**
New post on *Scotty Starnes's Blog*
<http://scottystarnes.wordpress.com/author/scottystarnes/> Regulators Stop
Obama Administration From Using Taxpayer Funds to Buy Votes…Can’t Use
Bailout $$$ to Bailout Underwater
Homeowners.<http://scottystarnes.wordpress.com/2012/07/31/regulators-stop-obama-administration-from-using-taxpayer-funds-to-buy-votes-cant-use-bailout-to-bailout-underwater-homeowners/>by
Scotty Starnes <http://scottystarnes.wordpress.com/author/scottystarnes/>
The Obama regime is pissed. Their redistribution of wealth scheme was
stopped and they can't buy votes with bailout money. What happened to that $75
billion
HAMP<http://scottystarnes.wordpress.com/2010/08/20/how-is-that-obama-75-billion-hamp-program-working-out-more-people-dropping-out/>programs
that Obama promised would save 9 million underwater homeowners?
(Reuters<http://www.reuters.com/article/2012/07/31/us-usa-housing-regulator-idUSBRE86U19920120731>)
- The top housing regulator rebuffed the offer of taxpayer funds to reduce
mortgages held by struggling homeowners on Tuesday, a blow to the Obama
administration which is keen to show voters it can help fix the housing
market.
Calling it a challenging decision, the regulator for Fannie Mae and Freddie
Mac said using funds from the Troubled Asset Relief Program would not make
a meaningful improvement in reducing foreclosures in a cost-effective way
for taxpayers.
"The anticipated benefits do not outweigh the costs and risks," the Federal
Housing Finance Agency's head Edward DeMarco told reporters.
*The administration has been pressuring DeMarco to allow the
government-controlled mortgage financing agencies to do more principal
writedowns.* But DeMarco has maintained that this *would needlessly drive
up the costs of their taxpayer bailout*.
Fannie Mae and Freddie Mac, whose government bailout has meant taxpayers
have provided nearly $190 billion to keep them afloat, were seized by the
government in 2008 amid threats of insolvency due to losses on subprime
loans.
Suspeciously, Obama still hasn't appointed an Inspector General to oversee
the bailout money these two GSEs received.
Treasury Secretary Timothy Geithner told DeMarco in a letter released to
media he was concerned about the regulator's continued opposition and urged
the acting director to reconsider his decision.
"I do not believe it is the best decision for the country," Geithner said.
The use of targeted principal reduction would "provide much needed help to
a significant number of troubled homeowners, help repair the nation's
housing market and result in a net benefit to taxpayers," he added.
Where did the $75 billion HAMP
funds<http://scottystarnes.wordpress.com/2010/08/20/how-is-that-obama-75-billion-hamp-program-working-out-more-people-dropping-out/>go?
The administration has struggled to revive the housing market, where 22
million homeowners are underwater or owe more than their properties are
worth.
Although the regulator found that using the taxpayer bailout funds could
result in about 74,000 to 248,000 borrowers being eligible for the mortgage
reductions, it said *"nearly all of this benefit is simply a transfer from
taxpayers" to the government-controlled enterprises and would rack up
taxpayers' tab*.
Continue
reading>>><http://www.reuters.com/article/2012/07/31/us-usa-housing-regulator-idUSBRE86U19920120731>
*Scotty Starnes
<http://scottystarnes.wordpress.com/author/scottystarnes/>*| July 31,
2012 at 7:20 PM | Tags: Edward
DeMarco <http://scottystarnes.wordpress.com/?tag=edward-demarco>,
Fannie Mae<http://scottystarnes.wordpress.com/?tag=fannie-mae>,
Federal Housing Finance
Agency<http://scottystarnes.wordpress.com/?tag=federal-housing-finance-agency>,
Freddie Mac <http://scottystarnes.wordpress.com/?tag=freddie-mac>,
HAMP<http://scottystarnes.wordpress.com/?tag=hamp>,
Obama
Administration<http://scottystarnes.wordpress.com/?tag=obama-administration>,
redistribution of
wealth<http://scottystarnes.wordpress.com/?tag=redistribution-of-wealth>,
regulators <http://scottystarnes.wordpress.com/?tag=regulators>,
TARP<http://scottystarnes.wordpress.com/?tag=tarp>,
Timothy Geithner <http://scottystarnes.wordpress.com/?tag=timothy-geithner>,
underwater
mortgages<http://scottystarnes.wordpress.com/?tag=underwater-mortgages>|
Categories: Political
Issues <http://scottystarnes.wordpress.com/?cat=35145> | URL:
http://wp.me/pvnFC-7F1
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