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

Diversity Visa Lottery – a sure way to bring Terrorists into our midst

I first wrote a post back in 2010 about this absurd Diversity Visa program that allows thousands to come to the United States from terror ridden countries.  All in the name of political correctness that puts us all at risk. So our very lives now depend on the luck of the draw? If we are very lucky the ultimate power ball winners will not be terrorists who will come here to kill us. At the least, another drain on our society. Those will come who have no skills, health problems that we will have to take care of, a religion that has no respect to our Judeo-Christian heritage. Now? We have the concern of Ebola.

National Review:

The Diversity Visa (DV) program, to take just one glaring example of government insanity, is still going.

On October 1, the State Department opened the annual DV random lottery to applicants from around the world. Yes, it’s completely random, like a Powerball drawing. Up to 55,000 lucky winners will snag permanent residency visas (green cards), which put them on the path to American citizenship ahead of millions of other foreigners patiently waiting to come to this country.

The Diversity Visa lottery program is a public-health hazard and a national-security risk that leaves our safety to random chance. But pleas to curtail or end the program since the 9/11 attacks have fallen on deaf ears.

But if you come from a terror-sponsoring or terror-friendly nation — such as Iran, Syria, Sudan, North Korea, or more than a dozen officially designated terror enablers on the State Department’s list — no worries. Thousands from these breeding grounds for jihad will walk through our front doors.

You know who else will get in? Untold numbers of “diversity” petitioners from Liberia, Sierra Leone, and other West African countries where the Ebola virus is epidemic. If you think the feds will ensure that foreign visa-seekers with communicable diseases stay out, think again. The State Department now allows applicants with HIV to apply and enter. Those who suffer from tuberculosis, leprosy, or other afflictions “of public health significance” can apply for waivers.

Unfortunately, there is no antidote for our government’s blind and deadly diversity worship. Political correctness is a plague on us all.

Keep reading…

January 5, 2010

State Department Using ‘Diversity Visas’ to Encourage Immigration to U.S. from Terror-Ridden Yemen

The State Department has awarded 1,011 special “diversity visas” allowing Yemeni nationals to immigrate to the United States since 2000, the year 17 U.S. sailors were killed when the USS Cole was attacked by terrorists in the Yemeni port of Aden.

The “diversity visas” are designed to encourage immigration from countries that do not otherwise send significant numbers of immigrants to the United States.

Loonie 9th Circuit Court to release rapist- not enough Black Jurors

No other reason given by Court..DNA positive…and yet…. let him rape and plunder again. If that is not enough on this topic– Obama wants to add an even more wackier 38 year old who has never been a judge to this very court-  Read here: Goodwin Liu coming your way

9th Circuit To Release Rapist?

The Sacramento Bee reports that the looniest court in the land, the 9th Circuit, has overturned the conviction of a rapist. It’s not that anyone thinks that the man isn’t guilty of the rape and robbery of a 72 year old woman, it’s just that the court believes that there weren’t enough black jurors in his case:

Steven Frank Jackson was found guilty by a Superior Court jury of breaking into a 72-year-old white woman’s apartment and repeatedly raping her and sexually assaulting her in a number of ways.

Saliva found on her breast yielded a positive match of Jackson’s DNA, and the victim identified Jackson at the trial as her attacker in the early hours of April 29, 2002.

The jury pronounced him guilty of a multitude of sexual crimes and one count of burglary, and on Sept. 30, 2004, at age 39, Jackson was sentenced to a “three-strikes” prison term of 310 years to life. The verdict and sentence were affirmed by a state appellate court and the federal district court in Sacramento. The California Supreme Court declined review.

But both were overturned last week by a three-judge panel of the 9th U.S. Circuit Court of Appeals…Absent a retrial, he will go free.

In a 2 1/2-page memorandum the three judges state that the reasons the prosecutor gave for his peremptory challenges excusing the two prospective African American jurors “were not sufficient to counter the evidence of purposeful discrimination.”

The 9th Circuit judges note with some indignation that “two out of three prospective African American jurors were stricken,” and then declare that “the record reflected different treatment of comparably situated jurors.”…

“The decision took us completely by surprise,” said Sacramento County Chief Deputy District Attorney Cindy Besemer. She said Deputy District Attorney Scott Triplett had “excused two jurors for reasons other than race. The 9th Circuit’s order doesn’t cite any evidence which conflicts with the findings made by (two) lower courts.”

Read More Here Creative Minority Report

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