"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
“Resurgenance?” WTH is that? Oh never mind, with a name like that, it’s got to work!
So if someone paid $300K for a home which is now worth $210K the government pay the $300K for the house and the owner rebuys at $210K and “We the people” get to pay for the lost $90K with our taxes. Our own homes that are paid for or current, are lower in value too, but who cares. That is a good socialist program. Why couldn’t the money to FannieMae in July be used for that or is it already in Frank, Dodd, Obama’s pockets.
Part of that is to help cover up the fact that many of those loans were given to illegals who didn’t have verifiable documentation.
Many of those loans were for more the initial cost of the house. The recipients got a hand full of cash. Many of them defaulted and absconded across the border. Home prices fell. Thus, the lending institutions were stuck with homes that were below the value of the original loans and a loss of the excess initial cash outlay.
Now, those lending institutions are wanting the taxpayers to share the burder and bail them out.
As another Freeper pointed out to me this morning, this bad bailout idea is already in the main bill.
SEC. 109. FORECLOSURE MITIGATION EFFORTS. (c) CONSENT TO REASONABLE LOAN MODIFICATION REQUESTS.— Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications
If Obama was not so damn dangerous with SCOTUS picks, I would almost prefer that he wins so this looming crisis goes around his neck. Palin can run in 2012-she has done all she can. I don't think she would be tainted by the loss-she is a rock star.
Oh, get a grip, Amanda. Think before publishing.
I’m not advocating McCain’s plan as I don’t know what it is yet. However, a kneejerk “crap sandwich” reaction also is not advisable.
http://www.freerepublic.com/focus/news/2100340/posts?page=21#21
John McCain IS the crap sandwich. These are his side orders.
If you have a $300,000 mortgage on your $200,000 house and you get it refinanced for $200,000 do you owe tax on the $100,000 gift?
bfl