Right Wing Dog

The FIGHT for The RIGHT!

Barney Frank, Bailout King, Maybe Following Rangel and Waters to the Hot Seat Over His Questionable and Apparently Illegal Deeds as a Member of The House. My Opinion: It Couldn’t Happen To A More Deserving Individual!

Barney Frank is out of control. He believes the laws do not apply to him or his friends in Washington. The arrogance is breathtaking – funneling taxpayer money to friends, using political power for financial gain, and conspiring to cover up ethics violations… “Watersgate” has all the hallmarks of a John Grisham political thriller. Unfortunately, this is business-as-usual for Barney Frank and many of his colleagues in Washington.

A recent controversy erupted when a Congressional ethics panel suggested that one of Rep. Frank’s Washington colleagues, Rep. Maxine Waters, committed ethics violations by attempting to use her political influence to funnel taxpayer-funded bailout money to wealthy campaign donors.

After recognizing this constituted an ethics violation, Barney Frank stepped in and told her that he would personally handle the issue. He has publicly admitted that he directed more than $12 million to businesses owned by Rep. Waters’ rich friends and campaign donors.

Bailout Barney has admitted that he didn’t look at OneUnited Bank’s operations, which include poor business practices and excessive executive pay and perks – including the CEO’s company owned Porsche, and knew that funneling the money himself allowed Rep. Waters to avert ethics violations. But he still needs to explain why he advocated bailing out this bank with $12 million in taxpayer funding!

You and I know Barney Frank will never admit to any wrong-doing, so it’s time to show him how fed up we are with his use of political power at taxpayers’ expense. This fall we have the best opportunity in nearly thirty years to defeat Bailout Barney at the ballot box,

RWD

August 6, 2010 Posted by | 2008 Election, 2010 elections, 2012 Elections, 9/11, America, Blogroll, Congress, corruption, Democrat, Healthcare, House, Joe Biden, LGBT, Liberal Democrat, Main Stream Media, Michelle Obama, NOBAMA, Obama, pelosi, Political, POLITICS, Socialist, stimulus package, Unconstitutional, unions | , , , , , , , , | Leave a comment

Obama’s Congress is Giving Easy Money to Un-Qualified Home Buyers Thru The FHA as It Did With Fannie and Freddie. Barney Frank in The Drivers Seat!

Easy-money mortgages is still provided, by the feds

Is the ghost of Ted Kennedy driving this?

Easy-money mortgages with little or no down payment for buyers/pigs with bad credit/no credit was a thing of the past? The money trough is open.

You can get the money today, guaranteed by the federal government.

Barney Frank and Chris Dodd at work:

Loans insured by the (FHA) have become “the new subprime,” and these loans are exposing taxpayers to the same kinds of soaring default rates and losses that brought down Fannie Mae and Freddie Mac as well as destroyed many banks and the private market for mortgage loans. Frank and Dodd don’t care as long as the shlubs that borrow this money vote for them and their party!

While private lenders learned a lesson from the mortgage crisis and are shying away from easy-money loans, the FHA has stepped in. The agency is backing for 37 percent of all mortgages used to buy homes this year.

After the collapse of the private mortgage market last year, Congress and the George W. Bush administration greatly expanded the FHA’s original Depression-era program aimed at assisting sales of modestly priced homes by more than doubling the ceiling on loans that the agency can insure to $625,500 while maintaining its loose lending terms – ensuring that nearly any home sale could be covered by the agency.

The FHA’s predominance was enhanced further this year when Barack Hussein Obama’s Congress lifted the ceiling to more than $729,000 for major urban areas and passed an $8,000 tax credit for first-time homebuyers that can be accelerated for borrowers to use as a down payment on FHA loans and avoid any cash commitment to their home purchases. No money down on big money homes means forclosure in a year or two and a HUGE loss to the American Taxpayer!

While these changes were intended to be temporary and expire by the end of the year, given the fragility of the housing and mortgage markets, Congress is considered likely to extend them this fall. Of course they will, 2010 is an election year.

Use of the same bad credit practices that were at the root of the housing crisis, likely feeding further waves of default and foreclosure. But this time it is the taxpayer – not the banks – who could end up holding the bag.

