My buddy Patrick Dorinson…the Cowboy Libertarian … got a big burr under his saddle this week:

An Open Letter From the Cowboy Libertarian to President Obama, Congress and the Mainstream Media

By Patrick Dorinson

Dear Mr. President, Members of Congress, and the Mainstream Media,

Well, summer is now unofficially over and with Labor Day in the rearview mirror, it is “back to work” time. I hope all of you had swell vacations, in your case Mr. President, on high falutin’ Martha’s Vineyard. And in the case of some members of Congress on taxpayer paid junkets to exotic locales. Many Americans could not afford to take vacations and would love to get back to work as well but there are no jobs.

While you were gone, the economy sunk further — as did all of your poll numbers.

More… http://www.foxnews.com/opinion/2011/09/08/open-letter-from-cowboy-libertarian-to-president-obama-congress-and-mainstream/#ixzz1XOsPL0R9

Among opther things Dorison tells Obama: “As the saying goes, if you’ve got nothing much to say, don’t take an hour to prove it.”

Hi. I am Tucson’s Ghost Giraffe. Remember me? I was the one they fed oleanders to.

I’ve decided to haunt Tucson’s City Hall. You know…remind them there are more important things than sky bridges and aquariums. I mean, if you can’t even feed your giraffes safe food what kind of city are you running here?

I see where the City Manager resigned effective a year from now and wrote a 7 page letter blaming everyone else for his problems. The city council fired him effective Friday. That’s cool. 

So the first issue is who is going to run the city now that Letcher is gone?.

I’m sending an oleander plant down to City Hall to put on the City Manager’s desk to remind whoever gets the job that it is the little stuff that counts.

Press Release from US Attorney’s Office – Arizona September 8, 2011:

FOUR DEFENDANTS INDICTED IN MULTIMILLION DOLLAR MORTGAGE FRAUD CONSPIRACY

TUCSON, Ariz. – A federal grand jury returned an indictment charging four defendants in a mortgage fraud conspiracy. The indictment charged 20-counts including conspiracy to commit bank fraud, false statement to influence a financial institution, and conspiracy to commit transactional money laundering. 

The defendants charged in various counts of the indictment are: Real Estate Developers, William Michael Naponelli and Walter Scott Fruit; escrow officer, Sandra Jackson; and real estate agent, Brian Atwood.  The defendants will be required to appear in federal court for their arraignment. 

“The indictment alleges that the defendants fraudulently obtained loans for nineteen properties that eventually ended in foreclosure,” said Acting U.S. Attorney Ann Birmingham Scheel.  “As mortgage fraud continues to impact our communities we also continue working closely with the IRS and FBI to hold those responsible for this fraud accountable.”

The indictment alleges that the defendants conspired to commit mortgage fraud to obtain nineteen loans totaling approximately $5.85 million between the years 2006 through 2007.

According to the indictment, Naponelli and Fruit purchased properties using various business entities with which they were associated.  Thereafter, Naponelli and Fruit sold these properties to straw buyers for a profit. 

The indictment further alleges that the defendants submitted to lenders loan applications and other documents that contained material false representations relating to the purchase of the nineteen properties.  After the fraudulently obtained loan proceeds were received portions of the loan proceeds were diverted into bank accounts under the control of some of the co-conspirators. 

As a result of the mortgage fraud scheme, each of the properties referenced in the indictment went into foreclosure.  

A conviction for conspiracy to commit bank fraud and false statement to influence a financial institution carries a maximum penalty of thirty years in prison, a $1,000,000 fine, or both.  A conviction for Conspiracy to Commit Transactional Money Laundering carries a maximum penalty of 10 years in prison and a $250,000 fine.

An indictment is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that established guilt beyond a reasonable doubt.

The investigation preceding the indictment was conducted by the Internal Revenue Service – Criminal Investigations and the Federal Bureau of Investigation. The prosecution is being handled by Jonathan B. Granoff, Assistant U.S. Attorney, District of Arizona, Tucson.

CASE NUMBER:      CR11-3046-CKJ(JJM)

And…

Obama wants major federal role in home mortgages…just when you thought it was safe to come out of your storm shelter

From AmericasVoice.org:

On Immigration in GOP Debate: Latino Voters Not Buying “Border-First” Sound Bite

Candidates Must Answer Key Question: As President, What Would You Do About the 11 Million Undocumented Immigrants in U.S. Today?

