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Posted on 09/28/2008 3:26:11 PM PDT by goldstategop
(9) TROUBLED ASSETS.--The term "trouble assets" means--
(A) residential and commercial mortgages and any securities, obligations, and other instruments that are based on or related to such mortgages, that in each case was originated on or before March 14, 2008, the purchase of which the Secretary determines promotes financial stability, and;
(B) and any other financial instrument that the Secretary, after consultation with the Chairman of the Board of the Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
Couldn't they have just defined "troubled assets" as -- any damn thing the Secretary damn well feels like buying, after telling the Fed verbally and the Congress on the back of a napkin, and if you don't like it, go jump!
Is it time for a cease and desist order yet?
See post 16
Raises the debt ceiling from $10 trillion to $11.3 trillion.
WOO-HOO! The Nation Credit Card debt has been raised! Bet the DNS assclown will get us a a good 22% or 25% interest rate
Pathetic.
The program is built on five principles:
* Long-term Affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family’s ability to repay the loan, ensuring affordability and sustainable homeownership.
* No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.
* No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.
* Voluntary Participation. This will be a voluntary program. No servicers will be compelled to participate.
* Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will create certainty and get markets flowing again.
Republicans have not yet given their presser. The mics are set up and ready for them. They will have one soon.
If McCain is voting for this, it’s over. I am voting Bob Barr
Same here. I actually was going to vote when McPain picked Palan.
Supporting this 700 Billion Dollar Charade will be enough to keep me home.
For those of you who want to see how much 700 Billion is:
The total cost for the Iraq War to date is about 10 Billion.
Compare that to the 700 Billion and you will soon realize that there won’t be any money left for tax cuts, etc.
Paulson won’t even need a letter. He can scribble on toilet paper and he’s met the requirement of the law. I can see it now. On the door of the US Senate, a 1” post it note saying,
Ladies and Gentlemen,
Promisory notes are “troubled assets”.
Love, Secretary
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