American Crossroads: Obama's Housing Refinance Plan Bails Out Speculators

Wednesday, 07 Mar 2012 02:10 PM

By John Bachman

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American Crossroads is sounding the alarm about President Barack Obama’s new mortgage refinance plan, telling Newsmax.TV that Obama is “bailing out real estate speculators.”

The group also contends that Obama has a duplicitous stance on campaign financing.

Jon Collegio, communications director for the political action committee that Republican guru Karl Rove conceived, referred to a recent article from Bloomberg during an exclusive interview with Newsmax.

Story continues below the video.

“The Obama administration will extend mortgage assistance for the first time to investors who bought multiple homes before the market imploded,” Bloomberg reported.

“He will actually be bailing out the real estate speculators and lenders who went out of their way to speculate on housing properties before the bubble, and who were, frankly, responsible for the fall of the economy in 2008 and 2009,” Collegio said.

“I think what we are seeing is a lot of political double talk,” he said.

During Obama’s State of the Union speech in January, the president “stated that the era of bailouts was coming to an end, he would no longer sign on to bailouts. ... Everyone kind of took him at his word, until the last couple of days when we’ve been hearing details about the president’s new housing plan,” Collegio said.

Collegio also chided Obama about his recent post on the popular social media site Twitter that targeted the politically active and conservative Koch brothers. To his followers, Obama wrote: “Add your name to demand that the Koch brothers make their donors public.”

“He did this literally on the same day that his super PAC and 501(c)(4) were raising money from their own secret donors,” Collegio said.

Like super PACS, 501 (c)(4) groups are nonprofit organizations that can engage in political lobbying and campaigns.

“I think what we are seeing is — policy prescriptions by the president really are political prescriptions designed to gain him re-election.

“We just try to make sure that a lot of these things that get swept under the rug by the mainstream media come back up,” Collegio said.

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