Washington, DC – Last night’s Republican presidential debate at the Ronald Reagan Presidential Library featured an important discussion prompted by Noticiero Telemundo anchor José Díaz-Balart.   The dominant line from GOP 2012 candidates on immigration these days is: we need to get tough on immigrants in a number of ways, and put off any discussion about legalization or visa reforms until the border is “finally” secure.  Last night, Díaz-Balart challenged some of the candidates to move beyond their vacuous “border security first” talking point, and get concrete about what conditions would prompt them to declare the border “secure,” and what they would do about the 11 million undocumented immigrants in our country at that point.  Needless to say, there was a lot of fumbling and not a lot of straight answers from most of the candidates.    

Their answers also confirmed what we have been saying for some time – that the current GOP field has strayed far from President Reagan’s centrist, problem-solving approach when it comes to the issue of immigration, and this simple fact will have serious consequences for GOP outreach to Latino voters in the general election.  Spanish-language media coverage of last night’s debate and recent polling both raise some uncomfortable truths for the Republican field: 1) Latino voters see the “border first” plan for what it is—a political sound bite and excuse for more enforcement only, not a comprehensive solution; and 2) Latino voters really do want to know what the candidates’ plans are to deal with undocumented immigrants.  Instead of talking straight, most of the Republicans seem intent on walking a rhetorical tightrope to present a more friendly image to Latino voters, while not changing their actual policy positions to avoid inciting right-wing primary voters.

 Indicative of this is the Spanish language coverage of last night’s debate.  In La Opinion, the largest Spanish language daily newspaper in the country, the lead article was unequivocal in criticizing the non-answers of the GOP field on immigration. Entitled “None of the Republican Candidates Want to Talk About the Legalization of the 11 Million Undocumented in the Country,” Antonieta Cadiz’s article noted that yesterday’s debate made something crystal clear (translated), “none of the Republican candidates want to talk about the possibility of legalizing the 11 million undocumented (immigrants) currently in the country…The candidates instead ‘shielded’ themselves with the ‘secure the border first’ argument.”

June 2011 polling from Latino Decisions and impreMedia shows why this is such a problem for the GOP.  When asked, “When you hear Republicans say that immigration reform must wait until the border is secure, do you think that is a legitimate concern that needs to be addressed, OR they are using that as an excuse to block action on immigration reform?” by a 55% – 30% margin, Latino voters said GOP candidates are “Using it to block action” on immigration reform instead of representing a “Legitimate concern.”  These voters know that border security is already in place.  But what hasn’t been tackled is the rest of reform, including the status of 11 million immigrants in the country without papers.  The same poll also found that by a 65% – 19% margin, Latino voters trust President Obama and Democrats more “to make the right decisions when it comes to immigration policy” compared with Republicans. 

Notably, the two Republican contenders leading in the polls, Gov. Rick Perry (R-TX) and Gov. Mitt Romney (R-MA), escaped Díaz-Balart’s follow-up questioning regarding what specifically they would do with the undocumented population in the nation, provided the border was secured to their satisfaction.  Both Gov. Perry and Gov. Romney waxed poetic about border security but ducked the elephant in the room – the 11 million undocumented immigrants whose status will not be resolved by building a fence of any size.  Romney went even further – no doubt to tweak Perry who has supported in-state tuition for undocumented kids who grew up in Texas – by suggesting that allowing talented young people who grew up in America and have no papers through no fault of their own is a magnet for illegal immigration.  Puh-leeze.

Interestingly, the only candidate to answer the question directly was Newt Gingrich, who followed up nods to border security and assimilation with this statement: “And then find a way to deal with folks who are already here, some of whom, frankly, have been here 25 years, are married with kids, live in our local neighborhood, go to our church. It’s got to be done in a much more humane way than thinking that to automatically deport millions of people.”

According to Frank Sharry, Executive Director of America’s Voice, “The leading candidates for the GOP nomination may have been standing on Ronald Reagan’s stage but they did not stand in his shoes.  Reagan supported legalization, immigration and a welcoming America.  The top-tier 2012 GOP candidates do not.  It’s pure fantasy to think the Party can appeal to Latino voters simply by changing their tone on immigration, and not actually changing their positions.”  And it’s hard to imagine how they reach the threshold of 40% of the Latino vote they need to re-take the White House with that approach.” 

