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Schumer calls for subprime bailout
CNN Money & Yahoo ^ | April 11, 2007

Posted on 04/11/2007 1:55:10 PM PDT by stainlessbanner

Edited on 04/11/2007 2:03:12 PM PDT by Admin Moderator. [history]

The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.

"The federal government can send in an infusion of [money] to prevent foreclosure," said Charles Schumer, a New York Democrat.


(Excerpt) Read more at biz.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: housingbubble; realestate; schmuckie; schumer; subprime
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To: stainlessbanner
Why not when MD was pushing this state wide we saw many freepers cheering because they either work in real estate or were speculating and did not want to lose their shirts..
41 posted on 04/11/2007 2:50:47 PM PDT by N3WBI3 ("Help me out here guys: What do you do with someone who wont put up or shut up?" - N3WBI3)
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To: ops33
Could someone please explain what a subprime mortgage is?

A mortgage to someone who doesn't have a good enough credit rating to qualify for a normal mortgage. So higher risk and higher interest rates.

42 posted on 04/11/2007 2:53:58 PM PDT by omega4412 (Multiculturalism kills. 9/11, Beslan, Madrid, London, Salt Lake City)
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To: stainlessbanner

I own some junk bond funds. I say let the market sort it out. Government intervention will only make it worse than it already is. If people are dumb enough to buy into riskly loans that is their problem, not mine.


43 posted on 04/11/2007 3:00:42 PM PDT by gpapa
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To: stainlessbanner

Blue Light Special: Trillion Dollar Bailout on Aisle 2. ;)


44 posted on 04/11/2007 3:36:23 PM PDT by Mr. Jeeves ("Wise men don't need to debate; men who need to debate are not wise." -- Tao Te Ching)
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To: stainlessbanner
Only if Schumer pays for it out of his checking account. Not one penny of taxpayer money should be wasted on bailing out people who contracted for loans they knew they couldn't afford. The buyers and lenders are both at fault in agreeing to a contract that both knew couldn't be sustained.
45 posted on 04/11/2007 3:42:19 PM PDT by Myrddin
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To: stainlessbanner
This sounds like Clinton's’s statement that she was going to take from those who have resources for the common good. Each step like this lessens the motivation for Americans to work to get ahead. The burden of carrying the nonproductive, the willfully nonworking, the illegals,those who won’t take responsibility for their own actions, etc. etc. gets steadily larger.
46 posted on 04/11/2007 3:46:57 PM PDT by Truth29
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To: stainlessbanner

As they always say, follow the money.


47 posted on 04/11/2007 3:47:08 PM PDT by Citizen Soldier (Now I got a fever...and the only prescription...COWBELLS!!!!)
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To: omega4412

Thank you very much.


48 posted on 04/11/2007 4:12:36 PM PDT by ops33 (Retired USAF Senior Master Sergeant)
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To: stainlessbanner

Uh, NFW, Chucky...I’m not paying for someone else’s piss poor decision making!


49 posted on 04/11/2007 4:17:58 PM PDT by TampaDude (If you're not part of the solution, you're part of the PROBLEM!!!)
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To: agere_contra

“I’ll get the gubmint to bail me out.”

Oh, the irony!


50 posted on 04/11/2007 4:20:38 PM PDT by hophead ("Enjoy Every Sandwich")
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To: SmoothTalker

and let me add...THEY BOUGHT MULTIPLE houses...trying to turn a fast buck...I read about a guy who bought 7 houses all with these types of loans...he has foreclosed on all but one at this point...he would state tons of income (which is not verified) and never have to disclose owning the other houses because NO CREDIT CHECK OR TITLE SEARCH was ever done...


51 posted on 04/11/2007 5:10:38 PM PDT by Fred (Looking Forward to Impeaching the OTHER Clinton)
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To: stainlessbanner

For the love of Pete....


52 posted on 04/11/2007 5:15:48 PM PDT by Psycho_Bunny
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To: pinz-n-needlez; onyx; ohioWfan; BigSkyFreeper; Dog; My2Cents; Howlin; nopardons; OXENinFLA; kcvl; ..

Senate Ping


53 posted on 04/11/2007 8:00:51 PM PDT by Mo1 ( http://www.gohunter08.com)
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To: Mo1

This dangerous idea better fail and fast.


54 posted on 04/11/2007 8:03:27 PM PDT by onyx (DEFEAT Hillary Clinton, Marxist, student of Saul Alinsky & ally and beneficiary of Soros.)
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To: onyx

The dems have floated a lot of dumb ideas but, this one takes the cake...


55 posted on 04/11/2007 8:14:28 PM PDT by Txsleuth
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To: HawaiianGecko

Does anyone have the name and number of a sub-prime lender? I think I’ll go buy another house and go into default, since the Schumer wants to bail me out.
*******************************
Try Huntington Bancorp ,,, it’s my best short play right now as I can use synthetic positions and avoid all the reg T problems associated with an actual short sale,,, lots of bad alt-A loans in IN,MI,TN and PA and assets not marked to market... lets just say their “quality of earnings” is in doubt and the year over year 10Q’s look a bit odd... you might want to “go fishing” in the IBD “new lows” list S&L category ... right now the problem is limited to the rust belt as jobs are still abundant elsewhere...


56 posted on 04/11/2007 8:56:17 PM PDT by Neidermeyer
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To: OldFriend

Sen Schumer is seeking to bail out the big banks that have loaned out too many shakey loans to people who should not have been qualified.

Wonder whose pocket he is in?

Not.


57 posted on 04/11/2007 11:01:27 PM PDT by OldArmy52 (China & India: Doing jobs Americans don't want to do (manuf., engineering, accounting, etc))
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To: Txsleuth
OVER MY DEAD CHECKBOOK!

Nope, actually over your tax return.

58 posted on 04/11/2007 11:11:36 PM PDT by Centurion2000 (Killing all of your enemies without mercy is the only sure way of sleeping soundly at night.)
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To: Mo1

Hubby’s been predicting the increased mortgage defaults for years now. He didn’t necessarily predict the nanny state response, but who knew at that time that the Party of the Criminally Insane was going to be put back in power?

thanks for the ping


59 posted on 04/12/2007 3:52:03 AM PDT by prairiebreeze (I support the troops AND THE MISSION.)
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To: Mo1

Oh, no. Now we’re going to bail out the stupid, greedy people on the backs of the smart, fiscally conservative and responsible people.


60 posted on 04/12/2007 5:45:02 AM PDT by Peach (Not banned yet. Too bad. So sad.)
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