Bam Sidesteps Congress on Housing
October 24, 2011
RUSH: As I mentioned, "With his jobs plan stymied in Congress by Republican opposition --" this is the New York Times. The truth is his jobs plan is stymied in Congress by his inability to get Democrats to vote in majority for it. "-- President Obama on Monday will begin a series of executive-branch actions to confront housing, education and other economic problems over the coming months, heralded by a new mantra: 'We can’t wait' for lawmakers to act.' According to an administration official, Mr. Obama will kick off his new offensive in Las Vegas --" where he told everybody not to go in 2009. "-- ground zero of the housing bust, by promoting new rules for federally guaranteed mortgages so that more homeowners, those with little or no equity in their homes, can refinance and avert foreclosure." How many times now has this been tried? It's gotta be at least the third or fourth mortgage assistance program, and none of them have worked, but we're doing it again, in Vegas where the president said don't go.
RUSH: In the New York Times it says: "With his jobs plan stymied in Congress by Republican opposition,
"With his jobs plan stymied in Congress by Republican opposition --" And that's the purpose. It is supposed to be stymied. It is not supposed to be signed into law. They'll take it if they can get it, don't misunderstand, but the whole point of this is to portray the Republicans as obstructionist. So with the jobs plan stymied, President Obama said today that he's going to "begin a series of executive-branch actions to confront housing, education and other economic problems over the coming months, heralded by a new mantra: 'We can’t wait' for lawmakers to act."
By the way, I have a question. I meant to ask this in the first hour. We've got Sharia law that's going to be imposed in Libya. What does that mean for rapes? Will there be fewer rapes or more rapes? Are there gonna be fewer or more cops on the streets in Libya? Well, I was just thinking, if you are a teacher, if you're a rape victim, if you're a rapist, if you're a murderer, purse snatcher and you're listening to Obama and Biden run around and try to sell this jobs bill, don't you ask yourself, "Wait a minute, now, I thought we stopped all the rapes and purse snatchings and muggings with the first stimulus."
We shoulda wiped out rape. That was $787 billion worth of spending, and we got that. Now we're talked $35 billion to eliminate rape. Still haven't any calls from rapists. We did last week, on Friday, we got a call from a friend of a hit man who said that the hit man was eagerly following the vote and was facing the possibility of outsourcing his work to Europe if the law passed. So we're gonna lose some jobs in America. The hit man didn't work alone. He's got support staff. You don't look up hit men in the Yellow Pages. I could ask my phone, "Find me the nearest hit man." In fact, let's see what happens. Find me the nearest hit man in the state of Florida.
SIRI: I don't know what you mean by "find me the nearest hit man in the state of Florida."
RUSH: Okay, see? You can't find 'em. That's the whole point. So they have to have support people that you get hold of if you want to use a hit man. You gotta know who to call to get hold of the hit man 'cause the hit man even fools the iPhone 4S. Hi, give me a list of exterminators within ten miles of my current location. See what it does here.
SIRI: Checking your location. I found a number of pest control services within ten miles of here.
RUSH: Well, pest control. See, we're looking for a hit man. Nice try, H.R., but that's how hard they are to get hold of. But even so this one guy said that he was going to be leaving if the bill passed. So now here's Obama. You're probably thinking I lost my place. I haven't. Here's Obama frustrated Congress won't pass it. Now he's looking for executive branch ways just to get this done without needing to go through Congress at all because the plan is stymied there. And they've got a new mantra: We can't wait for lawmakers to act.
"According to an administration official, Mr. Obama will kick off his new offensive in Las Vegas, ground zero of the housing bust, by promoting new rules for federally guaranteed mortgages so that more homeowners, those with little or no equity in their homes, can refinance and avert foreclosure." Now, we have an audio sound bite here. What this is, is an ad. The Republican Senatorial Campaign Committee put together an ad, it's on their website, it's a video montage featuring an unidentified woman, several unidentified news reporters, Pelosi's part of it, Obama's part of it, Dingy Harry, representative Shelley Berkley, Democrat from Nevada, and the mayor of Las Vegas, Oscar Goodman talking, and it's a series of photos of abandoned homes and general squalor on the screen. So as you listen to this, imagine that you are seeing abandoned homes and general squalor. This is the Republicans running the ad.
UNIDENTIFIED WOMAN: It was a tragedy unlike anything I'd ever seen.
UNIDENTIFIED REPORTER 1: The $830 billion stimulus.
UNIDENTIFIED REPORTER 2: Nine and a half billion dollars in new regulations just last month.
PELOSI: We have to pass the bill so that you can find out what is in it.
UNIDENTIFIED REPORTER 3: President Obama will be in Las Vegas. Nevada's unemployment rate is the highest for the 16 straight month at 13.4%, and the home foreclosure is also the worst in the nation.
OBAMA: We've begun to see progress all across the country.
REID: Private sector jobs have been doing just fine.
BERKLEY: Nevada's gotten more help than any other state in the union.
OBAMA: You can't go take a trip to Las Vegas. Don't blow a bunch of cash on Vegas.
GOODMAN: He owes us an apology. He also owes us a retraction.
