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Posted on 06/20/2011 4:24:33 PM PDT by MeneMeneTekelUpharsin
.....................As I said, this is to bail out the financial industry, not mortgage holders...................
One billion ain’t gonna do squat on that front.
This is $50 grand for homeowners to buy a new car and some “blow”, and then default on their mortgage within two years. Just prolonging the agony of the neighbors with those “foreclosed-for sale” signs all around the ‘hood!
From little acorns do might oaks grow.
stiffing the legitimate home owners (note holders).
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Interesting choice of words ,, the notes have been destroyed in the securiization process , the owners of the (unsecured) debt are “certificate owners” and have collection rights only,, and by the way ,, the PSA governing the SPV in every case I have examined the servicer is responsible for making the certificate owners whole each month,, they are required to foreward the expected income stream payments regardless of whether or not they actually collect the payments... That is why they generally tell homeowners to purposefully default on 3 or more payments to “qualify for a loan mod” ,, the real reason is to give the trustee a reason to swap the loan out of the pool and collect on insurance they have against default.
Funny you should mention that.
NeighborWorks Grants Prompt Criticism from GOP Leader
House Republican Leader John Boehner (R-OH) requested in December 2008 that the Department of Housing and Urban Development withhold any future funding to the Association of Community Organizations for Reform Now (ACORN) following the release of funds to the scandal-plagued group by NeighborWorks America. The previous week NeighborWorks America had awarded two taxpayer-funded grants totaling $17.2 million to ACORN, which was under investigation by the FBI for a “coordinated national scam” of voter registration fraud. “ACORN is not an organization that should be subsidized by taxpayers’ hard-earned money,” Boehner wrote. “ACORN, which for years has been closely connected with Fannie Mae and Freddie Mac, appears to have played a key role in the irresponsible schemes that led to the recent financial meltdown that has already cost Americans trillions of dollars in the form of government bailouts and lost retirement savings.” More here.
Reparations, pure and simple. Just like everything the Kenyan does.
They should do a social experiment that we all can follow...
1. How many people will get this entitlement.
2. How much is given to each person.
3. What are the circumstances for why they get it.
4. On this group of people - let’s see them get the
so-called “JOBS, JOBS, JOBS”.
5. Check back with them in one year and if no results
6. Cancel program...
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