Tomorrow the Obama administration launches yet another socialistic maneuver, reducing up to 1.5 million mortgage balances for homeowners who owe more than their homes are worth.
Wall Street Journal — “[This is] the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes.”
Hidden Message: All Americans are entitled to homes, and now…equity — but only if they’re irresponsible.
“Under the new ‘short refinance’ program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government.”
WSJ just substituted the word ‘government’ for the phrase ‘responsible American’ again. Probably a typo.
“While the program puts taxpayers at risk—officials estimate one in five loans in the program could default.”
We completely understand — government must redistribute risk, not just wealth.
Read more: HERE
Government sends $100′s of billions overseas: HERE
For a a decisive refutation of the principles of socialism, check out ‘Shakedown Socialism‘ by Oleg Atbashian: HERE
[...] some of his ‘forgettable’ domestic policies, which included big government and a defiance of conservative fiscal principles -- as Michelle Malkin observes -- ‘the very impetus for the Tea Party movement upon [...]