• Access the America’s Voice report, “Why Do Elephants Put Their Heads in the Sand?” documenting GOP 2012 presidential candidates’ past and current positions on immigration and analyzing the politics of the issue for the Republican Party: http://americasvoiceonline.org/HeadsInTheSand
• Access Latino Decisions Tracking Poll: http://faculty.washington.edu/mbarreto/ld/June_banners.html

America’s Voice — Harnessing the power of American voices and American values to win common sense immigration reform.

www.americasvoiceonline.org

###

Press Release from AmericasVoice.org:

What Would Reagan Say to Republican 2012 Field on Immigration? 

Experts, New Report Show that GOP Field, Including Gov. Perry, Doesn’t Live up to Reagan Legacy on Immigration  

Washington, DC – On the day of the Republican presidential debate at the Ronald Reagan Presidential Library, we are reminded of President Reagan’s immigration legacy and his vision for America.  Yet at tonight’s debate, according to experts on immigration and Latino politics who participated in a press call held earlier today, we will likely hear a very different message from the GOP’s 2012 presidential candidates on the issue. 

Upon signing the 1986 Immigration Reform and Control Act, which granted residency to nearly 2.7 million undocumented immigrants, President Reagan said, “The legalization provisions in this act will go far to improve the lives of a class of individuals who now must hide in the shadows, without access to many of the benefits of a free and open society.”

Yet according to the experts and a new report from America’s Voice, “Why Do Elephants Put Their Heads in the Sand?” the Republican field has fallen far from President Reagan’s centrist immigration approach, adopting a hard-line, anti-immigrant platform that will only further the Party’s dismal showing with Latino voters in 2012 and beyond.  While some Republicans are starting to realize that Latino voters are, in fact, important players in modern-day politics – judged by such developments as early Spanish-language advertising buys from Republican-allied Super PACs – the GOP has not yet shown a willingness to shed its hard-line, anti-immigrant policy agenda for a more Reagan-esque and inclusive approach. 

According to Frank Sharry, Executive Director of America’s Voice, “The Republican Party may try to have it both ways when it comes to immigration and Latino voters this cycle.  They may try to present a less incendiary image to Latino voters while subtly reminding hard-line primary voters that their policies haven’t changed one bit.  Yet even if they put the dog whistle in their pocket, there’s no evidence that they’ve thrown it away.”

Experts and strategists from both sides of the aisle agree that the Republican Party needs to win at least 40% of the Latino vote in a presidential election year in order to win the general election – a task made inordinately difficult given the Party’s current brand image with Latino voters.  Polling released in June 2011 by Latino Decisions and impreMedia found that by a 65% – 19% margin, Latino voters trust President Obama and Democrats more “to make the right decisions when it comes to immigration policy” compared with Republicans.  In the 2010 elections, Latinos voted for Democrats over Republicans by roughly 75%-25%, or a 3-1 margin according to election-eve polling of Latino voters conducted by Latino Decisions in eight key states (AZ, CA, CO, FL, IL, NM, NV, TX).

Dr. Matt Barreto, Ph.D., Associate Professor, University of Washington and Latino Decisions noted, “the tracking poll data from Latino Decisions show very clearly that the Republican Party has an image problem with Latino voters.  So far, we have not seen any signs whatsoever that the Republican presidential candidates are reaching out to Latino voters.  Without serious outreach and a new positive message, the GOP will do very badly with Latinos again in 2012.”

Maria Cardona, Principal at the Dewey Square Group and expert on Latino politics added “There is no question that the road to the White House goes straight through Latino communities across the country.  If the GOP does not address their jaw-dropping deficit of support within the Latino electorate – they need at least 40% support among Latino voters to win and they are currently at  18% – their nominee, no matter who he or she is, will never see the inside of La Casa Blanca.”

The new report from America’s Voice documents GOP 2012 presidential candidates’ past and current positions on immigration and analyzes the politics of the issue for the Republican Party.  For example, even though rivals of Governor Perry (R-TX) are spinning it that he has a moderate record on the issue, such is not the case.  For Perry and the rest of the field, hiding behind vacuous sound bites such as “border security first” – which really means “comprehensive immigration reform never” – or pledging to expel 11 million undocumented immigrants — the vast majority of whom are Latino, and then defending anti-immigrant and anti-Latino laws like Arizona’s SB 1070, simply won’t go over well with the Latino electorate, even if it is said with a smile. 

