Posted on 08/09/2010 7:19:33 PM PDT by onyx
FHFA is comprised of combined staffs of the former Office of Federal Housing Enterprise Oversight (OFHEO), the former Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).
That’s one instead of three worthless bureacracies.
The FHFA is not part of the treasury Dept as you can see here.
http://www.ustreas.gov/bureaus/
While the so-called bailout (which it wasn’t - it was a regulatory regime) did create the FHFA, it did NOT give permission for Paulson and Co. to come prancing in and do what they did. It was the treasury dept on its own that tossed an initial 200 billion at it. The $300 billion authorized in the legislation was for insuring the mortages, not stemming the systematic losses in company (stock) value.
AIG consumed, to date, 182 Billion of your Precious’s TARP bailout $$. Never to be repaid.
http://www.investmentnews.com/article/20081110/REG/811109991
http://www.ritholtz.com/blog/2010/06/paulsongeithner-committed-fraud-in-aig-disclosures/
The Foreclosure Prevention Act of July, 2008, DID give authority to the Treasury to bail out Freddie and Fannie.
"The bill grants the Treasury Department broad authority to safeguard the nation’s two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions of dollars in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation’s $12 trillion in mortgages.
To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government’s credit card has grown to 14 digits."
As I said, VP candidate supported the bank bailout. AIG was NOT part of that.
I don’t find that authority in here.
http://thomas.loc.gov/cgi-bin/query/D?c110:6:./temp/~c110DQaorY::
Just in the insuring of up to $300B
TARP gave wide discretion to old Hank as you well know. As the opponents, unlike Precious, complained at the time
You read through that long bureaucratic crap sandwich?
I will read through it tonight (to confirm the news reports that I cited).
Hunter voted "yes" on it.
“it” is a house amendment to a Senate amendment regarding the Foreclosure Prevention Act of 2008, which was an amendment to HR 3221, which Hunter did not vote to pass, as well as rejected all subsequent votes to pass as amended.
The FCA of 2008 is Division B, sections 2001 to 2902 of a bill HR 3221 - Housing and Economic Recovery Act of 2008. If you bothered to read the HR 3221, you would see that the FCA is only a part of that omnibus bill, and the vote you site is a vote to allow House amendment to a Senate amendment of the FCA.
Amen, onyx. She handled the rude fake teacher with good will and charm. I loved it.
Andrew Sullivan is claiming that the woman is a teacher. But of the two Andrews, I trust the one named Breitbart.
But even if the woman had been a real teacher, what’s up with that. That doesn’t make her a saint or untouchable.
The whole deal is the media and lefties are so petrified of Sarah, they are constantly hoping to find something that will show her in a bad light. They were hoping this video would show Sarah dissing a teacher.
Instead it showed how well Sarah handled a rude and contentious confronter. Hah!!
What you said is absolutely correct on all counts. (((((altura)))))
LOL! What??
The House passed HR 3221, calling it the Foreclosure Prevention Act, on July 23rd, 2008. The Senate passed the same bill several days later and then the President signed it into law on July 30th, 2008.
Here is a history of the bill.
The bill was designed to prop up Freddie and Fannie with up to $300 billion in additional funds.
The bill also gave the department of Treasury the authority to place Freddie and Fannie into conservatorship, run by the FHFA, at a cost of up to an additional $800 billion.
See sections 1117, 1145 and 3083 in HR 3221 for citation.
Link to summaries of the above sections.
On September 6, 2008, the director of the FHFA, James B. Lockhart III, announced his decision, authorized by the powers specified in the Foreclosure Prevention Act of July 23rd, 2008, to place Fannie and Freddie Mac into conservatorship run by the FHFA.
The bill is a big government, socialist piece of garbage.
Duncan Hunter voted for it .
Dude, you obviously have not read the bill. Or looked at its history.
For starters, HR 3221 is The Housing and Economic Recovery Act of 2008
http://www.govtrack.us/congress/bill.xpd?bill=h110-3221
The Foreclosure Prevention Act was S 2636
http://thomas.loc.gov/cgi-bin/bdquery/z?d110:SN02636:
The FPA (not the FCA as I kept typing yesterday) was inserted into the bill by the Senate. Hunters vote you keep frikin siting is a House Amendment to THAT AMENDMENT, not a vote for the entire bill. The House voted on that in 2007. What followed was wrangling over amendements.
