There is no question that the NYT is a left leaning organization.
In fact, before I get started with the facts of the matter in question, I am going to rail a bit about journalism in order to blow off some steam.
Newspapers used to be credible. The problem is that tabloidism gets read by the masses and journalism is rather boring by comparison.
Actually, I believe that the problem of editorializing becoming popular has more to do with the fact that the majority of people have absolutely no idea of how economics and government work.
It is easier to be told what to think, or at least having proper thought suggested by appealing to ones philosophical prepossession.
Conservative media does the same thing and to a degree it is entertaining. It only becomes a problem when the facts become distorted in order to fit within one’s mental cubicle.
Take for instance the recent article written by Binyamin Appelbaum (no, I am not making up this name).
President Obama has been campaigning a great deal lately and as part of his narrative he states that “if congress will not act, I will”.
Now, the first question one must ask is, if the power to act resides in the Presidential powers and is capable of being initiated through administrative activities, then why was it not exercised before now?
Because this is a real estate blog, we will use mortgage modification as an example of how this statement is a distortion of facts and events and is a disingenuous manipulation to mislead the public – again.
The article written in the NYT tells us that the president is working with mortgage lenders in order to modify mortgages through principle reduction.
This is when the amount of the original loan is reduced to reflect current market values. Okay, that is fine, Ocwen was the first to do this and it a good program.
The only problem is that the Obama Administration cannot force a private investor to act. It is voluntary. But it does make for great re-election oration.
Opposing positions are mentioned in the article such as those of Republican candidate Mitt Romney as well as a loose description of general conservative positions.
There is also a small blurb about the position taken by Fannie and Freddie. And this is where the rubber meets the road with Mr. Obama.
You see, Fannie and Freddie service about 95% of the mortgages in the United States. Also included in this number is the small percentage serviced by FHA and VA.
So the Obama Administration has direct influence over policies that would affect these mortgages. And now the $1 million dollar question:
Is Fannie, Freddie, FHA and VA modifying mortgages that they service through principle reduction?
You may use any lifeline you like, but you already know the answer. It is no. That’s right, a big fat no.
There is no mention of this in the NYT article, all the while suggesting that Mr. Obama is doing the right thing for the people.
That last part is not a direct quote, but the entire tone of the article suggests this, while mildly casting derision to any opposing position.
It is how you divide people. It is also how you exhort class warfare and divide a nation.
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Here’s the original article…Expansion of Mortgage Program Is Limited in Scope