Economic recovery deterred

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Amid the controversy surrounding the recent two-month payroll tax cut extension, a dirty little secret was conveniently shoved under the rug by some Washington politicians: how to pay for this cut, which cost our U.S. Treasury $33 billion.

Widely unreported in the mainstream media and unnoticed by our fellow citizens is that this $33 billion price tag is being financed by Fannie Mae, Freddie
Mac and the Federal Housing Administration increasing home loan guarantee fees charged to mortgage
lenders by one-tenth of one percentage point (see
Page 3A of the Dec. 24 Augusta Chronicle, “Payroll tax
cut saved”). This is the same mismanaged Fannie Mae and Freddie Mac that bestow huge bonuses on their executives. Of course, this fact is widely unreported as well.

Naturally the lenders pass on these fees to homebuyers and borrowers. The fees, as of Jan. 1, now apply to many new purchases and refinances. For a typical $200,000 mortgage loan, the fee increases a borrower’s cost approximately $17 a month. Many of these homeowners already are struggling to pay their mortgages while their home values are “underwater,” and have had to cope with a litany of new federal regulations in qualifying to refinance their existing home loans.

This legislation is only the latest impediment devised by our federal government to deter a lasting and complete economic recovery.

Instead of the media dwelling to an excess on the aimless and rudderless “Occupy Wall Street” movement, more attention should have been devoted by our national media onto the corrupt and seamy culture that permeates the Washington establishment. We all should be appalled and outraged that our homebuying industry, which has led us out of many recessions, is being dealt another blow by the self-imposed do-gooders and czars in the Obama administration and their arrogant cohorts from both parties in Congress.

I strongly encourage all those in the homebuying industry to contact their representatives in Congress to loudly and clearly voice their disapproval. I would also urge all my fellow citizens to remember who supported this unwise piece of legislation when they cast their ballots for Congress and president in 2012.

Nathan M. Jolles

Augusta

Comments (10) Add comment
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carcraft
27886
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carcraft 01/06/12 - 05:40 am
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Very nice letter. It is good

Very nice letter. It is good to that others recognize the Democrats advertizing and spin machine, ooops I mean the "mainstream media" are not reporting the news accurately. See yesterdays page three of the Augusta Chronicle Reuters report of the Obma "recess appointments" for futher failures to make full disclosure by the Lame streamers!

Techfan
6461
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Techfan 01/06/12 - 06:41 am
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Recess appointments by

Recess appointments by President:
Reagan-240
GHW Bush-77
Clinton-140
GW Bush-171
Obama-29

What's your point car?

copperhead
1035
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copperhead 01/06/12 - 08:25 am
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Techfan, you really should

Techfan, you really should look into the duties of the appointees of each president. hussein is appointing tzars into very critical positions whereas bush appointed people to rather menial positions. You should be alarmed because when they take more of my freedoms,there go yours also. Dems seem to think that only republicans will lose freedoms under hussein. You can always hopey changey.

harley_52
25117
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harley_52 01/06/12 - 08:34 am
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What's the score on Recess

What's the score on Recess Appointments made when the Senate was in session?

southernguy08
532
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southernguy08 01/06/12 - 08:43 am
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TECH, the point is Obama ran
Unpublished

TECH, the point is Obama ran on a platform of "change." Don't see any change here...just the same old bologna sandwiches. Guess when the party in power changes from R to D, that makes everything alright.

allhans
24522
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allhans 01/06/12 - 09:25 am
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It does seem that the Obama

It does seem that the Obama appointments is usually a pay-back to a supporter. And unions..my goodness. If he cared as much about the poor and middle class and he does high paid union and federal workers I might just possibly think he cares...no.. but it couldn't hurt.

harley_52
25117
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harley_52 01/06/12 - 11:42 am
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Is it legal for Recess

Is it legal for Recess Appointments to be made when the Senate is in session?

In all of American history, has any other President attempted to do so?

allhans
24522
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allhans 01/06/12 - 01:15 pm
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harley_52
25117
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harley_52 01/06/12 - 03:21 pm
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What our children have been

What our children have been taught. (and why we're farther along the path to socialism than we feared).

http://www.youtube.com/watch?v=VxHfYNTrnic&feature=youtu.be

dichotomy
36290
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dichotomy 01/06/12 - 06:13 pm
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Yes, I do believe Obama is

Yes, I do believe Obama is the only one to do a recess appointment when the Senate was in pro forma session. Obama cannot claim the Senate was in recess because it was also in pro forma session when they approved the payroll tax cut which Obama signed. So the Senate was still in pro forma session when he made this illegal appointment and I hope it gets challenged in court. Everyone knows the real issue here is not who heads the agency, but the agency itself. Just another bureaucratic organization for taxpayers to fund and which will create more rules and regulations that will hurt businesses and cost the consumers more fees and higher prices. Have you checked your bank account fees since Dodd-Frank? This is a new agency dedicated to more Dodd-Frank.

Obama is an emperor who has no respect for constitutional government. The good news is that, if we do what we need to do in November, his entire administration, all of these recess appointments, Obamacare, and all of his czars can be wiped out with the stroke of a pen in January '13. And that can happen no matter which Republican candidate gets the nod. So pick one, any one, and they have got my vote.

harley_52
25117
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harley_52 01/06/12 - 08:19 pm
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Mine too. And I agree

Mine too. And I agree completely with all your comments on the illegal "recess" appointment which, in reality, is simply ignoring the Constitutional requirement for Senate confirmation. It should go immediately to the Supreme Court and Congress should withhold all funding for the agency until the Senate acts on the nomination.

It looks like Obama is going to do whatever he wants this year claiming he has to act alone because of the "extreme" Republicans. As the crisis deepens, he'll fire up the ONY crowd, the labor unions, and get a race riot going, cancel the elections and assume the title as President For Life.....

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