Obama Weekly Address: Hey, My First Round Of Mortgage Modification Bills Worked So Well I’d Like Another…

…And those pesky Republicans are to blame for failing to bail out my failed policies

(WRAL) Citing historically low mortgages, President Barack Obama is pressing Republicans to back housing policies the White House says would help struggling homeowners refinance their debts and prevent foreclosures. (full transcript here)

Obama is blaming congressional Republicans for not passing legislation he proposed in February that would lower lending rates for millions of borrowers who have not been able to get out from under burdensome mortgages. Republicans have objected, citing among other things the estimated $5 billion to $10 billion cost of the proposal.

They already tried this with HARP and other measures, some included in the Stimulus. Apparently those measures failed since now Obama wants more. Either that or he’s just using this issue, and the official resources of the White House, for campaign fodder

“Now, there are some who think that the only option for homeowners is to just stand by and hope that the market has hit bottom. I don’t agree with that.”

So, he took a dig at Congressional Republicans and Mitt Romney while using the resources of the White House. He campaigns enough without turning the resources owned by The People into Obama 2012 material, too

Congress has recessed and is not scheduled to return until after the November elections.

“Instead of worrying about you, they’d already gone home to worry about their campaigns,” the president said.

Now that was some serious chutzpah from an elected official who has spent most of his time since inaugurated campaigning, and has recently blown off meeting with world leaders, including Israel PM Benjamin Netanyahu, in order to go on The View.

Of course, this same legislation would cost the taxpayers a boatload of money, since it will primarily be run through Freddy and Fannie, putting taxpayers on the hook for loan defaults. And the Democrat led Senate is taking their sweet time dealing with the legislation themselves. Weird that Obama failed to mention that.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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