The surging default rates of more than 30 percent on loans insured since 2006 by the FHA. That is not far below the 40 percent rate of default and foreclosure on the notorious subprime loans that ignited the credit crisis.
FHA’s portfolio is exploding and the taxpayer is now on the hook for 100 percent of the losses,”

FHA’s growing default problems are the results are the same – unsustainable/bad loans perpetuate the nightmare of foreclosures.”

It is estimated that 20 percent of the FHA’s entire portfolio of $725 billion mortgages will end up in foreclosure – and FHA agrees . It is predicts that the FHA will require a taxpayer bailout within two to three years. Yet, they continue to push the bad money out the door as the behest of Barack Hussein Obama and his minions in Congress like Barney Frank and Chris Dodd.

One reason defaults are soaring is they are lending to homebuyers who haven’t saved enough to make down payments. Loans with little or no down payment (no owner investment) have high rates of loss is because the borrower has little or no financial stake in losing their homes to foreclosure.

The FHA requires a minimal 3.5 percent down payment – far below the 20 percent now required by private lenders.

Many borrowers have been able to avoid that minimal level of l investment in their homes. Obama’s administration is enabling these buyers to put up no cash at all allowing them to get advanced payments of the $8,000 homebuyers tax credit through arrangements with nonprofit housing groups and state housing agencies. The tax credit can be used the same way to pay closing costs.

Beyond the loosened standards on down payments, the FHA remains willing to make loans to people with low credit ratings, even those with histories of default, foreclosure or bankruptcy. Those with histories of default are far more likely to default again.

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The FHA has a program that will help people who missed two or three payments under such duress by using the insurance fund to make those payments for them and then recouping the money when the property is sold – a provision that has been used in about 400,000 cases so far and could help to bring down the foreclosure rates on loans that go into default as a result of the recession. In other words, don’t even pay your mortgage, Obama’s boys will pay it for you! This is deceptive and covering up bad loans.

The agency also is considering tightening standards for borrowers who pose multiple risks, such as those with histories of default. Sure they will, after the FHA is in such trouble that Obama will have to once against use OUR money to bail them out!

Responsible lending would spoil the housing recoverybecause the FHA has effectively replaced subprime lenders who went bust. They’re under pressure by Barack Hussein Obama to prop up housing prices, and are insuring heaps of risky loans.

The FHA’s backers in Congress, led by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat Congressman, maintain that high default rates are the price of Congress’ decision to use the FHA to prevent a complete collapse of the housing and mortgage markets in a time of extreme distress. What does he care, not at all just as he didn’t care when Fannie and Freddie went broke!

By keeping affordable loans flowing, particularly to the growing ranks of first-time homebuyers, the FHA has been critical to our nation’s economic and housing market recovery.

But even some liberal housing advocates say the FHA’s spectacular expansion is worrisome.

Given the huge ramp up in its lending in a very short period of time, it seems unlikely that the FHA has been able to adequately scrutinize the loans that it is buying.

While any bailout of FHA likely would be small the crippling of the FHA as a lender would be another blow to the housing market and would be a serious political blow to efforts to ensure access to mortgages for moderate-income families.

RWD

October 19, 2009 Posted by | 2010 elections, 2012 Elections, Blogroll, Congress, corruption, Democrat, economy, House, Liberal Democrat, NOBAMA, Obama, Political, POLITICS, President, Senator, Socialist, stimulus package | , , , , , , , , , , , , | 4 Comments

Pravda Explains – Barack Hussein Obama is Leading the USA to Marxism!

“American capitalism gone with a whimper
27.04.2009
Source: Pravda.Ru

URL: http://english.pravda.ru/opinion/columnists/107459-american_capitalism-0
It must be said, that like the breaking of a great dam, the American decent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.

True, the situation has been well prepared on and off for the past century, especially the past twenty years. The initial testing grounds was conducted upon our Holy Russia and a bloody test it was. But we Russians would not just roll over and give up our freedoms and our souls, no matter how much money Wall Street poured into the fists of the Marxists.

Those lessons were taken and used to properly prepare the American populace for the surrender of their freedoms and souls, to the whims of their elites and betters.
First, the population was dumbed down through a politicized and substandard education system based on pop culture, rather then the classics. Americans know more about their favorite TV dramas then the drama in DC that directly affects their lives. They care more for their “right” to choke down a McDonalds burger or a BurgerKing burger than for their constitutional rights.

