Frank Louis
New government program to "save" housing
Still no mention of helping those who made down payments! Who would 'a guessed?
By Frank Louis
February 25, 2011

Well, the Obama administration has come up with yet another dysfunctional and contrived "plan" to "modify mortgages" in yet another catchy sounding program that will do nothing but amplify the housing problem and the ongoing financial rape of the American public. In this new program, I believe that we will be letting the government pick who "wins" and who "looses" with no regard to whether people made down payments or not. So, this too will fail.

The most amazing part of this plan, at least to me, is that there is no stupid acronym for the program... not yet. Probably call it some stupid name like "Home You Deserve" or the like I am sure. Yeah, The "HYD" program. (Pronounced "hide" as in: "You go run and hide.") That is my suggestion.

This program is intended to reward those people whom, the government will decide: "did their best to pay their mortgages." What is that about?

Tell me, who decides that and on what basis? You have got to be kidding. You know, it is all just a sick joke. You hear from experts who debate whether these financial wizards are or are not "stupid." They well knew what they are doing as I have written so many times before. They got paid millions for killing the very companies they worked for. What was stupid about that? Keep the company alive and get paid less? Are you kidding?

A stupid system but these people were not stupid for playing it. They got rich at our expense. They created the sub-prime loan and the securities that went with them. Who is going after them by the way? Nobody! And they are not stupid; they are fools in the greater picture, but not stupid.

Still, the talking heads banter about just how we, the people, all "over-bought." Never do they address the fact that the "industry," by writing all of the bad loans, created the inflated values that they misrepresented to us. Hard working Americans who had saved for years, decades sometimes, to make the $100,000 down payment on the property the banks claimed were worth $500,000 were raped and robbed and left in the road to die. Really, why is no one mentioning them? No, they cry over the "American Dream! (Which, by the way is another phrase that is now being hijacked by the left)" But no one mentions these Americans and that "dream."

Doesn't anyone in this industry or the government understand that the only loans that should be modified are those for whom people lost actual, real MONEY? If you put no money down, you did not invest a thing. Think about it. People who made down payments did it believing they could make the payments (based on the numbers the industry contrived) or they would not have put their money on the table. But they were lied to and there is now no value in the property. No value, no resale, no rent, no nothing. This is not about anyone's "ability to pay," this is about being set up, lied to and defrauded.

REALLY FOLKS! If you did not invest anything, you have not lost anything either. You were placing a free-bet and maybe you lost the free-bet... but you did not loose any money that you had worked for and saved. What you did do, however, was cause the housing prices to skyrocket and, as a result of your actions, people who had saved for years lost, (that is right) they LOST, hundreds of thousands, no millions, no billions, no try trillions of dollars in personal wealth. Yes, as a result of your actions. And still, not a single person out there is brave enough to bring this fact up. Only Frank Louis!

Megan Kelly reports on Fox "news" that she, herself, is upside down in her own mortgage but she is still paying. She is so brave.

Megan, did you make a down payment? Megan, what do you do if you have to relocate, get transferred, or need to move? File bankruptcy? Face it; you are trapped by your house. Why don't you see the reality, especially IF you made a 20% or more down payment when you bought. And, Megan, if you did not make a down payment then you have not lost a penny and you are part of the problem and should not be "reporting" on it. By the way, home sales fell again in January!

Megan's guests, Rob Thompson (who also reported that he too is "underwater" in his home loan) and Neil Asbury (both radio talk show hosts) debated the government's ability to "pick winners and losers" in the housing crisis and pondered the difference between "what is just and what is fair" without even mentioning if anyone actually had their life savings stripped from them during the housing criminal Ponzi Scheme.

Another thing they did not discuss is the potential role of illegal-aliens in creating this housing crisis. (Maybe an act of terrorism?) How? By taking out perhaps millions of no-doc, no-money-down loans. By often getting paid thousands of dollars at the closing because some realtor, mortgage broker, and appraiser all pumped the prices higher and higher by doing this crime over and over again. That is how.

No, not one mention of the Americans who have been robbed and now have hundreds of thousands of dollars in debt due to their real estate investments that were fraudulently represented to them by the real estate industry. It is criminal. Will no one ask these questions? And we hear more "experts" tell us how to invest for our retirements. You're killing me.

No, not one mention of people who had great credit scores and had saved only to have their lives turned upside down, now facing bankruptcy, "trapped" by a piece of property that will destroy their lives and perhaps the lives of their children and grandchildren as they will leave nothing but debt to pass down when they write their last wills and testaments, the judgments against them will take care of.

The media is blind, our government is blind; this is not what the Founders envisioned... not at all. The Founders of this country prayed, they read scripture. Surely they read the book of Nehemiah, which covers financial bondage in a very straightforward and honest way. Nehemiah, Cpt. 5 tells us how the people had mortgaged their houses and borrowed money to "pay the king's tribute." Sound like bonuses or taxes anyone?

In Nehemiah, We are further warned to "Be not wise in thine own eyes." Sort of addresses all of the PhDs and other smarty-pants financial geniuses that are making this stuff up. The book of Nehemiah goes on to warn that the mortgage crisis would "bring into bondage our sons and daughters, for other men have our land."

Think about it folks. Read it and weep!

© Frank Louis


The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
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Frank Louis

Frank Louis is a print and on-air commentator who offers opinions and solutions on and for the economy, social issues, and the future of this nation. In the Old Testament, Nehemiah 4: 14 instructs us to fight for our houses; something we need to be doing now. Our future generations depend on it!... (more)


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