In reference to Gov. Perry’s immigration stance, Mitch Ackerman, International Executive Vice President of SEIU said, “Will we see the Rick Perry who once campaigned for Texas Latino support or the one who turned his back on Hispanics this year with an agenda that included a harsh immigration bill with many of the components of the Arizona law he originally opposed, as well as a congressional redistricting plan that diluted the voting strength of Latino ad minority voters, and a budget that severely slashed funding for public education in Texas with a student enrollment that is 51 percent Latino? In a short amount of time, it seems, Rick Perry became a born again nativist.”

• Access the America’s Voice report, “Why Do Elephants Put Their Heads in the Sand?” 
• Access the Latino Decisions tracking poll

America’s Voice — Harnessing the power of American voices and American values to win common sense immigration reform.

www.americasvoiceonline.org

###

COMMENT: Then again Reagan might’ve suggested charging all the undocumented folks $10,000 a piece to get legal ($5,000 of they agreed to vote Republican) and using the proceeds to pay off some of the national debt.

As we contemplate Obama’s latest scheme to spur the economy, Investors.com has a stunning article up about how a crony of Obama’s  managed to get a $535 million loan guarantee for a dubious solar scheme…which recently went bankrupt.

Solargate

….Despite a warning from Solyndra’s own accountants at PricewaterhouseCoopers that the company’s business model was suspect and raised “substantial doubt about its ability to continue as a going concern,” President Obama visited the company and gave it a glowing endorsement as a government-picked winner alongside electric cars and high-speed rail.

More…

And David Brooks has an excellent commentary on how the green jobs efforts has cost a lot of money and produced few new jobs:

Where the Jobs Aren’t

There’s a wealth of other evidence to suggest that the green economy will not be a short-term jobs machine. According to Investor’s Business Daily, executives at Johnson Controls turned $300 million in green technology grants into 150 jobs — that’s $2 million per job.

More…

More

Solar company to file for bankruptcy despite $535 million loan guarantee

M3 Report from the National Association of Former Border Patrol Officers:

Why Truce with Mexico Criminals Is Just Not Practical; Sinaloa Cartel Operatives Arrested in Utah

Posted: 05 Sep 2011 10:28 PM PDT

NATIONAL ASSOCIATION OF FORMER BORDER PATROL OFFICERS
Visit our website:http://www.nafbpo.org

Foreign News Report

The National Association of Former Border Patrol Officers (NAFBPO) extracts and condenses the material that follows from Mexican, Central and South American and U.S. on-line media sources on a daily basis. You are free to disseminate this information, but we request that you do so in its entirety and credit NAFBPO as being the provider.

To subscribe, click here

*************************************************
Please click here to read NAFBPO’s
PROPOSAL FOR COMPREHENSIVE IMMIGRATION
ENFORCEMENT AND REFORM
*************************************************

The M3 Report seeks to provide information which it’s readers finds useful and interesting. With that in mind, please consider leaving Comments at the end of each post. Readers can also e-mail us at:

 

CAUTION

There are graphic photographs that accompany some articles in the body of this report. It is not our intention to sensationalize. We include these photos in order to give to you, the American public, a clearer understanding of the seriousness of the situation in Mexico and Central America.

Blog Del Narco (http://www.blogdelnarco.com/)

**Asterisk denotes death involving a police officer or a member of the military serving in that capacity.

MONTERREY, NUEVO LEÓN

A nine year state police officer has been arrested for his involvement in the attack on the Casino Royale, in which over 60 people died.

CHIHUAHUA, CHIHUAHUA

A federal employee with the Federal Electricity Commission was shot and killed Friday morning.
TORREON, COAHUILA

It was a bloody Thursday in Torreon, with a total of eleven killed. In two separate incidents, burning vehicles led to the discovery of the homicides. More than one was beheaded and either left in the street or in one of the cars.

REYNOSA, TAMAULIPAS

Two bodies were found in a vehicle along the highway to Monterrey. One was Eloy García Lerma, an active agent of the Bureau of the Ministerial Police. The other man was Samuel Flores Borrego, better known as El Metro Three and / or M3, in charge of Nuevo Leon and Tamaulipas for the Gulf Cartel. He was also a police agent some years ago, and the partner of Eloy, and they had remained friends.

