Vote for Obama, and he'll pay your mortgage!

Well, part of it anyway. That's the latest vote-buying scheme Barry's unveiling today — force banks to accept write-downs on underwater mortgages, and then refinance the balance at "historically low" interest rates.

Even the Star-Ledger can't mask the obvious quid pro quo going on here.

The Obama administration is trying to fix a stubborn drag on the economy by allowing millions of more homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth, tackling a difficult issue of vital concern in states key to President Barack Obama's re-election.

Heh, vital concern to Obama's re-election indeed. It's the whole point of the exercise. Buy votes with a new tax on the banks!

The administration proposal faces a major hurdle in Congress. The program would cost between $5 billion and $10 billion, depending on participation, and would be paid for by a fee on large banks. The administration has tried unsuccessfully before to win support for such a tax on large banks.

So first he gave the banks free money (TARP) and now he's gonna whack them good and hard because he needs votes more than he needs their campaign contributions.

The best part (for him) is he gets to paint Republicans as heartless Scrooges simply because we'll insist people honor their commitments and pay their bills.

Fortunately this nonsense has very little chance of passing the House. And maybe the GOP presidential contenders could take a moment to remind folks that their mortgages wouldn't be underwater in the first place if Obama had actually fixed the economy like he said he would. Everything he's done so far has made things worse. Everything. Don't forget that come November.

Posted at 10:07 by Chris Wysocki   [/obama_watch]   Comments | Perm Link |
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