Oh WOW-Obama Nominee for Director of the Federal Housing Finance Agency Helped Create Housing Crisis.

reparations, race card, ObamaHere we go again. First there was Eric “Race Coward” Holder, appointed by Barack Obama as Attorney General. He uses the Justice (?) Department to advance the “Get back at racist Amerika” agenda, one that Barack Obama also enthusiastically embraces. Barack told us so in the book that Bill Ayers wrote from the notes Barry just couldn’t organize into a coherent form, Dreams from My Father. Recall Barack’s description of how inspired he was by his race-baiting preacher Jeremiah Wright’s screeching about “white folks greed” running “a world of need.” To redress the horrible racist unfairness of this guilty land, he and his repellant wife, Michelle Give us something!” Obama, have done their best to initiate a system of reparations, in the form of luxurious vacations, parties and other expensive stuff for themselves and their spawn.

obamas, reparations, race card

Enjoying their well-deserved reparations.

Of course, it’s not like he’s left out the rest of the brothers and sisters. He’s also worked hard at income and wealth redistribution. That’s what Obamacare is all about, to redress the “unfairness” that results when middle and upper-middle class people who work in corporate jobs, and live in “Leave it To Beaver” style suburbs get health insurance at work that is better than the Medicaid that the wino pushing a shopping cart and swearing at his imaginary friend, the serial baby mama, or the immigrant of questionable legal status, can get. Barack believes that this “unfairness,” and pretty much everything else that is bad on the planet, results from racism. Michelle definitely agrees. So does his latest nominee to for director of the Federal Housing Finance Agency, former North Carolina congressman, Mel Watt. From the Daily Caller:

In 2002, Watt  teamed up with Freddie Mac and Fannie Mae, Bank of America, BB&T, and UJAMMA Inc., to announce Pathways to Homeownership, a pilot initiative designed to give home loans to welfare recipients.

A press release from Watt’s campaign office in October 2002 said that the loans to the welfare recipients would require “as little as $1,000 of the down payment to come from their own funds” and that the city of Charlotte would help borrowers obtain a “down payment subsidy” to cover the rest of the 3% down payment.

If approved to head up Federal Housing Finance Agency (FHFA), Watt will be regulating the very government agencies whose rules he negated in 2003. …

Watt, alongside then-Democratic Massachusetts Rep. Barney Frank, blocked Bush Administration efforts to reduce Fannie and Freddie’s overexposure to subprime loans. “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Watt said in a banking committee hearing, downplaying the risks inherent in pushing.

In 2007, a full year after the real estate market peaked and began to plummet under the weight of millions of mortgage defaults, Watt and Frank co-sponsored a bill forcing Fannie and Freddie to meet even higher quotas for affordable lending and investing in an “Affordable Housing Fund” for inner city communities.…

Watt began setting the subprime wildfire several years before it engulfed the nation. In 2001, Watt helped start the Congressional Black Caucus’ “With Ownership, Wealth” (WOW) initiative, which sought to add one million black households to the ranks of America’s homeowners by 2005. The program was designed to close a racial gap in homeownership between blacks and whites, which according to Watt stood at 46.7 percent vs. 73 percent respectively.

Watt, who once said he has “no use” for a majority of white voters “in the democratic process,” blamed racist lending practices for this gap and in 2008 called for “a more coordinated approach to dealing with these issues of discrimination, failure to be fair in loan terms.”

He continued his race demagoguery in an interview with the National Community Reinvestment Coalition. “Discrimination is an ongoing problem. How do you really effectively legislate and regulate through governmental agencies to eliminate that problem?

Apparently, Obama still thinks that Dr. Martin Luther King’s idea that we should focus on the content of character rather than the color skin is as old-fashioned and useless as the Constitution. 

Not surprisingly Mr. Watt is in favor of letting the downtrodden and disadvantaged minorities who are entitled to so much more from this “mean” country skate on the mortgages they never had any business getting in the first place. Please note, as this story from Politico reports, who “strongly pushed” Watt’s nomination, another Obama race-baiter, Valerie Jarrett:

Obama’s decision to pick Watt — strongly pushed by his senior adviser Valerie Jarrett, according to several officials involved in the matter — was intended to assuage liberals and housing advocates who have long accused the White House of failing to confront the foreclosure and affordability crises, most acutely experienced by low-income and working-class homeowners.

Watt, who has good relationships with bankers in his native Charlotte and national low-income housing advocates, has been a staunch backer of the Fannie-Freddie public-private partnership so reviled by conservatives. His appointment comes at a critical time for the so-called GSEs — they are once again solvent and struggling to pay back the estimated $100 billion in taxpayer bailouts that kept them from going under in 2009.

The timing of the Watt appointment infuriated some Senate Republicans, who have been quietly crafting what they hope will be a bipartisan bill to overhaul Fannie and Freddie. Despite that, Watt’s Republican home state senator, Sen. Richard Burr (N.C.), is backing his nomination.

Sen. Bob Corker (R-Tenn.) was blindsided by the Watt pick and told administration officials he thought Watt isn’t capable of overseeing re-engineering of the agencies because he is too inexperienced and too ideologically committed to offering loans to families without the means to repay their debts.

“I could not be more disappointed in this nomination,” Corker said immediately after Watt was announced.

Many liberals — including Watt — clamored for the agency to OK the reduction of principle on some loans, in addition to interest rate write-downs, in a bid to ease the burden on millions of underwater homeowners whose mortgages are backed by the federal government.

But FHFA’s current head, Ed DeMarco, a career technocrat, has resisted.

Watt has said he’d push for both the phasing out of GSEs and principle reductions — although it’s far from clear how he could do both or either.

Given the gangsta lawlessness of this bunch, I’m sure Barack and Valerie can find a way, so perhaps it would be best if we didn’t put this clown in a position to try to make it happen.

 

 

The Teri O'Brien Show

book