Socialized housing coming to a neighborhood near you. - Image: http://conservativebyte.com/2011/08/obama-considers-becoming-national-landlord/
Over the past three years the Obama administration has been secretly planning the largest redistribution of wealth in history. When President Obama took office, mortgage giants Fannie Mae and Freddie Mac held a staggering $6.1 trillion in subprime mortgages.
If you’ll remember just prior to the 2008 election, President Bush signed the $300 billion Toxic Asset Relief Program better known as TARP. Two of the largest beneficiaries of this were the mortgage companies Fannie Mae and Freddie Mac. The two companies received a combined $169 billion in taxpayer funds.
Upon taking office, the Obama administration gave instructions to the two paper tigers to begin buying up foreclosed homes. Then in May of 2010 the administration quietly gave Fannie Mae an additional $8.5 billion infusion of taxpayer money so they could continue buying up foreclosures. Again no one in the media put two-and-two together, but I predicted at the time, that the Obama administration was planning to turn these assets into government housing.
Then earlier this month, the company asked for another $5.1 billion to continue buying up toxic assets. And once again no one put the pieces together.
One week later the Obama administration quietly announced that it was planning to turn the estimated 250,000 foreclosed homes that have been purchased by Fannie Mae and Freddie Mac into Government Rental Housing. Yet again no one in the media sees the big picture.
Couple the administration’s purchase of $182 billion in homes with more than $6.1 trillion in toxic assets it also holds and you have the potential for the Federal Government to become the owner of nearly half the homes in America, making it the world’s largest landlord.
There’s nothing to stop the Obama administration from using the Making Home Affordable Plan to allow people to exit their mortgages, with $3,000 in hand, then have Fannie Mae or Freddie Mac purchase the home and rent it back to them for pennies on the dollar. Remember that we’re talking about more than $6 trillion in subprime mortgages which accounts for about 45-percent of America’s outstanding mortgage debt.
Just this week, the administration outlined plans to implement an $85 billion “instant stimulus” to nationalize Fannie and Freddie once and for all. Even the ultra-liberal website Mother Jones thinks the president’s plan is foolish and “weird”. Kevin Drum who penned the article thinks the president’s plan is bad because it will cause the taxpayers to loose even more money than they already have on the two failed mortgage giants.
Think about it, in one fell swoop, President Obama could effectively nationalize the housing industry. The potential repercussions are too many to name here, however, this would effectively lay waste to the fourth-amendment which protects your home from illegal search and seizure. If you don’t own your home, why would you be afforded this protection?
Neighborhoods that were once safe would be subjected to gang violence, drugs, and other criminal elements. Property values for those that still own homes could be destroyed because deed restrictions aren’t maintained. You can be assured the renter, who has no stake in the home, isn’t going to take care of it. Look at what most housing projects look like. Oh, but the government will maintain the houses you say. The government can’t even keep the potholes in the streets maintained much less cut the grass at millions of homes around the country. Good luck getting that air conditioner fixed in the middle of summer or the heater repaired in the winter.
Don’t think it can happen? Essentially it already has. To top it off, the administration has already purchased two car companies, several banks, and nationalized even more of our healthcare system. Wake up America, your country is on the verge of being a full-blown socialist country.
Call your representatives today to stop this unprecedented theft of American wealth.
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