The housing crisis in America has not ended. Hundreds of thousands of Americans are still losing their homes because of the bad economy and rotten job market. Some are losing their homes because of Obamacare. Their hours and income are being reduced by just over 25% so their employer doesn’t have to provide healthcare benefits.
If you are one of those that have lost your home to any of these factors, then the Obama administration wants you to know that they care more about Palestinians living on the West Bank than they care for you. Why do I say that?
The General Accounting Office has just reported that our government will be funding $313 million worth of mortgages for Palestinians living on the West Bank. The mortgages are being dished out by the Overseas Private Investment Corporation (OPIC). You’ve never heard of OPIC? According to their website:
“OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.”
“Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs.”
According to the OPIC website, they operate at no cost to American taxpayers, yet the GAO is reporting that the US government, not private sector money, is being used to finance mortgages for Palestinians on the West Bank. I call that a significant cost to American taxpayers. Someone needs to inform OPIC that the information on their website is dead wrong!
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