Obama slashes mortgage insurance premiums for subprime borrowers

With just ten days to go, Obama adds a little time bomb into the housing market. It’s as if we have learned nothing about the housing bubble and subprime borrowers. In case anyone may have forgotten what this election was about and why we may have dodged a bullet, I give you this story.

subprimeWhat do you do when a quick rise in mortgage rates suddenly threatens to tame home buying demand from subprime borrowers who, despite the lessons from the past, are still purchasing homes, en masse, with only 3.5% down payments and just enough monthly cash flow to cover mortgage payments?  Well, if you’re the Obama administration then you simply socialize the problem and force those higher mortgage costs on taxpayers.  Anything less would just be a hateful attempt to deny minority and low-income citizens their “right” to home ownership.

And while the Obama administration isn’t directly passing out tax dollars to subprime borrowers to make their monthly mortgage payments, its recent decision to lower the FHA’s annual mortgage insurance premiums by 0.25% is essentially the same thing since tax payers are still on the hook for the same risk but receiving lower premiums in return.  Per Bloomberg:

The FHA doesn’t make mortgages. It sells insurance, paid by borrowers, on loans protecting investors in case of default. The program allows borrowers to get a mortgage with a down payment of as little as 3.5 percent and a credit score of as low as 580, on a scale of 300 to 850. That makes it one of the most forgiving mortgage programs and popular among first-time home buyers.

Some in the real-estate industry have been calling for another fee cut and heralded Monday’s move.

“Dropping mortgage insurance premiums today will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA,” William Brown, president of the National Association of Realtors, said in a statement.

The FHA last cut premiums two years ago. That cut, which came as rates dropped and lowered the annual fee for most borrowers to 0.85 percent from 1.35 percent, led to a wave of refinances.

More at Zero Hedge

EPA Chief: ‘Hicks in flyover country too stupid that we were doing them a favor killing their jobs

Well, the title is not exactly correct, but we bible thumping, gun clingers get it.

mccarthy2Obama’s EPA Chief Says Biggest Regret Is Not Connecting With Rural Voters

Actually we probably owe the EPA our Trump win in good measure to her. Giving us the rural coal miner vote in Ohio and Pennsylvania probably tipped the vote Red. But their arrogance lingers leaving that bad taste.

As Zip says over at Weasel Zippers

“The hicks in flyover country were too stupid to understand that we were doing them a favor by killing their jobs”.

Not being able to sell rural voters on the importance of switching from fossil fuels to solar and wind power is Environmental Protection Agency (EPA) administrator Gina McCarthy’s biggest regret, she said Friday.

“We tried to change the outreach and messaging in rural America in a number of ways, but … has it changed the rhetoric that people hear? It hasn’t,” McCarthy said in an interview at EPA headquarters. “We couldn’t get it, but I wish we had.”

President Barack Obama nominated McCarthy to lead the agency in 2013. Her tenure has been riddled with controversies and marred by heavy-handed regulatory maneuvers.

She implement controversial environmental regulations such as the Clean Power Plan (CPP) — which are viewed as job-killers in coal country — and told reporters earlier this year that she gave up talking to “climate deniers.”

“I don’t check out flat Earth society and I’m not talking to climate deniers,” she said in October. “That’s it. Sorry, I know I’m supposed to be for everybody, but my patience has worn thin over eight years.”

Republican lawmakers even demanded she resign after the EPA-caused Gold King Mine spill in 2015, a disaster that dumped nearly 3 million gallons of toxic mine wastewater ran into a Colorado river, contaminating the drinking water for thousands of people.

McCarthy’s hard-nosed regulatory scheme eventually paved the way for then-presidential nominee Donald Trump to successfully campaign in coal states like Kentucky, West Virginia, Ohio, and Pennsylvania. Trump campaigned throughout the election season on resuscitating the beleaguered coal industry.