TEPIC, NAYARIT

At about 4 pm Friday afternoon, a man was hung from a bridge in plain view of dozens of witnesses. He had been tortured and shot multiple times. A narco message was left with a warning to women and taxi driver ‘hawks’, which are cartel lookouts.

HIDALGO

The state police announced in a press conference that 31 Zetas had been arrested. Of the 31 arrested, 14 were police officers for various municipal departments throughout the state. The officers admitted to being paid 8,000 pesos a month (about US$641) to provide protection.

ACAPULCO, GUERRERO

On Saturday, several gunmen came to a well known fish market near the port, entered and opened fire on customers and merchants like. Two men and a woman were killed, and three were injured, one a 14 year girl.

ZAPOPAN, JALISCO

Gunmen were in the process of cutting the head off a man when he jumped up and ran outside. One of the gunmen shot and killed him, and then they all fled. Inside the house, police found pools of blood, torture utensils and the tool with which they tried to saw off his head. A vehicle at the scene was also seized.

ACAPULCO, GUERRERO

On Friday, three banners were hung around the city. They appeared to be from citizens and asked President Calderon for help to end the “wave of violence that is sweeping our beautiful harbor and the nightlife of it, upon which the livelihoods of thousands of families” depends. It was signed by Acapulco United Families.

MONTERREY, NUEVO LEÓN

Federal police captured three Zetas that worked for the arrested leader ‘El Chihuas’ that took part in the casino attack. When arrested, the three were driving a stolen vehicle, had a firearm, radio equipment, phones, and other things. PHOTO

CIUDAD VICTORIA, TAMAULIPAS

The Zetas butchered two men, and left them on the sidewalk in the heart of the city. The body parts were in black plastic trash bags. A narcomessage was left, signed by the Zetas, saying the men were part of the Gulf cartel. With the message was a flower pot.

GARCIA, NUEVO LEÓN

Jaime Rodríguez Calderón, Mayor of Garcia, has begun a program aimed at citizens who are in possession of a weapon to learn how to use it.

CADAREYTA, NUEVO LEÓN

A Mexican army patrol spotted a vehicle, and as they approached, the four men inside opened fire. A chase ensued, and resulted in a shootout and four bad guys dead. Seized inside the car were rifles, handguns, magazines, cartridges, powder cocaine, crack cocaine, torture boards, tactical equipment, among other things.

SAN PABLO MOCHOBAMPO, SINALOA

The Mexican military engaged in a shootout with gunmen, and captured 3 of them. They also found a narcolab with nine rifles, one handgun, five grenades, 69 magazines, a thousand 700 cartridges, 40 kilograms of cocaine, 5.5 liters of liquid cocaine, 500 milliliters of liquid methamphetamine, 9 kilograms of marijuana, chemicals, five vehicles, and other things.

TORREON, COAHUILA

Shortly after 8 pm Sunday, municipal police and gunmen engaged in a shootout when the gunmen opened fire. As a result six people died: 3 bad guys, two innocents painting nearby, and an arrested man inside the patrol car.

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Juárez police coordinator killed driving to work* 

This is the 49th municipal officer killed since last October.Narcomessages were left with his body.

http://www.elpasotimes.com/newupdated/ci_18805049?source=pkg

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Narco Armored Vehicle Threats and Countermeasures

http://smallwarsjournal.com/blog/mexican-cartel-tactical-note-3-0

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Calderon: Mexico will have clean cops, federal attorneys by end of presidential term

http://www.startribune.com/world/129089823.html

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Female journalists beaten to death in Mexico City

http://tinyurl.com/3ta6evm

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Why a Truce with Mexico Criminals Is Just Not Practical

http://tinyurl.com/452qjz9

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FARC leader captured, 13 guerillas killed: Santos

(Santos is Colombia’s President.)

http://tinyurl.com/3g9tdsh

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‘Chapo’ Guzman in Bolivia?

