3 (c) JOINT RESOLUTION OF DISAPPROVAL.— 4 (1) IN GENERAL.—Notwithstanding any other 5 provision of this section, the Secretary may not exer6 cise any authority to make purchases under this Act 7 with regard to any amount in excess of 8 $350,000,000,000 previously obligated, as described 9 in this section if, within 15 calendar days after the 10 date on which Congress receives a report of the plan 11 of the Secretary described in subsection (a)(3), there 12 is enacted into law a joint resolution disapproving 13 the plan of the Secretary with respect to such addi14 tional amount.
Translation: Unless Congress schedules a vote and says "no" within 15 days of the costs going over 350,000,000, it can go to 700 Billion automatically. This way every congressman can claim "I never voted "for" it to go to 700 Billion. Congress can just not vote at all and it can go to 700 Billion.
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PROBLEM #2-US TAXPAYERS ARE BAILING OUT FOREIGN BANKS
3 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES 4 AND CENTRAL BANKS. 5 The Secretary shall coordinate, as appropriate, with 6 foreign financial authorities and central banks to work to7 ward the establishment of similar programs by such au8 thorities and central banks. To the extent that such for9 eign financial authorities or banks hold troubled assets as 10 a result of extending financing to financial institutions 11 that have failed or defaulted on such financing, such trou12 bled assets qualify for purchase under section 101.
Translation:If foreign banks bought loans that people are defaulting on, US taxpayers will buy the bad loans from the foreign banks.
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PROBLEM #3-DEADBEATS UNJUSTLY ENRICHED WITH MORE EQUITY COMPARED TO PEOPLE WHO DILIGENTLY PAID THEIR MORTGAGES AND LOCKED IN RATES
9 SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS. 10 Section 257 of the National Housing Act (12 U.S.C. 11 1715z-23) is amended— 12 (1) in subsection (e)— 13 (A) in paragraph (1)(B), by inserting be14 fore ‘‘a ratio’’ the following: ‘‘, or thereafter is 15 likely to have, due to the terms of the mortgage 16 being reset,’’; 17 (B) in paragraph (2)(B), by inserting be18 fore the period at the end ‘‘(or such higher per19 centage as the Board determines, in the discre20 tion of the Board)’’; 21 (C) in paragraph (4)(A)— 22 (i) in the first sentence, by inserting 23 after ‘‘insured loan’’ the following: ‘‘and 24 any payments made under this para25 graph,’’; and 70 O:\AYO\AYO08C04.xml 1 (ii) by adding at the end the fol2 lowing: ‘‘Such actions may include making 3 payments, which shall be accepted as pay4 ment in full of all indebtedness under the 5 eligible mortgage, to any holder of an ex6 isting subordinate mortgage, in lieu of any 7 future appreciation payments authorized 8 under subparagraph (B).’’
Translation: If you paid your bills on time, were smart and locked in a fixed rate, even paying a fee (called a "point") to get a better rate-this bill does nothing for you. If you did not make all your payments, did a no-cost loan with a variable rate-this bill will lower your rates and the amount you owe on your mortgage.
(note-the #'s appearing in the middle of words denote the sections of the bill this information was cut and pasted from. This IS from the latest version of the bill.)
So let me see if I've got this right: I've got a fixed rate mortgage, have been making payments on time for 5 years, but lose my job and start having problems paying on time while looking for a job, I'm SOL with this. Do I have that right?
And guess what? Even with the lower rate and lower amount owed, most of those deadbeats STILL won't pay their mortgages. Then what?