And so it is that Barry "Almighty" will announce this week a series of actions he intends to take that he claims will help the economy and that, apparently, will not require pesky congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, this according to some "un-named" White House official. The actions come as Barry continues to face stiff resistance from not only Republicans, but from a good number of Democrats as well, regarding passage of his bogus $447 Billion "jobs" package he has urged Congress to pass "right now." So being ever the industrious little "community agitator" that he is, Barry went in search of a workaround, and by golly, it would seem that he found one.
The first of the initiatives will be unveiled during Barry's three-day campaign trip to the western states beginning just today. He will discuss the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit housing markets in the country. The Barry "Almighty" administration has been working with the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes. Look, isn't this just more of the same silly nonsense that got us into this mess in the first place? Somehow it how sounds strangely familiar to me and I'm sure will be blamed on the GOP when it fails.
The FHFA intends to loosen the terms of the two-year-old Home Affordable Refinance Program (HARP), which helps borrowers who have been making mortgage payments on time but who have not been able to refinance as their home values have dropped. Loosening terms? The Wall Street Journal reported that the changes should boost refinancing because they will let banks avoid the risk of any "buy-back" on a HARP mortgage as long as borrowers have made their last six mortgage payments and they prove that they have a job or another source of passive income. This just does not sound like a very good idea to me. We're letting people off the hook who, most likely, knowingly bought a house they couldn't afford.
The FHFA is also set to reduce loan fees that Fannie and Freddie charge and waive fees on borrowers that refinance into loans with shorter terms, the Journal said. Also, on Wednesday at a stopover in Denver, Barry will announce a new student loan initiative. "The only way we can truly attack our economic challenges is with bold, bipartisan action in Congress," White House Communications Director Dan Pfeiffer told The New York Times. "The president will continue to pressure Congressional Republicans to put country before party and pass the American Jobs Act, but he believes we cannot wait, so he will act where they won't." If he truly wants this thing passed, then he needs to be pressuring those in his own party.
The very simple truth here is that Barry can apply as much pressure as he chooses to Congressional Republicans but until he's able to garner enough Democrat support for his "job" bill, it's not likely to have all that much impact. I mean, he continues to insist that the fault for this thing not moving forward rests entirely on the GOP. He say they're behaving as nothing more than "obstructionists" when it comes to his "American Jobs Act," and for purely political reasons. But, as usual whenever Barry is speaking, that's not exactly an accurate statement. Because you see, the Republicans are not the cause for his legislation not making much headway toward passage. That would be Barry's own Democrats in "Dingy" Harry's Senate.
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