More at Daily Caller

School battle: Mascot team name ‘Stallions’ too sexist

 EBL brings us this story:

New Sport Team Mascot Battle: The name ‘Stallions’ is too sexist…

 Daily Gator, Weasel Zippers and Breitbart noted this story: apparently the name Stallions is too sexist for a sport team mascot name…in Kentucky.  Last time I checked they had a lot of stallions in Kentucky.
A school district in Kentucky has canceled the school’s “Stallions” mascot after a petition from the community argued that the mascot was “inappropriate and sexist.”

Caulk declared that the students of Frederick Douglass High School will have the opportunity to choose their mascot from a slate of horse-themed options:

“Moving forward, we will keep the Keeneland green and orange colors and horse image in the school logo to pay homage to Lexington’s rich history in the horse industry, but we will allow the incoming students of Frederick Douglass High School to choose their mascot,” Superintendent Caulk said in a statement late Tuesday. “We’ve already received suggestions of Thoroughbreds or Racers as possible alternatives to Stallions and we will solicit additional ideas from our students before they choose a horse-themed mascot grounded in the land’s equestrian heritage.”

While the decision reeks of sexism, the word stallion itself is not sexist at all. Rather, I think they mean the name Stallions is too male.

Then there is always the cow.

 
Hannah Simpson, of Southland, New Zealand, rides a 7-year-old dairy cow most days. It started when her parents said she wasn’t allowed to have a horse, the then-11-year-old got creative. Now she and Lilac race across fields and master jumps, as documented on Simpson’s Instagram page. Simpson, who works at a dairy farm, says she’s tried to ride other cows but has only had one other that could jump. While Simpson admits she was a particularly adventurous kid when she started, she wouldn’t necessarily advise other people to try riding cows.

Sunday Respite ‘Let It Go’

For those of you who are experiencing what Winter has to offer, this may not warm you up. But the visuals are super. Have a wonderful day.

Let It Go (Disney’s “Frozen”) Vivaldi’s Winter – The Piano Guys

Food Stamp recipients can order from Amazon, other online retailers

Here we go, another blast from Obama as he heads out the door. The already bloated corrupt Food-Stamp plan moves on to even more absurdity. I’ll throw in a flash back post to show how hard Obama has worked to bankrupt the USA.

Food-stamp recipients can use their taxpayer-funded benefit to order online from retailers like Amazon under a new Obama administration initiative that aims to facilitate the shopping experience for rural and urban residents. It marks the latest of many costly experiments by the administration to expand the fraud-infested program, which has seen a record-high number of beneficiaries under President Obama. To eliminate the welfare stigma, the administration renamed food stamps Supplemental Nutrition Assistance Program (SNAP) and the rolls swelled to an astounding 46.5 million in 2016. This cost American taxpayers and eye-popping $70 billion, according to government figures.

food-stamps-2It’s the last thing that an out-of-control government program, long plagued with fraud corruption, needs. Under the Obama expansion SNAP has suffered a multitude of serious problems. Back in 2012 a federal investigation uncovered evidence that food-stamp recipients were using the benefit to buy drugs, weapons and other contraband from unscrupulous vendors. A year later Judicial Watch broke a story, based on testimony and other evidence provided by a whistleblower, about the U.S. government knowingly giving illegal immigrants food stamps for decades. That was followed by another disturbing scheme in which SNAP benefits were being sold online using social media such as Facebook, Twitter and ecommerce websites like Craigslist and eBay. More at Judicial Watch

FLASHBACK! Recall Obama minions held dozens of meetings on food stamps with Mexico 

The Obama administration met with Mexican officials and held other events to discuss enrollment in food stamps and similar programs roughly 30 times since President Obama took office, Agriculture Secretary Tom Vilsack revealed in a recent letter to Congress.

The initiative is one of several the agency has “to promote awareness of nutrition assistance among those who need benefits and meet all program requirements under current law,” Vilsack told Sessions in the 24-page letter, dated Sept. 12.

