"It won't be so bad. Every year we will get a month off to see our family in the projects. And with these low, low finance rates, our grandchildrens grandchildren will have it paid off. So, we have that going for us, which is nice."
_-_Volga_Boatmen_(1870-1873).jpg/800px-Ilia_Efimovich_Repin_(1844-1930)_-_Volga_Boatmen_(1870-1873).jpg)
Posted on 10/04/2008 9:51:48 AM PDT by RDasher
From the passed bailout bill S-1424;
TITLE I - Troubled Assets Relief Program SECTION 110 b. HOMEOWNER ASSISTANCE BY AGENCIES.1. IN GENERAL.To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. 2. MODIFICATIONS.In the case of a residential mortgage loan, modifications made under paragraph (1) may include 1. reduction in interest rates; 2. reduction of loan principal; and 3. other similar modifications.
The above is actually in the bill.
(Excerpt) Read more at frwebgate.access.gpo.gov ...
The unintended (or intended) consequence of this will be massive corruption with special deals for friends, cronies, and political favors.
This country may be in its death throes.
Vote all of the bums out.
Dodd and Frank cried for and lobbied for this bill. Pelosi cried for this bill. Paulson is already on record for going to the Democrats first before proposing it to Bush. What more evidence do we need? Remember, we revolted from a country that taxed us to death and we had no representation in. It appears we no longer have any representation.
The unintended (or intended) consequence of this will be massive corruption with special deals for friends, cronies, and political favors.
:::::::::::::::
Washington is totally out of control -— these are the kinds of things that eventually drive revolutions. Washington is only looking out for itself....it is like a self-supporting cancer now. God help America if the people of this country are STUPID enough to put Obama in the White House — Tom Clancy could write a good book about what will happen to the country if this all happens....
How can I find out which senators added the pork to the bill?
Bush is either corrupt or stupid. This bill gives Paulson (Obama has said he might keep Paulson) the right to sell to anyone he wants for the price he determines.
And the “property managers”? Who is that going to be?
Is anyone planning a challenge to the constitutionality of this bill?
And remember, Bush and McCain supported this bill as well as almost eveeyone in the senate and house.
We just lost our freedom and have become slaves to the state.
That would be a very worthy cause.
The time has come to decide are we going to be slaves to the state?
I hope in November every sitting politician gets voted out of office.
It’s only a dream I know but boy would I love it. This year my ballot will be totall anit incumbant. I don’t care if I have to vote for a democrat. My repblican reps. voted for the bailout so whats the difference.
It isn’t a question of may be, freedom in thia country is gone. We are now all slaves to the Socialist/Marxist/Communist ruling elite, of which McCain is one of the group.
Relax, our fearless leaders know what is right for us.
” (1) may include 1. reduction in interest rates; 2. reduction of loan principal; and 3. other similar modifications. “
Reduction of principal....exactly what Biden wanted and mentioned in the debates.
How will the democrats survive without Bush. He’s the best thing that ever happened to them.
Bush seeks to increase minority homeownership (FHA with no down payments to bad credit risks!)
By Thomas A. Fogarty, USA TODAY 1/20/2004
http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm
Can’t give a snip of USA today, but it’s worth the read!
Since WWII the white middle class accumulated great wealth. The politicians now want that wealth and the white middle class will be fleeced. "Diversity," "Tolerance," "Room at the Table," "a Big Tent," "Equal Rights," have their price. Enjoy!
Like I said below, it’s time to make another stand
Tom is a socialist, besides there already is a book about it, it is called “Atlas Shurgged” by Ayn Rand.
What will happen is that no one will say anything if their payments are reduced. It’s the same with property taxes in big cities. If the county raises taxes in a ten square block area, people outside of that area won’t say anything for fear their taxes will be raised. Then when the county does raise taxes on the other areas, people who had their taxes raised earlier will say “You didn’t help me when they raised my taxes, why should I help you now.” Nature of the game with crooked politics. I’ve seen this happen when I was a kid and my father explained it to me.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES
12 AND CENTRAL BANKS.
13 The Secretary shall coordinate, as appropriate, with
14 foreign financial authorities and central banks to work to
15 ward the establishment of similar programs by such au
16 thorities and central banks. To the extent that such foreign
17 financial authorities or banks hold troubled assets as a re
18 sult of extending financing to financial institutions that
19 have failed or defaulted on such financing, such troubled
20 assets qualify for purchase under section 101.
