by Joseph DeMaio, ©2023
(Apr. 24, 2023) — As if we needed any additional proof that the Goof at 1600 despises responsible Americans and adores irresponsible ones, look no farther than Brandon’s new rule, administered by Fannie Mae, requiring home mortgage seekers with high credit scores to be surcharged in order to subsidize persons with low credit scores.
In addition, the new rule will apparently include hundreds of thousands, if not millions, of illegal aliens who have committed felonies to enter this country…, yes, Virginia, if a once-deported alien enters the country unlawfully a second or more time(s), each subsequent one is a felony under 8 U.S.C. § 1325…., not that Alejandro Mayorkas or Attorney General Merrick Garland cares.
For those interested in burrowing through the labyrinthine prose of the rule, here is the Fannie Mae “Loan-Level Price Adjustment Matrix” (“LLPAM”) setting forth the punishment schedule for responsible applicants with higher credit scores. When David Stevens, who served as Federal Housing Administration commissioner during the Obama administration, calls it “unprecedented’ and “not the way to do it,” you know that the Uber-Goof’s fingerprints are all over it.
This proposal to pay for the irresponsible behavior of one segment of society with the fruits of the responsible behavior of another segment is nothing more than a blatant redistribution of wealth by a backdoor never authorized by Congress. It is socialism at work.
This plan – scheduled to go into effect May 1, 2023 – sets the stage for another housing bubble implosion as occurred in 2008, when the Second Usurper in Chief (“SUC”), Barack Hussein Obama, was in charge. The main difference now is that, in an effort to offset the risks of lunatic unsecured or under-secured subprime mortgages that dominated the 2008 crash, Fannie Mae will now require responsible borrowers (i.e., those with higher credit scores secured by their own “good” behavior) to subsidize those with low credit scores generated by their own irresponsible behavior.
Stated otherwise, it is madness with a new face: instead of a “clean, articulate black man” overseeing the 2008 disaster, we now have an addled, clownish, inarticulate reprobate seeking to repeat in 2023 the disasters of the 2008 crash. As the SUC is said to have noted in 2020 before Dr. Jill’s spouse closed in on the Democrat nomination: “Don’t underestimate [the clown’s] ability to *%#! things up.” Ineligible to the office as he was, Obama’s warning about the Uber-Goof was extraordinarily prescient and is playing out daily…, sometimes even hourly. The Fannie Mae proposal is only the latest thing being *%#!ed up under this administration.
Moreover, if the proposal is so good, why don’t we again consider passage of the law proposed here, a one-time tax surcharge on all persons registered as Democrats as of November 2, 2020. They presumably voted for the Uber-Goof, so it is proper to hold them responsible and accountable. The monies generated would go to partially offset all of the horrific damages wrought by the Goofball Regime since he first took office.
The surcharge was first proposed to be an amount equal to one-third of the Democrat’s 2020 gross income. However, given the magnitude of the damages thus far inflicted, plus the damages that will take place under the new Fannie Mae LLPAM proposal, that estimate must be revised to an amount equal to two-thirds of the registered Democrat’s 2020 gross income.
Lamentably, unless and until Republicans control the Congress and the White House, such a proposal has little if any chance of becoming law. And even then, cowardly RINO’s could likely torpedo it as being “too mean” to fellow Americans. Seriously? As noted here, “the time for niceties is over.” (Emphasis added) Democrats have time and again proven themselves to be incapable of and hostile to governing a free people under a constitutional republic such as ours. Vote every single one of them out of office. Period. Enough already.
As citizens, we do not create financial earthquakes in the finance markets. It is imbeciles like Joe Biden and Barack Obama and others that do.
All we want is financial stability, Government makes it volatile through “feel good” legislation that wrecks stability and confidence in anything. The Federal government works on its own to take from the producers and give to the nonproductive. That is a losing proposition.
Does everyone remember the “Savings and Loan” crisis in the 1980s and the HUD-RTC Home market? That destroyed billions in capital. It also made a lot of people rich by buying up massive foreclosures. The entire Nation became poorer.
That is what this business will do. The Federal Government started an anti-discrimination program to insure one race was not discriminated against in buying real estate through Red Lining and other means. These new anti-discrimination laws and ideals were pounded into us prospective agents through education incorporated into our basic training. I went through this in California where I was Licensed for 4 years and in Texas where I was Licensed as well. Now we are seeing a reversal in attitudes discriminating against those that play by the rules and those that do not. The Federal Government stealing from the common man to give to and reward the less productive and lawless is a non-starter. The Federal Government has no business in the Real Estate Business because they use it as a political tool as they do with the EPA, IRS, NLRB, BLM, FEMA, DOE, and other unnecessary agencies.
Dear Joseph,
I have studied the subject extensively and can only come to one conclusion: this is one of the stupidest ideas to ever come down the pike.
It’s the same mental process as “moving the goal posts”, “Affirmative Action”, and “free” tuition. It doesn’t make any sense because it’s not suppose to make any. Fact is, “Let’s Go Brandon” is the “Dunce of the Ages” while Obama is behind the curtain as the “Usurper of Oz”.
Good editorial.
Professor ‘Trash the masks’ Zorkophsky
I personally do not let Obama off the hook at all for this idea and rule. As the “SUC”, Obama was too protective of his public nose in the air persona and major media image, and tried to hide his real anti-American culture, destructive, hard-core Marxist socialist true self. All the while he occasionally would scratch his temple with his middle finger to us all. He would have pushed a lot more of his socialist rules and policies if not for that vanity part of his character. He was satisfied with Obama-Care and a few other things as his legacy socialist accomplishment while he was the front man in the lime light.
But now hiding in the dark behind the curtain and pulling the strings of his puppet, in classic Alinsky trained style of “leading from behind” as a community organizer, Obama is now the “national community organizer in chief”, and leading from behind all of kinds of destructive rules and policies such as the totally open southern border (the Cloward-Piven Strategy on steroids, i.e., totally overload the system and sub-systems and collapse them) and the CRT crap from his walled home and compound in Washington DC near the White House.
From his war room there where the planning is done to destroy the USA he, Michelle, and Valerie Jarrett have a hot line phone directly to Susan Rice in the White House. And Obama’s evil plans and orders go directly from her to Biden’s and/or Jill’s ear and the other Obama controlled people in the White House and Executive Branch, as part of the latest destructive order(s) from the implementer of his “Dreams From My Father”, who wished to bring down the USA’s power and prestige and fundamentally change America to a socialist form of government. Read or re-read that book if you wish to see what Obama has planned for America’s future, i.e., to make it a second rate world power, especially our military power.
And of course, Biden gets the blame and the “national community organizer in chief” (NCOC) Obama smiles like the Cheshire Cat in Alice in Wonderland to all his adoring Socialist, Communist, and Muslim backers and financial backers (George Soros) and media enablers, here and abroad. So no, I do not absolve Obama of not being a part of this destructive rule and idea. Biden is a simple dementia ridden puppet at this point and is following Obama’s orders. Obama is still in power in his 3rd term as the NCOC.
In 2008, the President was George W. Bush.
From the author:
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Mr. Bergiglio is correct… mea culpa. But in further explanation, the housing bubble crash and its effects extended well beyond the Bush years, impacting the Obama years as well. The point to be made was that Mr. Obama’s head of the Federal Housing Administration, David Stevens, is not exactly enthralled with the wisdom of proceeding with the LLPAM proposal, calling it “unprecedented” and “not the way to do it.” Recalling what Obama is noted as saying about the Goof, if it is “not the way to do it,” it will likely have more instead of less appeal to him.