The Title of the vote, the only one where Hunter voted YES is the following:
“On motion that the House agree with an amendment to the Senate amendment to the House amendments to the Senate”
You don't know what you are talking about. You are in denial.
Read the frickin history link that I posted to you.
Bill:H R 3221
Vote description: Foreclosure Prevention Act of 2008
7/23/08
House Passed Session 2, roll call 519
Concur in Senate Amendment With House Amendment Foreclosure Prevention Act of 2008
Read the full history at that link.
It was the final damn vote!
Hunter voted for it.
You moron. Read the damn bill and its history.
HR 3221 is NOT, repeat NOT titled the Forreclosure Prevention Act.
The Foreclosure Protectio Act is S. 2636
http://www.opencongress.org/bill/110-s2636/show
That one vote you keep bringing up, IS A VOTE TO AMEND THE FORECLOSURE PROTECTION ACT (FPA)- which itself is a Senate Amendment to HR3321 - The Housing and Economic Recovery Act of 2008.
READ CAREFULLY
This is one of the leading Democratic proposal for addressing the housing crisis. It’s main provision would allow bankruptcy judges to renegotiate the terms of home mortgages. This bill would also increase the number of tax-exempt mortgage revenue bonds available for refinancing subprime mortgages, provide community development money for fixing up foreclosed homes, tax breaks for businesses, and more. A new, bipartisan version of this bill has been drafted and considered by the Senate as an amendment to H.R.3221.
http://www.opencongress.org/bill/110-s2636/show
Now go back and READ THE DAMN TITLE of the vote 519 in your previous post.
GET IT?
The American Housing Rescue and Foreclosure Prevention Act of 2008
Hunter's vote: YEA
Details: [Excerpt]...additionally, the bill establishes the Federal Housing Finance Agency (FHFA) as an independent regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. These government-sponsored entities (GSEs) were created by the government to finance mortgages and increase home ownership. Beyond supervision of the operation of the GSEs, the new regulatory authority could establish minimum and risk-based capital requirements to ensure that the GSEs remain sufficiently leveraged against declining market conditions. The bill also clarifies the GSEs’ affordable housing goals and raises the limit on GSE loans to 115% of the local area median home price, with the permanent loan limit raised from $417,000 to $625,000. The interest on GSE loans would be used to finance the Affordable Housing Trust Fund.
The legislation temporarily permits the Treasury Department to extend to Fannie Mae and Freddie Mac an unlimited line of credit and to purchase stock in the companies to maintain their solvency if doing so would stabilize markets and prevent disruptions in mortgage availability. If this authority was assumed by the Treasury Department, the FHFA would gain increased regulatory capacity, including the power to approve executive compensation at all GSEs. The Act includes protections for taxpayers, putting them first in line to be paid back if the Treasury uses this increased authority.
Further, the bill grants $4 billion in Community Development Block Grant (CDBG) funds to states and cities to purchase and redevelop abandoned and foreclosed homes. The legislation requires the rehabilitated homes to be sold or rented to moderate-, low-, and very low-income individuals and families.
The American Housing Rescue and Foreclosure Prevention Act also establishes minimum standards for a nationwide mortgage licensing and registration system for brokers; increases the loan limit on reverse mortgages for seniors to $625,000; provides $180 million for housing counseling; and enhances mortgage disclosure requirements.
The bill contains several tax provisions. These include a temporary $7,500 tax credit for first-time homebuyers that must be paid back over 15 years; a temporary property tax deduction of $500 for individuals who do not itemize their tax returns; and a temporary increase in a low-income housing tax credit.
Finally, the Act increases the federal debt limit by $800 billion to $10.6 trillion.
It's documented everywhere on the internet.
Open your eyes.
There is no bill called The American Housing Rescue and Foreclosure Prevention Act of 2008
This site, like you, pulled it out of their arse.
Idiot, you are posting a February 2008 link. The Act was passed in July, 2008. You have no idea what you are talking about!!
Read the flippin links I posted to you, you moron.
One more time, even slower, MENSA:
READ CAREFULLY
This is one of the leading Democratic proposal for addressing the housing crisis. It’s main provision would allow bankruptcy judges to renegotiate the terms of home mortgages. This bill would also increase the number of tax-exempt mortgage revenue bonds available for refinancing subprime mortgages, provide community development money for fixing up foreclosed homes, tax breaks for businesses, and more. A new, bipartisan version of this bill has been drafted and considered by the Senate as an amendment to H.R.3221.
http://www.opencongress.org/bill/110-s2636/show
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