Obama Mischaracterizes Mortgage Crises

Scott W. Graves — Thu, 19 Feb 2009 05:31:50 +0000

Chip Hanlon over at Greenfaucet had the insight of the week when he found a soundbite of Obama speaking to a group in Arizona about the housing crises. For the sake of the country, I hope Obama does not actually believe his own words when he spoke earlier this week about the mortgage crises. I hope he understands the fundamentals better. I hope he and his advisers are looking at solutions that focus on the real reasons Americans find themselves in the positions they do.

Obama’s statement and Chip’s reaction seems to perfectly characterize the worldview differences between Democrats and Republicans with regard to this issue.

Excerpt:

Mortgage Whoppers from the President
By Chip Hanlon
Created 2009/02/18

Speaking in Arizona today about the details of his mortgage assistance plan, the President let loose one of the most amazing strings of whoppers you’ll ever hear. Speaking of the housing burst, he said:

It begins with a young family maybe in Mesa or Glendale or Tempe, or just as likely in a suburban area of Las Vegas or Cleveland or Miami. They save up. They search. They choose a home that feels like the perfect place to start a life. They secure a fixed-rate mortgage at a reasonable rate and they make a downpayment, and they make their mortgage payments each month. They are as responsible as anyone could ask them to be.

WAIT just a second. I feel like I’m living in bizarro world because that description has nothing to do with this particular housing crisis.

They saved? They made a down payment? They acted responsibly? In far too many cases we knoow that none of these statements was true.

Banks have been blamed, as have mortgage lenders, and rightly so. But borrowers get a pass–they were all just innocent dupes, apparently!

Read the whole post here.

H/T: Michelle Malkin

Scott W. Graves » mortgage crise

Obama Mischaracterizes Mortgage Crises