http://tinyurl.com/43a9bvf

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Mexico detains state cop in deadly casino arson

http://www.elpasotimes.com/newupdated/ci_18812268

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Mexico Massacre Suspects: We Only Wanted to Scare Casino Owners

http://www.laht.com/article.asp?ArticleId=421057&CategoryId=10718

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Mexican officials report slaying of high-ranking Gulf Cartel leader

http://www.themonitor.com/articles/cartel-54401-leader-mexican.html

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Mexico: 16 cops, 15 others helped Zetas drug gang

http://tinyurl.com/4ydnz5j

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Mexico Criminal Gangs Are Rational Actors

http://tinyurl.com/3dcaxcy

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Mexican journalist’s political asylum case could be start of new trend

http://www.elpasotimes.com/news/ci_18808771?source=pkg

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Brazil wildfires rage in 17 protected reserves

http://tinyurl.com/3flox6e

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Colombian Police Seize 2 Tons of Cocaine

http://www.laht.com/article.asp?ArticleId=421554&CategoryId=12393

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Brazil denies terrorists operate within borders

http://tinyurl.com/3r42fq6

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Mexico City’s once crazy, crowded markets languish

http://tinyurl.com/3e5wmw7

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Relocate or Die: Mexican Entrepreneurs Migrate to the Interior Fleeing Violence, Insecurity

http://tinyurl.com/3jecdtp

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Domestic News – United States

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U.S. Border Patrol Weekly Blotter August 25-August 31

http://tinyurl.com/3nw79fq

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Arizonans question CBP commissioner’s rosy view of border

http://tinyurl.com/3ukrvoc

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Mexican military flies over South Texas

Chopper program is 2-way deal. History of cooperation dates to 1987 work.

http://tinyurl.com/437v4p9

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Border towns struggle with post-9/11 security measures

http://www.thestar.com/news/article/1048571

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Evidence Suggests Cover-Up in ATF Scandal, as More Guns Appear at Crime Scenes

http://tinyurl.com/3cs3new

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ATF Gunwalker: Who at the White House knew?

http://www.cbsnews.com/8301-31727_162-20101042-10391695.html

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E-Mails Show Three Officials Were Informed of Gun Inquiry

https://www.nytimes.com/2011/09/03/us/03guns.html?_r=1

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CBS nails ATF coverup attempt on guns found at Brian Terry’s murder scene

http://tinyurl.com/3gozboj

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Local ATF agent says resignations aren’t enough

http://www.kvoa.com/news/local-atf-agent-says-resignations-aren-t-enough/

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TEXAS

U.S. Border Patrol Agents at RGV Seize More than $12.3 Million Worth of Narcotics

8200 lbs pot and 180 lbs cocaine

http://tinyurl.com/3sd2f5h

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Suspected Sinaloa Operatives Arrested in Utah

http://tinyurl.com/3r3pvga

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Illegal Workers Used Tax Credit to Pocket $4.2 Billion, Audit Shows

http://tinyurl.com/3pakjqc

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Ontario man held in New Mexico drug bust

(The driver is a Canadian citizen from Ontario.)

http://tinyurl.com/3k3q7tr

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Former Arizona Army National Guard Member Charged with Participating in Bribery and Drug Trafficking Conspiracy

http://www.justice.gov/opa/pr/2011/September/11-crm-1130.html

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Medicare fugitives being tracked beyond U.S. borders

http://www.freep.com/apps/pbcs.dll/article?AID=2011109020437

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So-called “Dreamers” show how they really feel about this country (w/video)
Good read

http://tinyurl.com/4453d5h

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New Jersey family searches for lost relative

http://www.themonitor.com/articles/mcallen-54426-new-relative.html

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CONNECTICUTT

Illegal Aliens deface War Memorial…… again

http://youtu.be/zk15u2ySRlw

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-end of report-

We are seeking to increase our subscriptions in an effort to educate more people to the realities of the border insecurity and how illegal aliens negatively affect our nation. Thus, please consider encouraging others to subscribe.

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We have room for but one flag, the American flag…and we have room for but
one sole loyalty and that is a loyalty to the American people.”
~Theodore Roosevelt 1919

More M3 Reports:

M3 Report: Mexican drug cartels running rampant

M3 Report: Drug gangs control half of Mexico

M3 Report: Sinaloa cartel makes big move into meth

M3 Report: NAFBPO calls for New Immigration Policy to be Rescinded

 M3 Report: Police Chief Finished Off in Ambulance

M3 Report: Incomplete Tunnel Found Near Border in Tijuana

M3 Report: Drug Cartels Using Social Media to Track Victims

M3 Report: More Police Slain in Mexico

M3 Report: Half a Million Troops Could Seal the Southwest Border, Says Border Protection Chief

M3 Report: Mexico is now without federal prosecutors

M3 Report: US Court Documents Claim Sinaloa “Cartel” Is Protected by US Government

M3 Report: Smuggled Women and Guns

M3 Report: Job of defending border complicated

M3 Report: Los Zetas May Attempt to Overthrow Mexican Government in 2012

M3 Report:GRIM STATISTICS: Ciudad Juarez homicide total for July: 150. Year to date total: 1, 264

The Washington Post  reported back in August that President Obama is trying to hatch a new plan for the federal government to keep a major role in the home mortgage business.

