Barack Obama: Refi pitchman
(Photoshop via Barking Moonbat EWS)
On the radio this morning, I heard one of those pie-in-the-sky ads trying to convince people to sign up for some scheme to “improve their credit” and get a New Wii!
I swear, Barack Obama is going to be appearing in one of those commercials any day now.
Today, he’s your refi pitchman:
U.S. President Barack Obama on Thursday hailed historically low interest rates, which he said could save homeowners who refinance their mortgages about $1600 a year.
“Rates are as low as they’ve been since 1971,” with the 30-year rate at 4.78%, Obama said after meeting with homeowners who have refinanced their mortgages recently. He attributed the decline in part to “extraordinary actions” taken by the Federal Reserve, and in part to actions taken by the administration.
Lower rates are prompting a flood of mortgage refinancings, which rose 88% in the past month, Obama told reporters. He estimated the average homeowner could pare hundreds of dollars a month, or an average of $1600 a year, by refinancing, and urged homeowners who haven’t refinanced to consider doing so.
“We hope that everybody takes advantage of it,” Obama added. He said between seven to nine million homeowners might qualify to refinance their mortgages at lower rates, putting more money in their pocket each month.
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Maybe he could throw in a few Sham-Wows to sweeten the deal.
Yep…
the Fed has the printing presses set at “ramming speed”.
Here comes inflation.
Has anyone else noticed that the only people that Obama isn’t trying to help are the taxpayers who have to foot the bill for the rest of his “help”??
Does anyone else remember the really bad movie “Americathon”??
And even though asked numerous questions about the Hostage taken by Pirates situation… he made no comment,
he wanted to concentrate on what was important… selling mortgages…
yup
Now the pitchmen have their own television show! No joke. When will The B.O. appear hawking his schlock gov’t bonds and funds? Or maybe he could just tell the truth and say it’s all his plan to just take us here.
Next week the POTUS will be on the road to promote the car industry.
“Come on down to Widetrack Town here in Detroit…..”
Overhead will be red, white, and blue triangular pennants spelling out HOPE AND CHANGE!
Oddly enough, that movie was a reaction to the misery of the Carter years.
The remake won’t have John Ritter as president, and the Native Americans won’t be the people going to repo the country.
Refi’s would serve two purposes:
1. the banks would see more “revenue” in the form of points, fees etc. and maybe able to show a “profit”.
2. the borrowers would have extra cash available to pay $12 for a loaf of bread.
But how?
And who is making up/paying for this so-called potential “savings” of up to $1600 a year?
Plus w/ unemployment rising and many homeowners caught up mortgages that couldn’t afford and were overvalued to begin with, how is refinancing going to help them as long as walking away and letting the government absorb the loss remains a better individual option for so many?
Seriously, if someone believes this will really work, explain it so I too may be informed.
The government benefits, because with a smaller interest payment, your deduction goes down and you end up paying more in taxes. Who wudda thunk.
BArry ‘the naive one’ Obama — For people who want to redefine stupid.
As I said…
“extraordinary actions” means pushing more money into the economy. Ramming more money through the printing presses.
Which is a way to impose another TWO tax increases on the American people via inflation;
1. you devalue whatever they currently have in investments, savings, equity in their homes, etc. Anyone who holds government bonds is also cheated, because they are paid back in cheapened money.
2. you push them into higher tax brackets as their wages are raised in order to accommodate the inevitable rising prices.
It’s time for a tax revolt.
But WAIT, if you re-fi now, within the next 20 minutes, because we can’t do this all day…I will have even more impressive stats to babble about…
good heavens–why on earth would anyone invoke’1971′?? By the way, they thought we were entering another ice age in the 70s.
Also, in 1971, Obama would have been 7 years old.
He acts like he’s been around for ever.
Yeah, I know.
I’m pretty sure we’re not the only homeowners who saw the equity in our house disappear. So to refinance, we’d have to pay PMI, if that’s even available any more.
So how many of his seven to nine million can really refinance? Probably very few.
He ought to be taking care of pirates instead of giving financial advice.
If we could all just get Tony Rezko to “get us a deal” like he did, we wouldn’t need all this government help.
Agreed – in every law there is nearly always some unstated tax-related angle to benefit the government. And thank you for providing me w/ some answers.
Great! I can refinance that ocean-front property I bought outside of Tulsa.
Miss Cheryl sold it too me.
“I’m Barackadoodle Odopey and I approve this message”
What part of his answer to Joe the Plumber didn’t voters get?
Dumba$$ Voters 08′
THIS IS NOTHING MORE THAN AN AD TO GET THE MENTALLY CHALLENGED TO BORROW MORE MONEY AND REFINANCE THE BANKS. what happens when you refinance? you start the interest clock running again. and banks have bribed politicians into allowing them to front load interest payments, and back load principal payments. hence on a typical 30 year loan you won’t start paying the actual loan back until you approach your 20th year. by that time, even paying less than 5 percent, you will have paid them twice the amount of the mortgage in interest. great gig if you can get it. but the bankers know, no one is going to live in the same house for thirty years and pay off the debt, so they will essentially be collecting interest from you forever. kind of like the credit card scam.
More smoke and mirrors.
Due to declining home values, deteriorating credit scores, a tightening of lending guidelines and something called loan level pricing adjustments, you would be amazed at how many people don’t qualify or qualify but at a prohibitive rate.
The time for this was two years ago.
He’s never been anything but a flim flam man!
Remember, he’s the man who can’t handle a economy issue and an security issue at the same time!
Are you sure? Have you actually seen his birth certificate??!!
He refused to answer a reporter’s question about the hostage situation saying, “We’re talking about housing right now”! And from another source (unconfirmed), I heard that the military is being cautioned not to mistreat the pirates, or they will be answerable for it! So, I guess they need to TAKE NO PRISONERS, so no one can accuse them of mistreating anyone…right?
Bamwow! ROFLMAO!
Thanks, Michelle. I needed a good hearty laugh like this one.
Good thing he wasn’t in charge during 9/11. Can you see him in the classroom reading to the little children and his secret service guy tells him we’ve been attacked. “I’m reading to these kids right now!”
At least the ShamWow works on occasion
“Are you following me Teleprompter guy?”
Which one? There are several that you can choose from.
And, now, the White House is trying to also convince everyone that BHO’s greeting to King Abdullah was just a “SHAM BOW!”
The “messiah” has been around for a long time. At least 2009 years!
“There’s your mildew, right there.”
Cracking me up. Aloha Guy, next time your in the San Diego area, I’m buying the drinks!
Yeah. “That’s gonna smell.”
We need to call to get in on this “refi action” ASAP, ’cause Barry “can’t do this all day.”
Now, hold on JusDreamin…what about me, too? I LIVE in the San Diego area, and given all that this Obamaniac is pulling, I could sure use a free drink right about now.
Just as soon as I get that re-fi done, RBTS. (You know the Germans always make good stuff)
“this one lasts a week, this one lasts 30 years. I don’t know, it sells itself!”
And, all I can say to that is “Sham WOW!:-)
More like SHAM now
You nailed it dead on.
Getting my taxes done I asked my CPA about the 8,000 dollar tax credit for buying a house. She said, yeah, but you have to pay it back, you get 10 years or something to pay it back. Sham part is right, not much wow though.
Is that OJ hawking re-fi’s? That image scares even me! Make it stop!