SEC. 101. PURCHASES OF TROUBLED ASSETS.
8 (a) OFFICES; AUTHORITY.—
9 (1) AUTHORITY.—The Secretary is authorized to
10 establish the Troubled Asset Relief Program (or
11 ‘‘TARP’’) to purchase, and to make and fund com
12 mitments to purchase, troubled assets from any finan
13 cial institution, on such terms and conditions as are
14 determined by the Secretary.....
There can never be a court challange to this law as it is written in the law that it is outside the perview of any court.
You lost it a long time ago. You're only just beginning to realize it.
RNC supports incumbents only. It's very hard to get a decent replacement in a primary. Voters aren't paying enough attention.
Frank, Dodd, Wrangle, and most of the most crooked, know their seats are perfectly safe.
You assume I was not aware of it before now.
Crooked politics isn’t it. It’s called corruption at it’s worse.
The elderly lady (in her 90’s) who tried to commit suicide by shooting herself because she was in foreclosure (according to news reports) has had her loan forgiven by Fannie Mae. (I think this may be the idea. Looks a bit like back door reparations in this bill to me as someone suggested the other day. I’m not knocking humanitarian kindness.) However, I think that Whitey does not have any earthly idea of just how much he is going to have to pay, and pay, and pay, and pay for slavery, and since the bill isn’t called “reparations” it won’t count for anything - even if his ancestors had nothing to do with slavery. There are a lot of good black folks, but there are also a lot of folks of all colors who aren’t worth a plug nickel.
Oh, wait. She already owned the house, got 45k for it and then shot herself, kept the house and was forgiven the 45K.
OK. I want the house and money now, or else I won't shoot myself.
( if this seem stupid, it is just that I am responding to the incentives the government makes. Can't blame me on that!)
The big question is: how bad will it get before folks wake up - if ever?
Although U.S. Banks were on verge of collapse, it may not have come at this time except for an event in Africa....Please read this comment for clarity:
Here are articles from Washington Post on Coup, since Aug 6th Coup in Mauritania from an email I sent to some particulars:
Why, you ask would one leader in Mauritania bring about such financial chaos? The African Union (formerly the OAU) is made up of the whole African Continent...what affects one affects all, and therefore affects the World. Of course if we had banks that were NOT already on the brink of collapse, this might have gone unnoticed. We were at a pivotal point, with all the huge debt including the housing MBSs, CDSs, and the unbelievable lax oversight, which made this the last straw evidently. The EU was in no better shape, and this was the coup de’ tat of financial fear within the World Lending system. I doubt the lending will resume until this crisis has resovled itself one way or the other in Africa. I’m not a banker, and I only found this information last night after the Bailout Rescue Plan had already passed. The connection never got enough media attention, and the coup, barely mentioned, with all the election coverage. If our MEDIA had been reporting this instead of demonizing Sarah, and fawning over Obama we might have made different decisions.
Below are all the articles I could find in Washington Post, and the article blaming the World Lending freeze on this Coup by Peter Clottey. Read and decide for yourself.
It appears that General Azis and 3 other generals were fired by Abdallahi, who was supposedly a newly elected democratic President. However, Abdallahi was accused by lawmakers and these four generals of corruption and reaching out to ISLAMIST RADICALS...so the ‘HOLDING’ of Abdallahi has contributed to the African Union dilemma regarding their Charter, inducing fear and lending freezes per Peter Clottey of Washington Post in his article “Maurita Military Junta Flouted African Union Charter says Expert”..
Banking Freeze mentioned in second from last paragraph:
http://www.voanews.com/english/Africa/2008-10-02-voa3.cfm
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/06/AR2008080600748.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001323.html
(one paragraph about 12 Mauritanian soldiers killed and Al Queda)
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001323.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/06/AR2008080600748.html
THE FOLLOWING LINK goes to Washington Post “Related Items on the Web”, and there are several links to articles on the Coup in Mauritania under that label.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/06/AR2008080600748_Inform.html
The following quote was under a pic of supporters with the General’s pic on their car:
“Supporters of coup-leader and former presidential guard chief Mohamed Ould Abdelaziz, seen in posters, drive by in the city of Nouakchott, Mauritania, Friday, Aug. 8, 2008. Envoys from the African Union and the Arab League are due in Mauritania to meet with coup leaders who staged a putsch three days earlier that has been met with worldwide condemnation. (AP Photo/Candace Feit)”
Now my question is this-—wouldn’t this make the BANKING CRISIS more of a National Security issue, although it is an economic issue as well? Since Islamic Radicals and Abdallahi’s firing of the Generals created this mess. Would the system have shut down at this particular time prior to the election, if this had not happened?
