5/8 Morning Report

Democrats are at it again. In another move to strengthen the hold of government over people, the Democrats are proposing a way for the Federal government to ultimately own property—personal property—and control the rights to it. Don’t believe me? Then check out their latest idea for bailing out the home mortgage market.

The centerpiece of their plan is a bill by Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, to have the Federal Housing Administration relax its standards and back up to $300 billion in more affordable, fixed-rate loans for borrowers currently too financially strapped to qualify.

Instead of bailing out the home owners, they are proposing another way to bail out the banks, without making it look like it. And, according to estimates, this nearly $3 billion bailout will only help 500,000 home owners. The hidden translation, though, is that if anyone defaults again the Federal Government owns the homes, because they financed them to pay off the banks.

(…isn’t that a comforting thought…bailing out the banks…letting the investors off the hook…and getting control of housing…yep…sounds absolutely like the Democrat agenda to leave government in charge…)