like me

Who cannot afford to pay rent

Are denied owning houses as good as Spike Lee

Even though I don’t own a red cent