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    Obama Cuts FHA Fees, Taxpayer Bailout Looms

    President Obama has announced that he ordered the Federal Housing Administration (FHA) to cut in half the fee paid by homeowners whose mortgages the agency guarantees. The good news is that this reduction will save those homeowners who are able to refinance their homes about $1,000 annually. The Administration says … More

    Treasury Right to Reject Additional Funds for IMF

    IMF Managing Director Christine Lagarde has been talking up the need for greatly expanded resources to bail out ailing European economies. European nations have offered to channel about $200 billion of their own funds to themselves through the IMF (a kind of gentleman’s money-laundering to avoid restrictions in their own … More

    Latest Obama Mortgage Refinance Plan Another Dud

    Undeterred by the underperformance of several previous efforts at mortgage refinancing, the Obama Administration has announced yet another plan designed to refinance the “underwater” mortgages of homeowners who owe more on their mortgage than their houses are currently worth. However, this version of the Home Affordable Refinance Program (HAMP) has … More

    The Postal Crisis Easily Explained: How to Avoid a Taxpayer Bailout

    The House Oversight and Government Reform Committee meets Thursday to consider the most substantive postal reform plan under consideration in Congress. The debate in Washington triggered a spending spree from postal unions opposed to the reforms, including a national TV ad campaign launched last month. Now the Oversight Committee is … More

    Fannie and Freddie: The Bailout Continues

    U.S. taxpayers were reminded on Friday (and again this morning) that our long national Fannie Mae and Freddie Mac nightmare is far from over. On Friday, Fannie Mae requested another $5.1 billion in aid from the U.S. Treasury to keep its capital at acceptable levels, which would bring the total … More

    Businessman-Turned-Lawmaker Has a Plan to Save U.S. Postal Service

    Rep. Darrell Issa knows a thing or two about running a successful business. Before winning his seat in Congress, the California Republican turned a troubled company into a profitable enterprise that manufactured car alarms for the world’s most well-known carmakers. Issa is now turning his attention to saving the long-troubled … More

    Chrysler: Credit the Bankruptcy, Not the Bailout

    “We received confirmation this morning…that Chrysler Group repaid, with interest, by wire transfer to the United States Treasury and by bank transfer to the Canadian government, every penny that had been loaned less than two years ago.” That simple statement by Chrysler (and Fiat) CEO Sergio Marchionne that Chrysler had … More

    Morning Bell: Stop the State Bailouts Before They Start

    Hamtramck, Michigan, is running out of money. City Manager William Cooper tells The New York Times: “We can make it until March 1—maybe.” And Hamtramck is not alone. According to the Times, 15 municipalities have pursued bankruptcy in the past two years. And if the economy does not improve revenues, … More

    Senators Exaggerate Number of Teachers’ Jobs in Jeopardy

    In early August, when the U.S. Senate earmarked $10 billion to recover lost jobs in education, supporters of the measure claimed the money would save thousands of teachers’ jobs. President Obama put the figure at 160,000 jobs across the country. Sen. Barbara Boxer (D-CA) said it would save the jobs … More

    "When Liberalism Doesn't Work It Discredits Liberalism"

    This past Friday the Associated Press reported: Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests … More