Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit

Obama Senate Website ^ | 3-22-07 | Barack Obama

[Brookhaven]

Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit Thursday, March 22, 2007 Printable FormatFOR IMMEDIATE RELEASE Contact: Ben LaBolt

WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market.

[manc]

your son was raised well if you don’t mind me saying

We got married over 13 years ago, we never went on a honeymoon, we have hardly been on a vacation, we waited for about 3 years before we had our first child
Why?
Well because we do not believe bringing children into this world if we cannot afford them ourselves

Now we saved and saved, worked over 80 hours many weeks but we did it.

I kid you not and you can look this up.
i live in St Augustine and one of those programmes off the TV and came and built an enormous home for a woman who had like 7 kids, of course different fathers.
Anyway a few months later after they built a beautiful big home for her she now asked and moaned that she wanted the likes of tax payers to pay her tax on the house as she couldn’t afford it.

I honestly felt sick that there are some people out there not willing to work , keep having kids and expect the likes of you and I to pay for her living and kids.

At my kids school there are kids who get free breakfast and lunch.
Hard to believe that a parent cannot even afford breakfast for their child.
i know of one of these parents and guess who she is voting for, yep obama.
i have tried to explain that maybe she should not be renting that big house and maybe she should cut shopping everyday.’She is a compulsive shopper you see.

I never get though to her about self responsibility, live within our means and cut certain things out.

Course she hardly works, her husband at 37 tried to get SS and her grand mother at 57 gets SS.

The Dems are making a culture of give me freebies and that is not what made America strong and a great country.

BTW
We do like south RI and actually thought about living there when got my wife out of MA.

All the best to you and your family, I wish him luck for the future

[Political Junkie Too]

So now it's 40 acres, a mule, and a split-level ranch-style home with 4 bedrooms, 2 1/2 baths, a 3-car garage, and top-line appliances?

-PJ

[manc]

If McCain said this right he could make the public understand that all was well until the Dems got in power and then it all went south.

it is the Dems who is in charge and on the take for all this.

fed up of hearing Bush, no Bush is not running and it is you the Dems who is in control.

He needs to say something like if you keep looking in the past you will live in the past

[kcvl]

regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market

Democrat politicians are responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market by forcing lenders to loan money to people who can't afford to pay it back!!!

[manc]

I have heard some blacks say they actually will get reperations when obama gets of course I've heard many other things too . Right near me now they are building 7 HUD homes why I have no idea. The man is a surgeon well retired and is there like a GOVT grant as it doesn't make sense to build the county part of a road in order to build these 7 HUD homes in todays climate.? Any help on this would be appreciated

[hunter112]

The mule is only there for the rest of us to have something to kiss.

[proudpapa]

Does anybody know which party Fuld and Kashkari donate to?

[Conservativegreatgrandma]

I found it today and Fuld has contributed to both but more RATS than Reps.

[river rat]

Bullsquat!

If the “homescammer” can’t negotiate a “new deal” with whomever is holding their paper — then tough shit.

Foreclose..

You can’t have what you can’t pay for....

Also - none of the house flipping geniuses or clowns playing “ATM machine” with the equity in their homes sent me any of the money...

Now their “ATM machine” is broken — so don’t expect me to bail your sorry ass out...

If you signed a contract for a Zero down payment, interest only loan -— make the Las Vegas bet that the price would ALWAYS go up, then YOU LOSE... Sell or face FORECLOSURE.

we are either a capitalist economy, or a socialist zoo...
These sub prime loans were PRIMARILY a Democrat scam to pay “reparations” or to buy votes from the dumbest asses in society....

Let THEM suffer the consequences.....not those of us who weren’t involved....

[Plutarch]

I wonder if the MSM will describe Obama warnings as being prescient?

[Political Junkie Too]

Sell or face FORECLOSURE

Either way, the taxpayer would be paying the difference between the sale price of the home and the remaining mortgage amount, not the entire mortgage amount.

What would it be of Obama tries to prevent the foreclosures? Are these people going to live in free public housing for the rest of their lives? How can that be? Is the government going to become the title owner of the property and then just let the people continue to live there rent-free and mortgage-free?

-PJ

[Plutarch]

Having asked the question, I had to look it up. Sure enough, Andrew Sullivan called this letter prescient back in March! Andrew Sullivan was prescient about it being cited as prescient. Of course, in March it was just a foreclosure problem, not a financial crisis. Sullivan's citing the letter then demonstrates that the letter is about the danger of foreclosures to Democrat constituents, not the danger of bad subprime loans to the financial sector and economy.

Obama's Prescient Judgment Again

[river rat]

Guess!

I'll bet even money that the folks currently in these homes will be offered a real “sweetheart” deal...

“Okay, You pay 20 bucks a month, and we'll let you stay in this $xxx,xxx house you “bought” with Zero down payment and almost no payments..........stay in the home you scammed, collect your welfare payments, food stamps, etc, etc.. and just sit on your ass and enjoy yourself. Consider it as a first installment on your reparations”