Posted on 01/27/2009 7:09:24 PM PST by ProtectOurFreedom
The Federal Reserve on Tuesday took a step toward easing mortgage foreclosures threatening millions of Americans, announcing that it would write down troubled mortgages to keep people in their homes.
Fed Chairman Ben Bernanke said the initiative would specifically include $74 billion of assets held in connection with the bailout last year of Bear Stearns and American International Group.
"The goal of the policy is to avoid preventable foreclosures on residential mortgage assets that are held, owned or controlled by a Federal Reserve Bank," he said in a letter to Rep. Barney Frank, chairman of the House of Representatives financial services committee.
The Fed was instructed by the law last year that authorized a $700 billion bank bailout with public money that it must do what it can to minimize foreclosures.
The Bear Stearns and AIG rescues were done outside of this emergency measure, and President Barack Obama has said that part of the second $350 billion tranche of the money, that was released to him by Congress earlier this month, will be used to stem the tide of foreclosures.
Private economists estimate that millions of Americans are at risk of losing their homes after the collapse of the U.S. housing market savaged house prices and forced up unemployment as the economy slid into recession at the end of 2007.
Frank, a Massachusetts Democrat, has been among U.S. lawmakers pressing the Fed and the government to do more to prevent mortgage foreclosures and he said the decision by the Fed was a "major breakthrough."
(Excerpt) Read more at news.yahoo.com ...
Tell me Todd. How many mortgages did the Federal Reserve write exactly?
What does "write down" mean, exactly?
What Statute authorizes the Federal Reserve to do this? (Chapter and Section if you please)
That'll do for now.
L
An amazing amount of people are loosing jobs. Many more to come.. everyone facing foreclosures do not fit in these categories.
The Fed is clueless. No matter what they do the market will react in the opposite direction of what they want since markets EQUALIZE.
I haven’t seen a 20k loan in 20 years.
You don’t understand spreadsheets and now you want a lesson on the Constitution? LOL!
It’s been 19 years since I paid off the loan that I put down 20% on in 1966.
Except for that loan everything that I have bought in my lifetime has been bought for cash including my condo and my airplane.
Growing up in the last depression and my GG grandfather losing his First National Bank of Pomona in the 1880s depression I was raised that way and it’s served me very well.
Never a cent of borrowed money other than my 1st home which I still have.
Why as a matter of fact I would like one from you.
Can you cite for me, Article and Section please, where exactly the Federal Reserve Bank is authorized?
Would you also please cite for me any relevant Supreme Court decisions relating to the Congressional authorization for the Federal Reserve? Now I may be just an ignorant half-wit living in a trailer park Group Home, but I'm smart enough to know when I'm in the presence of True Genius.
And I'm also smart enough to learn from such a creature.
So please do dig out your handy-dandy Pocket Sized copy of the US Constitution and dig up those few teensy weensy cites I asked you for.
Why, someone as breathtakingly perspicacious as you can do that in your sleep.
This unworthy one awaits the favor of your reply...
L
Section 8 - Powers of Congress
To coin Money, regulate the Value thereof
Would you also please cite for me any relevant Supreme Court decisions relating to the Congressional authorization for the Federal Reserve?
Sorry, school's out. Don't burn yourself when you heat up that tar.
To coin Money,
Almost, but not quite Professor. Where exactly is the authorization for Congress to print money, or to delegate the authority to print money?
Do try to keep up will you?
L
Darn you got me. All your paper money is illegal. Please return it immediately to the US Treasury.
Do try to keep up will you?
You're funny.
So are you clear now on the Fed creating new money? Or is it still too confusing for you?
Oh, I've been clear on it for quite some time.
Please return it immediately to the US Treasury.
Come and get it.
L
Bless you! Do you realize that so many had a different opportunity?
“Do you realize that so many had a different opportunity?”
Absolutely, we have 3 generations that will never learn to be fiscally responsible without a full blown depression.
You don’t have to suffer in a depression, my father saved enough to start a business and build a 2400sq. ft. home in an upscale neighborhood in Los Angeles in 1936.
That business ran for 57 years before i closed it because of the illegal invasion of commercial construction without ever borrowing a cent.
It’s very simple, we never bid a job that we didn’t have at least 90 days of payroll and material money in the bank which with the volume we did required close to $500k.
Wouldn’t that be an eviction of your tenant, not a foreclosure?
I hold mortgages here in 5 properties. One of my tenants said “ you can’t foreclose now that Obama be President”. I told her that if she is 24 hours late in my money that she would be on the street in 21 days. She will be too and crying all the way as the sheriff escorts her dead beat rear to the curb.
____________
Based on your “wording” of this post, your other about Rush that was removed by the moderator and your other 2 hinting/advocating revolution in your roughly dozen total posts................I don’t believe you.
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