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Obama throws a lifeline to drowning homeowners

Imagine being a lifeguard. But before you can attempt to rescue someone caught in an undertow or being menaced by sharks, you have to get permission from some sort of committee. This committee doesn't like the fact that you were hired to be the lifeguard. They want someone else to be the lifeguard. They're bound and determined that when your contract runs out next year, you'll be canned and the person they want to be the lifeguard will get the job. So every time you try to rescue someone, the committee gets in your way, refuses to give you permission, and the poor swimmer drowns. The committee could care less about the swimmers. All the swimmers can drown as far as they are concerned, such is their hatred and distaste for this current lifeguard. In fact, the more dead swimmers at this particular beach, the better this committee likes it because, to their mind, it proves what a horrible lifeguard this person is. When contract renewal time comes around, they hope the public won't notice that the committee refused to allow the lifeguard to rescue anyone. They want the public to see the pile of dead swimmers. "See that," they'll say. "What a horrible lifeguard. All those poor, dead swimmers."

President Obama has decided he is not going to sit idly by while the foot-dragging, obstructionist, America-be-damned Republicans in the House and Senate refuse to allow him to try to save Americans drowning in the financial situation. Yesterday, using the power of the Executive Order, he threw a lifeline to homeowners who desperately need to be rescued from a situation not of their own making. His decision to expand the 2009 Home Affordable Refinance Program (HARP) will allow eligible homeowners to refinance no matter how much their homes have declined in value. This will be a great help to so-called "underwater" homeowners -- owners for whom the amount they owe on their homes is higher than the value of the house. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said it would also eliminate some fees, reduce others and waive some risk for lenders.

(Read the rest of this free article at Examiner.com by clicking HERE!)
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