Posted on 01/29/2006 2:17:44 PM PST by Uncle Sham
Don't leave us to foreclosure Sunday, January 29, 2006 Here in a community full of ruined homes, it takes no imagination to predict an epidemic of foreclosures that could devastate families, cripple the recovery of greater New Orleans and strain the nation's economy. If your flood insurance payout isn't nearly enough to cover your mortgage, you wonder if you'll have to abandon your unlivable home. If you look down the block at a dozen other damaged houses and know that your neighbors are in the same bind, you understand the fear of losing your neighborhood to blight. If you travel daily past block after block of empty, flood-marked houses, you understand how large the hole in our economy could become. This explains why U.S. Rep. Richard Baker is not giving up on his proposal for a federally backed buyout of flooded-out homeowners and small business owners. He wants Congress to create a corporation that would release Hurricane Katrina's victims from their mortgages, sell bundles of property to developers and help get storm-ravaged land back into commerce.
(Excerpt) Read more at nola.com ...
Oh, you haven't heard their latest idea!
If we, the taxpayers of the United States, won't give them what they want, the state of Lousisiana is going to make it up by charing a TARIFF on the gas and oil, etc., that moves through the pipes from NO to the other states.
That'll win them a lot of friends, won't it?
If Louisiana wants a buy out let Louisiana pay for it.
The taxpayers aren't paying for this. The ones who redevelop the properties will be paying for this. People need to read the article before jumping to conclusions. In other words, it isn't going cost you one red cent.
Progress = handout ?
Seems awfully funny that only those in NO are asking for handouts from the federal government - where are all the rest of Katrina and Rita "victims" ?
Probably out working and rebuilding their lives on their own without waiting for the government.
You should be ashamed of yourself here on a CONSERVATIVE forum. Geez, the idlers on DU would welcome your comment.
That's wishful thinking...prohibited by the constitution.
Of course, the surrounding states could charge a tariff on food that flows into LA if they really want to go that direction.
I saw it after it posted. Too late to change it. The article itself is a good one about what was being proposed.
That's exactly what I told them; how about the other 49 find something they might need in NO and put a tax on that.
They were gleeful in the idea that they had found a way for somebody else to pay for it though.
It wouldn't cost anything if the developers were successful. That is a big if.
If not, it would be guaranteed by the Federal Government, and come right out of our pockets.
If you can't afford insurance, don't buy.
I will NOT pay for YOUR stupidity.
Can they NO/LA charge a tariff w/o federal intervention.
I ain't no lawyer, but it sounds that this tariff may have national ramifications, hence the federal government would have a say at it.
Silly people!
BTW, having attended both Clinton impeachment rallies in Washington, DC should tell you that I am certainly not a liberal.
Don't buy a house if you don't have insurance.
Don't blame us when it gets trashed, and you can't afford to rebuild.
We are not responsible for your stupidity.
The aftermath of the flood of 1927 was a lot of small banks that went bankrupt, and others that were hanging on by the skin of their teeth until 1929.
Just one of the many factors that led to the Great Depression of 1929, but an important one.
In those communities, the Great Depression started in 1927.
Fast forward to 2006 -- the loans on those houses are guaranteed by Fannie Mae, and backed by the federal government, which means you and me, the American taxpayer. We're interconnected. The cascade of debt defaults won't stop at the parish line.
Well, actually, you will be. If Fannie Mae goes belly up, who pays the tab?
----LMAO
If Congress is involved it is going to cost taxpayers, no ifs and or buts about it.
Well, that's what they want! They want the rest of the country to pay for fix up New Orleans!
hence the federal government would have a say at it.
And if it turned out to be against the law, they could blame Bush again, ya see?
Here's an example:
"Why should I , a US taxpayer, help pay billion$ to rebuild NO when everyone knows it is certain to flood again."
Please see post #30. If Lousiana has its way you will pay whether you want to or not. But just to reiterate: It is beginning to dawn on Lousiana that we have the Nation literally over a barrel. Our Natural Resources are such that we can tax our way out of our own peril and have the Nation pay the tab at the pumps. This idea is beginning to take root here as our Federal government refuses to own up to it's share of responsibility in their failed Levy protection system. I give a lot of credit for this idea to some very astute politicians in the State of Lousiana.
Personally I'd like to see most of those properties turned back into wetland, but even so, the owners are entitled to full compensation because the land will be taken for a public use.
Which is more economical, 60 cents on the dollar now, or 100 cents on the dollar plus legal fees later?
I saw that, and I'm still shaking my head in wonderment.........
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.