As of now, I am in control here, in the White House

Fannie Chief Has Some Money to Lend You!

Oops, we’re doing it again!

Seems like President Obama knew what he was doing when he appointed Mel Watt to oversee Fannie Mae and Freddie Mac. He wanted a return to the days of easy credit that CAUSED THE FINANCIAL MELTDOWN IN THE FIRST PLACE.

Here, pay it back when you can.
Here, pay it back when you can.

Because Obama really does think George W. Bush caused the Great Recession. Actually, it was Lefty lending policies that put people in houses they couldn’t afford. Obama’s contribution to solving this problem has been to NOT work to disband Fannie and Freddie, which is what was supposed to happen. Instead, he’s put them right back on track to screw up again

Federal Housing Finance Agency Director Mel Watt signaled today that he was reversing the tough-love direction set by his predecessor, the Bush-appointed Edward DeMarco, announcing that he will not force Fannie and Freddie to reduce their maximum loan limits, an idea DeMarco was contemplating. The mortgage loan limits for 2014 are $417,000 for a single-family home in most areas, and up to $625,500 in high-cost areas

What’s more, according to the Wall Street Journal, Watt said Fannie and Freddie will be helping prop up Detroit:

He also said Fannie and Freddie would participate in a new pilot program focused on neighborhood stabilization in Detroit that could be expanded to other parts of the country later. “We believe this will be a win-win for hardest hit communities and for our conservatorship objectives,” he said in a speech at the Brookings Institution.

Even after the economic calamity of 2008 and 2009, the Left is so sure of itself that it can’t grasp that it was its own polices that caused the near-demise of capitalism. As long as you’re convinced Bush and the evil wealthy did it, then all you need to do is not have Bush around and close the income gap, and everything will be fine.

And then we can have the housing market crash again in a few years under a Republican president, and blame him again.

11 Responses to Fannie Chief Has Some Money to Lend You!

  1. Well, I was going to say, Thank God he’s not white”, but then I remembered that Barney Frank and Whatshisface Dodd were both white.
    So there you have it: don’t judge on the color of their skin, but on whether they can give our money away correctly.

    • From “Throw back Thursday” to “Throw up Tuesday”

      1996 Community Reinvestment Act – was another crazy cracker, Bubba Clinton. They’re all retrogrades!

  2. Ah, yes, Mel Watt.

    The guy who might not have been elected to Congress in the first place if his district wasn’t racially gerrymandered.

    The guy who introduced legislation to cut funding to the Office of Congressional Ethics.

    The guy who got 45% of his 2009 campaign cash–seventh-highest percentage in the entire Congress–from real estate, insurance, and financial corporations.

    So we now have an industry hack in charge of a federal agency that’s already crashed the economy once, announcing he’s going to make the same stupid mistakes all over again, only this time the results will be different.

    That’s going to end well…

  3. Sources point to Barack Obama as a possible starting point to the domino affect that lead to the housing crises we faced. Check the provided links and judge for yourself.

    “In a 1995 case known as Buycks-Roberson v. Citibank, Obama and his fellow attorneys charged that Citibank was making too few loans to black applicants and won the case. As one commentator noted in May 2008, legal “successes” such as this were probably responsible for the sub-prime mortgage crisis of 2007 AND 2008. That is, banks were not loaning to blacks whose credit was poor. When the law forced them to lend money anyway, the inevitable collapse occurred.”

    Obama had a part in the lawsuit that started the government on a course of forcing lenders to give more loans to those who had poor credit. Lending companies were forced to come up with imaginative ways of fulfilling the quota that was required. Sub-prime lending was born as a result. The mortgage crises was forecast by many who were able to look beyond the quota.

    A New York Times article (.pdf) clearly forecast the mortgage meltdown.

    Cursor down to “Buycks-Roberson.”