Politics – The White House on Friday set out terms for a possible deal on a housing market rescue plan, as a sweeping package backed by the House of Representatives was on its way to an uncertain greeting in the Senate.
The Frank bill in the House isn't getting good reviews and may even be worse than the Senate bill
"Even for Congress, $330 billion is a lot to give away. But the House is managing that this week, passing companion bills that put taxpayers on the hook to give away that much to those struggling with mortgages â;; miscreants and victims alike.
They proved that the mortgage mess hadn't gotten so bad that Congress can't make it worse.
On the line are federal guarantees of loans that private lenders decide aren't worth the risk â;; $300 billion worth.
States and cities would get $15 billion in grants plus another $15 billion in interest-free loans for "housing stimulus activities." They could convert a foreclosed house into public housing, bypassing the usual public notice and hearing requirements for public housing.
They first claimed 2,000,000 homeowners would be helped. Then dropped that to 1,000,000. Then to 500,000. So who knows!
All we can predict with certainty is that taxpayers would be stuck with a lot of bad loans. The Big Boys of Finance will benefit - they can move the problem loans off their books and into the taxpayer-guarantee program. The more-secure loans would never go into the program, the lenders â;; not the borrowers â;; would decide when to enter the bailout program
Rep. Pence called it "an extraordinary bailout for Wall Street â;; disguised as relief for homeowners."
Bachus said, "Let's not reward lenders who unwisely extended credit. The guarantee doesn't go to borrowers; it goes to lenders." Many of them are speculators on Wall Street who bought high-risk, speculative mortgages and now they want to transfer their loss onto the government: "The lender can choose which loans he'll offload on the federal government ... and he'll offload his bad ones."
This is really great!
"Another flaw is that the measure only pretends to bar illegal immigrants from receiving the bailouts. A key amendment to require proof of identity was conveniently blocked."
Anyone surprised?? Remember the controversy over some banks deciding to offer loans and mortgages to illegal immigrants??
Now you may get to bail out the banks who made those risky mortgages!
Not a member? Sign-up today!
SouthernLadyX
SunnyDays
fooghopcbch
BJTJ
satansatan
jomarjarmo
kibasilasa
nostalgia
sleepingbeauty2
starclick1re
TheOysta
neharocks
ind06
bizexpert
Ashinhurst
Helixbuilder
deezin2
optimumself
dexlovex2
ameliog
tcnt
StoneSpirit
lolip
alamala
DiffeeOnline
Wolfie2007
kukuya
DailyContempt
rdy2rck
lawrencee
hurr1
bugluver
JessicaLaurie
aust
digitalfever
About Propeller | Frequently Asked Questions | Help
© 2003-2008 Propeller. All Rights Reserved. Terms of Use | Privacy Policy
4)
Vote
Let's define Bush and his selected successor McCain. First, Bush doesn't care about average Americans. He doesn't care about anything other than making money off failures. The war in Iraq is a failure. It failed to produce Bin Laden. It made alot of money for the defense contractors like Halliburton, KBR, and on and on. It is just like helping the Nazis; who cares as long as we make money.
Where' Bin Laden? Bush doesn't care to look for him, although he is purported to be the mastermind of 9/11.
Now, one might ask "what does that have to do with the housing problem."
It tells you that whatever the problem was "predatory lending" or "overspeculative investing" the crew on Wall Street will make a fortune while average Americans will lose their homes.
The best thing is to wait it out for the next President. If blue collar America figures it out we may have a Democrat in the White House. That would be far better than (more of the same) McCain.