They were among 151 documented meetings and events held since 2004, when the United States and Mexico first started partnering on food-stamp awareness. That partnership, though, has raised alarm with Sen. Jeff Sessions, R-Ala., who is concerned the collaboration amounts to a vehicle for the USDA to pressure people onto the food-stamp rolls — in this case, noncitizen immigrants from Mexico.

Columbia University students support female genital mutilation

We discover how misinformed the Liberal bulwark of our elitist institutions are.The next generation of Progressives being groomed at our colleges are clueless or are willing to sacrifice the individual sexual pleasure of women on the altar of political correctness. They have no idea that this is a Muslim practice? Apparently not. They think Planned Parenthood should support this practice as well. Add this fact that the American Academy of Pediatrics supported a version of this practice by Pediatricians until there was such an outcry about it.

The human rights advocacy group the American Freedom Defense Initiative (AFDI) unveiled an alarming new video, filmed at Columbia University, showing that at Columbia University, an Ivy League school and one of the nation’s foremost centers of higher learning, most students are willing to condone female genital mutilation.

Out of the 20 students who were asked about the procedure, only one student rejected the idea of the organization performing the procedure. The rest of the students expressed support for the hypothetical idea, with one going so far as to emphasize that he supported the idea regardless of the female’s age.

EQUALITY NOW CALLS ON American Academy of Pediatrics TO REVOKE ELEMENTS OF ITS 2010 POLICY STATEMENT THAT ENDORSES PEDIATRICIANS’ “NICKING” OF GIRLS’ GENITALIA

NEW YORK, May 5 /PRNewswire-USNewswire/ — International human rights organization Equality Now is stunned by a new policy statement issued by the American Academy of Pediatrics (AAP), which essentially promotes female genital mutilation (FGM) and advocates for “federal and state laws [to] enable pediatricians to reach out to families by offering a ‘ritual nick’,” such as pricking or minor incisions of girls’ clitorises. The Policy Statement “Ritual Genital Cutting of Female Minors“, issued by the AAP on April 26, 2010, is a significant set-back to the Academy’s own prior statements on the issue of FGM and is antithetical to decades of noteworthy advancement across Africa and around the world in combating this human rights violation against women and girls. PR Newswire and Big Gornment for more information.

AMERICAN ACADEMY OF PEDIATRICS WITHDRAWS
POLICY STATEMENT ON FEMALE GENITAL CUTTING

Ted Kennedy secretly asked the Soviets to be involved in the 1984 election

We have been mixed up with the Russians and elections before this latest kerfuffle. It would be great if the media would be an honest broker and discuss past actions. A couple of weeks ago I posted Bill Clinton meddled in Russian Election.

In 1996 US govt interfered in Russia’s election so blatantly it was boasted of on the cover of Time magazine. .

putin2

And let’s look at what Senator Ted Kennedy had in mind.

If these progressives want to know what actual treason looks like, they should consult liberal lion Ted Kennedy, who not only allegedly sent secret messages to the Soviets in the midst of the cold war, he also begged them to intervene in a U.S. presidential election in order to unseat President Ronald Reagan.

kennedy-brezhnev That’s no exaggeration.According to Soviet documents unearthed in the early 1990’s, Kennedy literally asked the Soviets, avowed enemies of the U.S., to intervene on behalf of the Democratic party in the 1984 elections. Kennedy’s communist communique was so secret that it was not discovered until 1991, eight years after Kennedy had initiated his Soviet gambit:

Picking his way through the Soviet archives that Boris Yeltsin had just thrown open, in 1991 Tim Sebastian, a reporter for the London Times, came across an arresting memorandum. Composed in 1983 by Victor Chebrikov, the top man at the KGB, the memorandum was addressed to Yuri Andropov, the top man in the entire USSR. The subject: Sen. Edward Kennedy.

Kennedy would make certain the networks gave Andropov air time–and that they rigged the arrangement to look like honest journalism.

You can read the full KGB memo detailing Kennedy’s secret letter and request for electoral intervention here.

More The Federalist

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