Congress Completes Mortgage Bailout Plan

Houston Chronicle ^ | 7-27-2008 | Houston Chronicle

[Kolb]

July 27, 2008

The U.S. Senate put in a rare working Saturday in order to approve a massive housing aid package to shore up the collapsing real estate market. The measure now goes to the White House, where President Bush has indicated he will sign it into law.

The measure gives the U.S. Treasury Department the power to step in to protect mortgage giants Fannie Mae and Freddie Mac, preventing them from going into default. By doing so, U.S. taxpayers will assume substantially more risk, promising to bail out the two firms if they begin to teeter toward bankruptcy.

[TruthConquers]

So, are the markets going to be happy with this?

And what will be the price of gold?

And what will the dollar’s index be?

Interesting times indeed.

[Don Corleone]

Thereby devaluing every dollar that you have in your pocket and perpetuating the problem. Big government once again cranks up the presses.

[Oshkalaboomboom]

Not to mention sticking it to every homeowner who did things the right way

[villagerjoel]

You actually lived within your means, and paid your loan responsibly? Ha! Sucker.

[Hildy]

I bet there are alot of people who have been foreclosed on in the last several months who are going to be pretty pissed off. Ya see, you can’t please all the people..we have become a nation of selfish, self-centered individuals. This is why religion is a necessity for the success of a free, capitalistic sociey. And that’s the ingredient we’re missing and why we are sinking. I believe we are on our way to the bottom..I don’t know if it’s a bottom we will be able to recover from...if Obama is elected (and right now I don’t think he has a chance in hell), but if he does, it would be the nail in the coffin.

[Trajan88]

Re: "Not to mention sticking it to every homeowner who did things the right way"

You got that right.

I'd like to know how much of my tax money is going to coddle the deadbeats from coast-to-coast.

Robin Hood plan for the stupids that cannot read the fine print getting into homes they cannot afford.

[spanalot]

when do we start printing $100 billion dollar bills?

[ExSES]

I'd like to know how much of my tax money is going to coddle the deadbeats from coast-to-coast.

Not if you want to sleep at night!!!

[TLI]

I'd like to know how much of my tax money is going to coddle the deadbeats from coast-to-coast.

Well, it is a 300 Billion "program" that will go to 400,000 deadbeats. That comes to . . .

Seven Hundred Fifty Thousand Dollars per deadbeat.

So, to answer your question of "how much of my tax money" that would be approximatly

A LOT!

[Kimberly GG]

I’d like to see a little more HONESTY about this issue! Well, a lot more honesty! As far as I’m concerned our globalist/ Open Borders government just bailed out the banking elitists and the OBL’s illegal alien slaves.

A Housing Rescue Nears – But for Whom?
Christian Science Monitor ^ | 7/22/08 | Gail Russell Chaddock

Posted on Wednesday, July 23, 2008 10:00:26 AM by Kimberly GG

“As Congress heads into a critical week of votes on how to relieve America’s home-foreclosure crisis, one of the toughest issues will be how to deal with the racial and ethnic dimensions of the problem. Minorities will be watching closely to see who gets the help.”.....

......”Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures,” says Katheen Day, spokeswoman for the Center for Responsible Lending, a nonprofit research and policy group based in Durham, N.C. “We know that black and Hispanic communities are hardest hit.”.....

......”Also, the areas hardest hit by home-loan crisis are heavily Hispanic.”.....

.....”Activist groups say this racial dimension to the problem puts a special responsibility on the federal government to relieve distress in these neighborhoods.”

Finally, someone is touching on the subject of the number of subprime loans that were given to Hispanics. What still isn’t being said is the number of recipients that are illegal aliens. Government issued Tax ID numbers and the acceptance of the Matricula Consular ID cards, IMO, led to the rush by banks to extend credit and subprime mortgages to illegal aliens. Pandering by our government and the banking system (including the Federal Reserve Bank) to illegal aliens has brought us this gigantic economic mess and now both the illegals and the banks will be rescued, at our expense, by the bipartisan, Open Borders wing of our government.

http://www.freerepublic.com/focus/f-news/2049924/posts

[Trajan88]

thank you... now we know why the value of the dollar is poor, very poor vs the Euro/other currencies.

Founding fathers rolling in their graves.

[Wally_Kalbacken]

It’s the true story of moral hazard. You cannot protect against the irresponsible behavior of people. But you shouldn’t institutionalize the principle that the pain of foolish choices must always be spread over the widest group (i.e., taxpayers.)

[OpusatFR]

Housing schmouzing.

Look at this little corporate ditty buried toward the end:

Page 675:”APPLICATION TO CERTAIN AUTOMOTIVE
PARTNERSHIPS...

Page 677:”that will produce in excess of 675,000 automobiles” between Jan. 1 and June 30, 2008...”

“(C) $30,000,000, reduced by the amount of any payment under this subsection for any preceding taxable year.”

“(4) DEFINITIONS.—For purposes of this subsection—
(A) APPLICABLE PARTNERSHIP.—The term ‘‘applicable partnership’’ means a domestic partnership that—
(i) was formed effective on August 3,15 2007, and
(ii) will produce in excess of 675,000 automobiles during the period beginning on January 1, 2008, and ending on June 30,
19 2008.”

Bet it’s Cerebus Capital on Chrysler?

I give up. It’s a fascist takeover and it is done without a shot fired.

Here’s another BIG potential conflict of interest:

“Page 23: “Federal Housing Finance Oversight Board:

COMPOSITION.—The Board shall be comprised of 4 members, of whom—
(1) 1 member shall be the secretary of the Treasury;
(2) 1 member shall be the Secretary of Housing and Urban Development;
(3) 1 member shall be the Chairman of the Securities and Exchange Commission; and
(4) 1 member shall be the Director, who shall serve as
the Chairperson of the Board.”

“
Page 52: “Director may, by order, require an enterprise,
under such terms and conditions as the Director determines to be appropriate, to dispose of or acquire any asset...””

To which I ask: Auto loans? Other GSEs? Corporate Bonds? Junk Bonds?

“Page 74:”TEMPORARY AUTHORITY OF TREASURY TO PURCHASE OBLIGATIONS AND SECURITIES;

CONDITIONS.
(1) AUTHORITY TO PURCHASE.—
(A) GENERAL AUTHORITY.—In addition to the authority under subsection (c) of this section the Secretary of the Treasury is authorized to purchase any obligations and other
securities issued by the corporation under anysection of this Act, on such terms and conditions as the Secretary may determine and in such amounts as the Secretary may determine.””

WE HAVE BEEN SHAFTED.

[VRWC For Truth]

Vote the out of touch bums out.

[biff]

My Benjamins have wings that fly nonstop to DC. Don’t yours?

[GregoryFul]

And next week Congress will consider legislation that will send $1,000,000 to every citizen who filed a tax return this year... Helicopter Ben in action!!!

[GregoryFul]

A few months ago I bought a $1,000,000 dollar Zimbabwae note (expired now). I understand that they are now printing trillion dollar bills — that could buy a tomato or two.

[GregoryFul]

Thanks for reminding me of these $itbags in action.

[GregoryFul]

Hey, you think that your Congress, your President, your government give a damn about your hard work, your lifelong thrift, your retirement account - think again, sucker.