On mortgage rates, Obama wants proposal for how government can keep big role

President Obama has directed a small team of advisers to develop a proposal that would keep the government playing a major role in the nation’s mortgage market, extending a federal loan subsidy for most home buyers, according to people familiar with the matter.

More…..

COMMENTARY:

As Albert Einstein observed, the definition of insanity is doing the same thing over and over again and expecting a different outcome.

Here we go again…..

THE UPSIDE:

OK….the basic idea of providing low interest long term loans so people can own homes is a wonderful idea.

A big portion of our economy has been driven by home construction and home ownership going back to just after the end of WW II.

But like a lot of things federal, what started out as a good idea ended up  turning to dog vomit when people starting gaming the system.

One of the reason for the housing bubble that nearly crashed our economy was the idea that everyone ought to be able to own a home even if they really couldn’t afford it.

The whole “sub prime” mortgage business and federal policy was driven by the goal of expanding home ownership beyond where it could not support itself.

The first thing the feds are going to have to do is adopt a realistic level of what can be sustained in home ownership.

Maybe 30% of the population is not going to be able to own their own home…especially in light of the chronic unemployment. Don’t try to push home ownership where it is not feasible.

The second problem was the creation of “derivatives” whereby people could bundle up flakey mortgages and sell them off to unwitting investors.

This greatly expanded the pool of money to loan to home buyers and pushed a lot of people into homes because mortgage brokers and bankers wanted more and more commissions.

There may need to be a secondary market for home loans….which is one option for a fed role…but there have to be really tight rules about loan origination, qualification and appraisals. That whole system collapsed in the rush to write more mortgages and states don’t do a particularly good job regulating mortgage bankers and appraisers.

HUD FHA have all these standards for the actual home condition…and there is an opportunity for some interesting stuff with regards to new homes….rethinking whether or not a federally insured home loan for a house requires the house to have a garage versus maybe solar energy. I remember fussing with FHA over a requirement for landscaping trees in Tucson….trying to get them to quit demanding mulberry trees and accepting xeriscape instead.

A really important thing for the feds to do is not put the full faith and credit of US taxpayers behind home loans. That was a plank into the treasury the last time around.

One problem the feds will face is a lot of people have had their credit wrecked in the recession.

 One idea is maybe a lease-purchase option where someone could lease a home, and if they make their payments on time for 3 years and repair their credit rating, then they would be eligible to exercise the option and purchase the home under the federal program. A program like this existed in California but got wiped out when sub prime loans started being made to people with no docs and no downpayment. No wonder everything went into the toilet.

Another element that ought to be considered is a combination home purchase loan and upgrade financing for existing housing…to retrofit existing housing with more energy efficiency like insulation and new windows…and maybe add a solar component.

It is going to take a while for the home building industry to recover…and it is essential to our economy that this sector does recover.

THE DOWNSIDE:

Next time around Washington has got to not force social policy into the mix, and Washington has got to keep the Wall Street pirates from ripping everyone off.

I think the first step of a new federal role in the home mortgage business is for the Obama Administration to single out the top 30 bad guys in all the mortgage fraud and charge them with massive federal crimes sufficient to lock their sorry butts up for life.

Lets perp walk some bankers, the Countrywide Bandits, some Fannie Mae and Freddie Mac co-conspirators, a few bond rating agency bosses, and other rascals.

The message has got to be clear that not only will us taxpayers not bail you asses out if you create a fraudulkent bubble, we will demand and get your asses thrown in jail.

Every banking and mortgage office should come complete not with pictures of hundred dollar bills or the Federal Reserve, but a photo of a maximum security federal prison.

And as part of a new mortgage system, mortgage fraud ought to be a capital offense.

I’ll bet whatever Obama comes up with will end up being more of the same old opportunity to scam the system and stick it to us taxpayers.

See also Mark Evans commentary Hey Obama, it’s about homes, stupid