IMHO - The biggest rip off and Scam in all of History,
and the democrats are laughing about how they suckered the republicans to vote for it. I'm ashamed to call myself a
Republican
Oh well it was only 0.7 trillion dollars of the taxpayers money.
So someone signed a contract for a house for 500,000 dollars. It is determined at some point that the person should have only purchased a house for no more than 250,000 dollars. So, the decision maker reduces the price from 500,000 dollars to 250,000 dollars, and reduces the interest too! Problem solved, and the taxpayers make up the difference! How ingenious!
It appears we no longer have any representation.
Since the Republicans no longer represent our interests, yes, the time has come for a party that does. I propose a name like The American Party, or the TAB Party (Take American Back). Michael Savage is talking about forming a Nationalist Party built around his concept of Languages, Border and Culture.
This party will need to run by some very smart people who can frustrate the elitists attempts to “divide and conquer”.
There must first be a clearly stated, easily understood, set of core principles: Pro-life, Pro-gun, for limiting eminent domain, for limiting the government’s role, for reducing government services, strong national defense.
Right after the election, this project must start.
Arguably, not nearly enough scrutiny has been applied to where agencies overlap, waste money with turf battles, inconsistent and contradictory laws, overregulation, unfunded mandates (again!). Anyway, you get the idea.
Hell of a deal if you can get it! But YOU follow the rules, so forget it!
The elderly lady (in her 90’s) who tried to commit suicide by shooting herself because she was in foreclosure (according to news reports) has had her loan forgiven by Fannie Mae. (I think this may be the idea.
It looks like I will have to call myself a democrat and rent me a gun. That should be enough don’t ya think.
Tom is a socialist.....
:::::::::::
I have read Atlas Shrugged — a good analogy, but not as plausible as Clancy could make it given today’s frightening realities. Also, the last time I checked, Tom was a staunch Republican (assuming republican means conservative here) — I had not heard anything to the contrary.
If you have a site or info, please pass along.
The Ten Planks of the Communist Manifesto
5. Centralization of credit in the hands of the State, by means of a national bank with state capital and an exclusive monopoly.
http://www.youtube.com/watch?v=_uIeKXjnYWA&feature=related
he gets going around the one minute mark.
no idea what his credentials are but he blogs
It’s difficult not to be a conspiracy theorist these days, isn’t it?
Maybe we should start selling tinfoil...with no down payment of course....
How can any law be exempt from judicial review?
:-)
I agree. Wholeheartedly. The politicians have become self-serving elitists, who no longer represent the people of the United States, and they have destroyed the constitution beyond all recognition. It is time to throw the traitors out.
C. All of the above.
Now she'll have to remortgage her house to pay her hospital bills.
I used to be Tom’s biggest fan. I would buy his books as soon as they came out. I had read everyone one of them.
When Bush had to respond to 9/11 Tom was with the anti-war crowd. He also allowed Hollyweird to change one of his best books, “Sum of All Fears” from a story about Muslim terrorists to one of radical right wing NAZI’s (read conservatives). Since then I have always considered him nothing more then gutter trash.
If I am wrong in what I remember someone please update me.
Careful now. Some won’t like that. You’re not allowed to speak ill of another republican. Oh, wait, he’s not a republican, is he. He sure doesn’t act like the ones I used to know.
“There can never be a court challange to this law as it is written in the law that it is outside the perview of any court.”
A law cannot exempt itself from Constitutional review, and just wiping out principal = a taking. Oh yes, there will be court battles. Seas and messes of them...
We should post the Bill of Rights every day.
I am sorry to be the one to inform you of this but congress can pass a law and exempt it from judical review.
And that is just what they have done with this Communist takeover.
I have heard the issue discussed before concerning abortion.
Congress needs only put a clause in the law exempting it from judical review and it is then outside of the courts perview.
He used to run my ISP.
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.