but I have this flabby pooch protruding from my waist line. What gives???
There is current research that supports the idea that certain adipose tissue deposits (fat cells) are only mobilized as a result or particular variations of hormones.
This theory explains why two women who are similarly obese will lose adipose tissue from differing parts of their frame at different rates and quantities. For instance, one women will lose most of their weight from their boobs before losing any weight from their thighs or butt. While another women may apparently lose most butt tissue while maintaining big boobs. (yeh :-) )
In your case, you may not be able to "lose the fat" until you have started to damage your muscle tissues. The only alternative is to invest time in performing specific abdominal exercises that will tension nearby tissues and "hide" most if not all of your paunch.