He also announced that the immigration reform bill wasn't amnesty.
Posted on 08/31/2007 12:20:27 PM PDT by Ernest_at_the_Beach
nder the plan, the Federal Housing Administration's mortgage insurance program will be changed to allow more people to refinance with FHA insurance if they fall behind on adjustable-rate mortgages.
People who have missed mortgage payments are now ineligible for FHA insurance.
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(Excerpt) Read more at marketwatch.com ...
I thought he announced no bailout?
Wall St.: Thanks Bernanke, Bush
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NEW YORK (CNNMoney.com) -- Stocks surged Friday as investors hailed Ben Bernanke's pledge that the central bank will act as needed to keep financial markets stable and the Bush Administration's plan to aid consumers hurt by the subprime mortgage crisis.
Reports showing still-strong consumer spending, but mild core inflation added to the early upbeat tone.
That depends on what the meaning of the word “bailout” is.
At any cost, keep the machine running.
< /sarcasm >
Define a bailout....no money gets appropriated ..
He also announced that the immigration reform bill wasn't amnesty.
It’ll cost way more money .....if the machine stops running......
No bailout to jorge is like amnesty is not amnesty, the man is a raven socialist.
“I’m from the federal gubbament, and I’m here to help you.”
No doubt about it.
““I’m from the federal gubbament, and I’m here to help you.”
Which hole do we pour the money down?
Hey Jorge, I am going to be a little short next month seeing as I have to go away for a week or so. Thing you can throw me a few mortgage payments? I would really appreciate it.
I just watched CNBC....they thought was pretty puny....Hillary and Dodd are prepared to throw billions at the problem!!!
“I thought he announced no bailout?”
Jorge the hard core liberal was on vacation that day, but now he’s back at work.
This is a derivative of the Amnesty Bill.
The recipients of these bailouts will be the illegal alien crowd that got most of these subprime mortgages that are now in foreclosure.
If the owners and landlords of these 20 per house residences go belly up the illegals residing therein will have to go somewhere else or go home. The cheap labor proponents don’t want these guys to go home, so bail out their landlords and keep them here.
One more cost of the illegal alien invasion to be paid for by the American taxpayer to keep greedy corporations and business in big profits using exploited workers.
Suckers. But your rich neighbors will have their nice lawns in their gated communities taken care of.
A `rat-hole, most likely.
In March 2003 he took out a mortgage with Ameriquest Mortgage. Borrowed $ 49,650 at 5.5% with an adjustable rate w/max change of two percentage points every six months. With Ameriquest financing fees and origination fees, doc fee, application fee, Admin fee, lender’s processing fee, tax related service fee...... added to the amount he borrowed, (another $14,100 in fees to them) the total mortgage was $63,750. This is right off his settlement sheet, these are not estimates! His monthly payment was around $500 per month. He paid for 3 years and lost his job in early 2007 and at that time fell behind. His interest rate is now 12.5% and his monthly payment is $843. I contacted Ameriquest for a payoff as of July 26, 2007. The amount they faxed me for payoff including penalty for early payoff, foreclosure fees, inspection fees, late charges...... was... ready for this.... $85,380.57 All that for a $49,650 loan.
It’s no wonder that the state attorney generals (I think it was in 23 states) went after them in a class action suit. They negotiated a class action settlement and offered my client $600 to settle for their predatory lending practices. I read the article in the New York Times last Sunday where Countrywide had similar lending practices. Should we bail out these carnivores.......NO!
Bush proposes steps to deal with mortgage crisis
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By Tabassum Zakaria
WASHINGTON (Reuters) - President George W. Bush on Friday tried to calm financial market turmoil from the credit crisis by announcing proposals intended to prevent homeowners from defaulting on risky mortgages.
Rising U.S. defaults on so-called subprime mortgages to less credit-worthy borrowers have caused volatility in financial markets around the world and raised concerns that the U.S. economy could fall into recession.
In trying to soothe those worries, Bush said the U.S. economy was healthy enough to weather the credit crisis and that the subprime market problems represented only a "modest" part of the economy.
"The recent disturbances in the subprime mortgage industry are modest, they're modest in relation to the size of our economy," he said.
But he emphasized that it was not the federal government's job to bail out the mortgage lending industry, a comment that caused U.S. stock prices to pare gains.
"The government's got a role to play. But it is limited. A federal bailout of lenders would only encourage a recurrence of the problem," Bush said in a statement in the Rose Garden.
On Capitol Hill, Democratic lawmakers took issue with Bush's stand-back approach and urged more direct action to protect homeowners who may not realize the pitfalls they face as their adjustable-rate mortgages reset with higher rates that push monthly payments up.
"Homeowners are being ripped off by brokers and lenders skilled at deceiving borrowers," said Senate Banking Committee Chairman Christopher Dodd.
Dodd offered support for a proposal to let the Federal Housing Administration refinance more distressed homeowners but said Bush had "sat on his hands" too long before acting.
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