Posted on 08/11/2010 9:31:26 AM PDT by Qbert
Even if Congress goes Republican in the fall, assuming nothing gets done in a lame duck session, I do not trust Washington to fix this mess without significant pressure on them from the middle-class at the time. How can you solve the mortgage industry problems brought about by the Community Reinvestment Act by giving lower income people more help? Are we simply going to buy them houses outright?
If Obama has his way, they'd pay for that by doing away with tax breaks for people who actually pay their mortgages on time. No matter what, I don't see Obama signing anything that doesn't represent a transfer of wealth policy. And the GOP on the Hill can't usually be trusted to not play along, to be the nice guys. Nice guys like that are better known as schmucks!:
---Now, Washington is preparing to rebuild the national mortgage market atop the ruins of Fannie and Freddie. The proposal, due early next year from the Obama administration, could make it harder to buy a home by reducing available credit or requiring bigger down pay-ments. Low-income renters might get more government help.
Other critics say eliminating or overhauling Fannie and Freddie isn't enough: The government must reconsider such bedrocks of housing policy as the mortgage interest deduction and the tax exemption of most capital gains from home sales.
They say these misguided or outdated government policies encourage the United States to massively overinvest in housing, shortchanging other parts of the economy. "There's only so much subsidy to go around at the end of the day," Katz says.
The administration isn't tipping its hand in advance of a conference next Tuesday on housing finance reform in Washington. But officials insist that big changes are coming to housing finance. Treasury Secretary Timothy Geithner has said the reforms must: continue to make mortgage credit widely available; promote affordable housing for home buyers and renters alike; protect consumers from predatory lending; and promote financial stability.
Taxpayers, bend over for another dose of obamaoism!
gee, there they go again.
Keeping your own money is a “subsidy” and favor granted by the govt.
Let me repeat myself: Voting in republicans this November is like voting in a new crew to the titanic after it hit the iceberg. The most we can hope for is maybe a more efficient use of the lifeboats, but that is it. And there are still too few lifeboats.
As for me, I got some tools from the mechanic and am making my own makeshift lifeboat from some of the deck chairs. I think I have about a half hour before it goes nose down.
Oh boy.
“But let me be clear, uh...I’m still going to be giving tax cuts to, uh..95% of Americans...”
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