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POPS Saving America From Obama of the US Communist Party, unrepentant former Weather Underground terrorists, and a minister who preaches anti-Americanism. The head of the Black Muslim movement, Louis Farrakhan, recently declared him to be the “messiah.” We have learned too of his association with the Association of Organizations for Reform Now (ACORN) initially as a “community organizer”, but ACORN is now revealed to have profited greatly from the Democrat programs that required banks and mortgage firms to make loans to the poor. It has led to the present financial crisis. ACORN is being investigated for massive voter registration abuses. Obama was closely associated with Antoine “Tony” Rezko, a convicted Chicago real estate developer who was a major political contributor. One would think that what we already know about Obama would be sufficient to dismiss him as a serious candidate for the presidency of the United States, but I am just as concerned about what we don’t know.
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POPSIs Something Big About to Happen (ACORN Obama and more!) (5) One favor political Chicago claims Obama did for the Giannoulias family was in 2006 when, out of the blue, 29 year old Alexi Giannoulias, with no experience, and without ever having voted before, decides to run for State Treasurer of Illinois. Also out of the blue, Barack Obama endorses Alexi Giannoulias for State Treasurer. This was a SHOCK to everyone in Chicago — and Giannoulias would have never become State Treasurer without Obama’s help. In political circles here, it has always been believed that this endorsement was bought years ago with that sweetheart mortgage deal Broadway Bank arranged for Obama to buy his town house. (6) So, the Tony Rezko sweetheart deal was not the first magic home loan Obama ever received to buy a house he could not afford. Somethings Up!: Updated 10/12/08 http://www.theabsurdreport.com/2008/somethings-up/
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POPSHUD Admits Unqualified Borrowers Would Increase Risk Of Defaults Watch this video. Send the link to friends. We are on the verge of rewarding the party and the man who laid the groundwork for this fiasco with control of the government. Yes, Wall Street was greedy, but the Democratic Party and people like Barack Obama, Barney Frank, Chris Dodd, Greg Meeks, Franklin Raines and so many more plowed the field so that greed could grow. Remember that on election day. Get angry. :mad: LINKS: More from AJ Strata, who notes Obama saying that the point was to spread the risk not just across America, but the globe. That turned out real good, didn't it?
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POPSSherriff Stops Evictions in Home Foreclosures
Although this may almost sound like "non-news," to some, it is incredibly dramatic, not so dramatic as parts of the French Army joining the rebels in the French Revolution nor so dramatid as the Russian Army joining the revolutionaries against the Czar during WWI --- but it is an "officer of the law," saying he's not going to obey the law to evict people from their homes -- during this economic crisis where now home foreclosures have tripled from just two years ago. The rather dramatic headline, though, is misleading (even though I like dramatic headlines like this myself.) In fact, while the sheriff's actions are not so dramatic (in a way)...but his real actions are far more clever: He is Slowing Down Evictions. This way, #1, he won't get fired. #2 his extra demands for documentation and total paperwork requirements could give folks at least a half-a-year before police would actually show up at their door. Smart. And protects true innocents: renters of homes being forclos
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POPSL.A. Times Cuts Out McCain’s Remarks About Economy Then Quotes Barack Obama Saying McCain is Scared to Talk About the Economy "Our current economic crisis is a good case in point. What was his actual record in the years before the great economic crisis of our lifetimes?" At which point McCain launched into the amazing speech quoted by Ed Morrissey at Hot Air, during which he laid out the case, at great length, for the Democrats’ responsibility for the mortgage crisis. Does the L.A. Times report one word of that? No. Instead, they cut the quote of McCain’s speech short there, right before he talks about the economy, and proceed to quote Obama as claiming that McCain is scared to talk about the economy: Speaking with reporters in Asheville, N.C., where he is studying for Tuesday’s debate, which is to focus on the economy and domestic issues, Obama pointed to recent reports that the McCain camp wanted to get away from economic issues, a topic that polls show benefits the Democrats.
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POPSFollow The Money $625,000. Other People's Money. Senator Obama and his wife, Michelle, purchased a $1.65 million Georgian revival mansion in Chicago, where they now reside. While wealthy Syrian-born Chicago slumlord Tony Rezko was already known to be under federal investigation, the senator approached Mr. Rezko about purchasing the two adjoining properties, then toured the home with Mr. Rezko (now a convicted felon on those charges). Soon after Senator Obama bought the mansion for $300,000 less than the asking price. On the same day, Mr. Rezko's wife purchased the adjoining vacant lot for the full asking price of $625,000. $75,000. Other People's Money. Senator Obama served as a paid director to a "progressive" Chicago-area non-profit organization, the Woods Fund, from 1999 until almost 2003. William C. Ayers -- who, despite the senator's protestations to the contrary, is a long-time friend and political ally
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POPSBigPicture=Acorn+Fannie+SubPrimeGoneMad 1993,Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market. "We have to use every means at our disposal to end discrimination and to end it as quickly as possible," Clinton's comptroller of the currency, Eugene Ludwig, told the Senate Banking Committee in 1993. Wall Street eagerly sold the new mortgage-backed securities. Not only were they pooled investments, mixing good and bad, but they were backed with the implicit guarantee of government.
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POPSObama Pro Quo Senate Budget Committee Chairman Kent Conrad, D-N.D., who also chairs a subcommittee that oversees taxation and IRS oversight, had to donate $10,700 in loan savings from Countrywide when his deal came to light. Obama's veep vetter James Johnson quit after his Countrywide arrangement became known. Yet another Democrat's sweetheart mortgage deal is exposed — and this time it's the party's standard bearer. What could Sen. Barack Obama do for a lender in exchange for more than $100,000? Plenty. If Obama is animated by high ideals for the future, why are we finding so many lowdown deals in his past?
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POPSHundreds Swept Up In Mortgage Fraud Arrests In separate arrests, two former Bear Stearns managers in New York were indicted Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market. Mortgage foreclosure rescue scams, which promise to help struggling homeowners stave off foreclosure and keep their homes, also have become a major problem, officials said. Typically, unsuspecting owners sign over their homes and then find they are victims of fraud. Officials declined to say who might be the next corporate target, but Mueller said the investigations focus on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Under review for potential fraud are: investment banks, hedge funds, credit rating agencies, brokerage houses and due diligence firms - which evaluate loans packaged into investments.
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POPSMortgage Market Tightens Now more than ever it is important to have a strong credit history. As the credit markets continue to tighten banks and other lenders are more skittish about lending money to people with even moderately damaged credit scores. As this clip from the Chicago Tribune points out, a primary reason for home sales falling through it that the buyers could not secure the appropriate loan.
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POPSUh Oh, What's Happening with the Banks? Everybody always feel so smug when you get a house and really can't afford it. It's like you pulled one over on the bank. Trouble is, we're the ones hurting down the road. These times are teaching some tough lessons about being solvent and spending below our means. It's a new day, folks, wake up.
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POPSSkyrocketing foreclosures and their collateral damage To echo what many are now saying - subprime is just the beginning. Adjustable rate mortgages, no-money-down, and other loans made to folks hoping to "invest" in a home have left many people holding properties that are quickly losing their value - as their mortgage payments continue to grow.
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