$313 Million US Funding For Palestinian Mortgages On The West Bank

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!

Secondly, where in OPIC’s description of what they do, does it list funding mortgages for foreigners on foreign soil?  They talk about helping investments in job growth and business opportunities and they do so ‘by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.’  So who are the investors that are really getting the $313 million?  According to the GAO:

“OPIC has committed to lend about $313 million; PIF has committed about $72 million, and two banks account for the balance of the committed lending.  However, as of April 2013, OPIC and PIF had not yet disbursed any funds. Second, OPIC and PIF are co-guarantors in a Loan Guarantee Facility (LGF) program in the West Bank, guaranteeing up to $110 million and $50 million in loans, respectively, to nine regional banks to support lending to small- and medium-sized enterprises.”

“PIF is governed by a board of directors and a general assembly appointed by the Palestinian Authority President, and manages investments throughout a number of sectors, including real estate and hospitality, infrastructure, finance, capital markets, small-and-medium-sized enterprises (SMEs), and manufacturing.”

Notice that in addition to the $313 million for mortgages, OPIC is guaranteeing up to $160 in loans for small and medium sized businesses.  And once again, this money is going to help Palestinians start and operate their own businesses.  Meanwhile, here in the US, thousands of small business owners are being forced to close their doors due to our sagging economy and increased government taxes and regulations.

All toll, us taxpayers are providing and/or guaranteeing a total of $473 million to the Palestinians, who like the rest of the Arab world, despise and hates the US and would like nothing more than to see us destroyed.  And don’t forget, the government agency providing the nearly half a billion dollars says it won’t cost us taxpayers a single penny.  If that’s true, then how come the GAO says otherwise?

If you, or someone you know, have lost their home and/or business, you can tell them that all they need to do is to move to the West Bank, become a Palestinian and then our government will help them.