By Lilac Sunday
Need a last-minute gift idea for a responsible homeowner?
Give them a lovely card inscribed with the following sentiment:
Out of respect and admiration for your tireless dedication to paying your mortgage, I called my Senator and urged him to vote against Joseph A. Smith, Obama's pick to head the Federal Housing Finance Agency (FHFA).As described previously, here and here, the Obama Administration is pressuring Fannie Mae and Freddie Mac to reduce the principal on mortgages taken out by borrowers who are underwater but who can nevertheless afford their mortgage payments. The FHFA regulates Fannie and Freddie, and Joseph A. Smith seems inclined to require Fannie and Freddie to participate in Obama's jingle mail bailout. As such, he must not be allowed anywhere near FHFA.
Senator Richard Shelby (R-Ala.) recently said that allowing Fannie and Freddie to write down principal balances would amount to "redistribution from taxpayers in general to certain classes of homeowners."
Certain classes of homeowners who can still afford to make their mortgage payments.
Congressional Republicans have already caught a whiff of this nominee, but additional support always helps. A phone call or an email might help squelch Obama's latest effort to "spread the wealth," and I can't think of a nicer Christmas present.
Cross-posted at Lilac Sunday: Red Girl in a Blue State