When Rick Santelli launched his rant on the President over the Porkulus Spendulus package Obama's Press Secretary Robert Gibbs was quick to fire back. If you look at Rick Santelli's background he was speaking about financial terms that a part of his forte. Rick's Revolt became a movement for Chicago Tea Parties all over the country.
"Maybe I could have chosen some words better, but I think at the end of the day, what this boils down to is you have to treat everybody fairly," he said the next day on NBC's "Today."
He is quoted in this article by Phil Rosenthal. “I think most Americans would rather come up with a way to give a major tax break or subsidy to a first-time buyer that qualifies, help them with their down-payment. … I think the incentive is wrong here. … Really, at the end of the day the bait-and-switch on all these packages is they were originally about jobs, then all of a sudden the stimulus plan turned into a spending package. If you want to help people … make it so it is [about] job creation because that’s what’s going to stop the slide and that’s all that’s going to stop the slide.”
Santelli said the issue, in his view, isn’t political. It’s philosophical.
“I wasn’t for the first stimulus package under the Bush administration,” he said. “I’ve been very consistent on this. I understand what derivatives and toxic assets are. I was in that business. These things are complicated and I don’t know that the taxpayers should own them.”
The point, he said, was to encourage debate.
“I want the new administration to win this one,” Santelli said. “We are all Americans. We want to win this one. It’s a question whether spending our children’s money is going to make us win or not, or is it going to take its own time to heal, like a cold going away. And all this money we’re spending isn’t going to get a very good return and when it’s over, we’re going to be in the hole deep.”
This article found on Robin Ashley's real estate site illustrates an important point in the debate over the financial bailout plan for the mortgage industry.
Communities in the Fort Lauderdale real estate area and throughout South Florida market, hit hardest by the foreclosure epidemic are slated to receive tens of millions of federal dollars to fix abandoned and foreclosed properties and help low- to moderate-income people buy homes.
Notice the federal money is directed at a particular soci-economic group and does not appear to be available for everyone. We’re looking more socialist everyday it seems.
Over $540 million will be granted to organizations in the State of Florida by the U.S. Department of Housing and Urban Development (HUD). The so-called “”neighborhood stabilization grants” were awarded Friday to the nation’s communities most affected from the real estate slump. I just did not realize that those communities were specific to low- to moderate-income neighborhoods. In fact in my experience, those neighborhoods were mostly inhabited by renters.
How is it now in this interim “bailout“, that federal money is being sent to help those neighborhoods and to spur on homeownership in low- to moderate-income sector? Albeit this money was passed out last September so one might say that Obama isn't to blame for that one.
Well, this article details Obama's Mortgage Resuce Plan, the one Robert Gibbs said Santelli didn't know what he was talking about.
President Barack Obama's massive housing and mortgage industry rescue played to mixed reviews yesterday among a sampling of New Hampshire real estate and mortgage lending experts.
Getting the most early attention the day after the plan was unveiled was a provision that will allow homeowners whose homes are valued at less than their mortgage balances to refinance at lower interest rates. To qualify, the loans must be backed by Fannie Mae or Freddie Mac and mortgage balances must be no more than 105 percent of value of the property.
Kurt Strandson, president of Radiant Mortgage, Inc., of Hooksett, said the new provision "leaves out a lot of people," especially when closing costs and escrowed money is included in the loan principle.
Overall, said Strandson, while details will not be revealed until March 4, "I have not seen anything in it so far that really sticks out as a means to help the amount of people that it was speculated to have accomplished."
Real estate broker Karen Coulters of Weare said further loosening of current rules to allow refinancing for mortgages that exceed 105 percent of property values would be "dangerous." She said "a lot of people who are in a good position" could say, "Why don't I just default on mine because if people are getting a break, then why am I making my payments on time?"
Mr. President, are you listening???? If the mainstream media stopped giving you a pass and started asking the tough questions we would really see this plan for what it is. Of course, enjoy their "pro bono" work for you now. The honeymoon never lasts forever.
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