UNIDENTIFIED REPORTER: Congresswoman Shelley Berkley is named in this year's list of most corrupt politicians.
RUSH: So this is a Republican ad that's actually pretty good because the pictures, squandered, abandoned homes, and all around general squalor pass you by on the screen, and you get a direct hit on Obama, Pelosi, Reid, Shelley Berkley, this is what the Republicans ought to be doing, going right after the Democrats, not pussyfooting around, but going right after them. What this ad does is accuse these Democrats of this problem in Las Vegas. And Obama did say the days of getting on your plane and going to Las Vegas are over. He said that within the first, what, month of his administration. And he told us, by the way, he was gonna do this. Let's go back, October 11th, he was in Pittsburgh, and this was at a crowd of 200 people versus a crowd of ten to 12,000 in 2008. Two hundred people, mainly teachers and union people.
OBAMA: The American Jobs Act that I'm putting forward obviously contains many ideas like infrastructure investment, that should be pretty straightforward, and our hope is that we're able to get those passed in the next couple of months. So my instruction to Jeff and Gene and Valerie and all the advisors who are sitting around the table is scour this report, identify all those areas in which we can act administratively without additional congressional authorization and just get it done. Anything that's within our authority to do as an administration we start doing immediately and we don't wait for Congress.
RUSH: We don't wait for Congress. So on October 11th this is what he said he was going to do. I have a piece here from the Business Insider. Revealed here is Obama's new housing plan. "The Federal Housing Finance Agency just announced its changes to the Home Affordable Refinance Program (HARP), which serves as the backbone of President Barack Obama's new housing plan. HARP programs have helped 894,000 borrowers through August -- a far cry from the 3-4 million Obama promised in 2009." None of these plans have worked. This is just the latest one. "The changes are designed to allow more underwater homeowners with loans backed by the government to take advantage of lower interest rates. This time FHFA is not providing a specific estimate for the number of homeowners it believes it can help under the revised program, but says 'by the end of 2013 HARP refinances may roughly double or more from their current amount.'"
So again, what we have here is the impression of some help taking place, the impression, the optics of the regime moving in to help people in foreclosure who are underwater on their mortgages. They don't tell us how many they're gonna help. They predicted three to four million, 800 some odd thousand have been assisted, but in truth the programs have all been failures. There are still foreclosures taking place. There are still abandoned houses. In some neighborhoods abandoned houses are being bulldozed. The federal government cannot fix this problem. Obama doesn't care if it gets fixed. All Obama wants is for you to think it's being addressed. So a new program. Well, how many homes, how many homeowners? We don't know here. Probably double, triple the current number.
"The principal change is the elimination of the 125 percent loan-to-value ceiling for refinances -- allowing all homeowners to refinance if they meet the other eligibility criteria no matter how far their home value has fallen." So basically they are going to tell anybody that no matter what your circumstance, you qualify to refinance at practically zero interest rates. And they're gonna make the participation in the program voluntary, which is why so few people are participating in the programs up to this point.
Now, this "we can't wait" business cuts two ways, folks. Obama is trying to get the aggrieved, the downtrodden, the underwater, the foreclosed upon to agree with him, just go around Congress, forget the Constitution, forget the republic, forget the democratic process, we can't wait, it's too important, we gotta do it ourselves. We can't wait, either. We can't wait to repeal Obamacare. We can't wait to repeal Dodd-Frank. We can't wait to cut spending, to balance the budget. We can't wait to end all these Democrat Party money laundering schemes. We can't wait to get all the facts on Fast and Furious.
We can't wait to get rid of Eric Holder, to reign in the EPA. We can't wait to cut taxes on job creators. We can't wait to make this radical, leftist, divisive failed president a one-termer. We can't wait to have voter ID laws in all 57 states. We can't wait for Joe Biden to make his next speech. We really look forward to that. We can't wait for Moochelle (My Belle) Obama to mind her own business when it comes to what we eat. And we really can't wait for these Occupy Wall Street protesters to bathe and get the stench of urine off of themselves.
RUSH: Jonathan in Austin, Texas. Hello, sir. Welcome to the EIB Network.
CALLER: Hi, Rush. Longtime listener.
RUSH: Thank you.
CALLER: Listen, I'm in Austin, Texas, real estate is doing great here and I'm hearing all these things coming out from the administration about all these bailouts that they're doing to these underwater homeowners, and it occurs to me, what about all of us middle-class people here that are actually paying our mortgages on time that could actually qualify for the mortgages to start with, I mean interest rates are at all-time lows and most of us that actually own a small business can't even qualify to refinance because we don't fit within the box of what the banks are --
RUSH: That's exactly right. Look, I'm not trying to be flippant or funny. That's exactly right. If you are playing by the rules, if you're making your payments and times are tough for you, no sympathy whatsoever. The people that are being rewarded by design and on purpose are those who are contributing nothing.
CALLER: Absolutely. And what you see is that, you know, the banks will tell you when you go to refinance, "I'm sorry, you're not at least 90 or 120 days late on your payments," so by definition you're already in default, your credit is --
RUSH: Exactly right, exactly right. Welcome to the new America.