Then they turn around and lecture us about our rights and about our “democracy”. Pride blind the foolish.

Then their faith in God was destroyed, until their churches, all tens of thousands of different “branches and denominations” were for the most part little more then Sunday circuses and their televangelists and top protestant mega preachers were more then happy to sell out their souls and flocks to be on the “winning” side of one pseudo Marxist politician or another. Their flocks may complain, but when explained that they would be on the “winning” side, their flocks were ever so quick to reject Christ in hopes for earthly power. Even our Holy Orthodox churches are scandalously liberalized in America.

The final collapse has come with the election of Barack Obama. His speed in the past three months has been truly impressive. His spending and money printing has been a record setting, not just in America’s short history but in the world. If this keeps up for more then another year, and there is no sign that it will not, America at best will resemble the Wiemar Republic and at worst Zimbabwe.

These past two weeks have been the most breath taking of all. First came the announcement of a planned redesign of the American Byzantine tax system, by the very thieves who used it to bankroll their thefts, loses and swindles of hundreds of billions of dollars. These make our Russian oligarchs look little more then ordinary street thugs, in comparison. Yes, the Americans have beat our own thieves in the shear volumes. Should we congratulate them?

These men, of course, are not an elected panel but made up of appointees picked from the very financial oligarchs and their henchmen who are now gorging themselves on trillions of American dollars, in one bailout after another. They are also usurping the rights, duties and powers of the American congress (parliament). Again, congress has put up little more then a whimper to their masters.

Then came Barack Obama’s command that GM’s (General Motor) president step down from leadership of his company. That is correct, dear reader, in the land of “pure” free markets, the American president now has the power, the self given power, to fire CEOs and we can assume other employees of private companies, at will. Come hither, go dither, the centurion commands his minions.

So it should be no surprise, that the American president has followed this up with a “bold” move of declaring that he and another group of unelected, chosen stooges will now redesign the entire automotive industry and will even be the guarantee of automobile policies. I am sure that if given the chance, they would happily try and redesign it for the whole of the world, too. Prime Minister Putin, less then two months ago, warned Obama and UK’s Blair, not to follow the path to Marxism, it only leads to disaster. Apparently, even though we suffered 70 years of this Western sponsored horror show, we know nothing, as foolish, drunken Russians, so let our “wise” Anglo-Saxon fools find out the folly of their own pride.

Again, the American public has taken this with barely a whimper…but a “freeman” whimper.
So, should it be any surprise to discover that the Democratically controlled Congress of America is working on passing a new regulation that would give the American Treasury department the power to set “fair” maximum salaries, evaluate performance and control how private companies give out pay raises and bonuses? Senator Barney Franks, a social pervert basking in his homosexuality (of course, amongst the modern, enlightened American societal norm, as well as that of the general West, homosexuality is not only not a looked down upon life choice, but is often praised as a virtue) and his Marxist enlightenment, has led this effort. He stresses that this only affects companies that receive government monies, but it is retroactive and taken to a logical extreme, this would include any company or industry that has ever received a tax break or incentive.
The Russian owners of American companies and industries should look thoughtfully at this and the option of closing their facilities down and fleeing the land of the Red as fast as possible. In other words, divest while there is still value left.

The proud American will go down into his slavery with out a fight, beating his chest and proclaiming to the world, how free he really is. The world will only snicker.

Wakeup America! It will soon be too damn late! — WatchDog”

I copied this article word for word from the following blog:

http://mindlessandspineless.blogspot.com/2009/05/pravda-warning-about-quick-descent-into.html

As I thought the article has correctly layed out the direction Barack Hussein Obama is taking this country. Y’all may recognize the “mindless and spinless” or WatchDog name as I have used (borrowed some of his material in the past and WatchDog often comments on my postings. Visit “mindless and spineless” and take in WatchDog’s offerings.

RWD

June 1, 2009 Posted by | Blogroll, corruption, Democrat, economy, election, Liberal Blog, Liberal Democrat, NOBAMA, Obama, Political, POLITICS, Socialist | , , , , , | 4 Comments