CNN: Backlash grows against the housing bailout
Posted April 23rd, 2008 by tnjonline
output
Great that CNN is covering this!
www.angryrenter.com
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Don't fall for this BS
This doesn't even begin to address the problem. Your Tax money is not bailing these folks out. It is going to pay interest in the national debt. The only good thing about this is it’s waking people up to something being wrong.
I wouldn't think twice about getting bailed out of my mortgage even though mine is a fixed rate and we have never been late on a payment. If you can use it to your advantage to get your self set up to be self sufficient then you should by all means do it.
A major crash is coming because the crooks we have allowed to rob us blind are still in charge and they are not going to change what they are doing which has led us to this precipice.
Anything you can do even if it is getting bailed out to gain an advantage in becoming self reliant you should do it at this point. Theses crooks have stolen our wealth and our freedom with the whole fiat system. It's time we quit playing nice with them like they are just misguided or something. They know exactly what they are doing.
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Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty, or give me death. Patrick Henry
You hit the nail on the head "it's waking people up" to the
socialism and corruption and the need to oust the offenders. Anything that helps in that regard is worth a quick post and signature *
Bush administration opposes housing bill!
This one just in from associated press
http://ap.google.com/arti...
For all of Bush & Cheney’s
For all of Bush & Cheney’s evils, they have so far done a surprisingly good job of holding the line through the housing debacle. Can you imagine any Democrat, much less a young inexperienced one like Obama, standing up to the constant pressure Dodd, Frank & Co. have been exerting on behalf of their Wall Street backers? Were it not for our favorite bullheaded warmongers, we would likely find ourselves in another new deal by now. I guess everybody’s good at something…….
Bush administration opposes housing bill!
This one just in from associated press
http://ap.google.com/arti...
House panel OKs $15 billion housing bill
march on!
http://money.cnn.com/2008...
Go here to voice your displeasure.
www.angryrenter.com
Now why doesn't that surprise me?
Just the begining I'm afraid!
If you haven't signed/looked at this cool site...do
Take a second to look at the comments of others....it's great to see that America isn't entirely asleep!
Calif Foreclosures Up 327% Over 2007
"The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels -- reaching an average of more than 500 foreclosures per day -- DataQuick said in a report, warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans." -Los Angeles Times
___________
Lisa C.
www.women4ronpaul.com
The Housing Bubble
Song:
www.youtube.com/watch?v=I...
CUTE!
There's only one problem with this . . .
Because of the sub-prime mortgage fiasco, the buying and selling of homes has almost stopped.
I've had my mortgage (fixed rate) for years, made payments in a timely fashion and now I have to sell. My house has been on the market since last September and I haven't had one bite.
The whole market has stagnated so there is a large segment of the home owning population who had nothing to do with this mess but who are suffering all the same.
If someone doesn't do something about consumer confidence, new housing starts will stop altogether and that will have a domino effect on other portions of the economy.
I'm angry, too, and I'm not for any type of bailout for the shakey borrowers, but something's got to give and soon.
Price the place right, and
Price the place right, and it will sell. Guaranteed. Unless it's sitting on Love Canal or something. Thing is, the 'right' price has more in common with what it was in 1999 than what it was in 2006.
Civilized government should never, under any circumstance, be involved in bailing out any homeowner, ‘shaky’ or not.
Where do you live?
This has happened in my area, too. I would love to sell a piece of property that won't move and want to sell my home next spring. This is very disconcerting and we are all paying for everyone's irresponsibility.
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
To Alaskaron: YES!!!!!!!!!!!!!!!!!! More Than Fine :)
I'm a fiscally responsible homeowner and I signed and then e-mailed it to everyone I know!
Right on, Susan!!! :)
When we were shopping for a home I was disgusted with the realtors and the banksters all--every last one of them--pushing us to get the absolute most we could afford, and even trying to push the line on that, trying to get us approved for as much as possible. All of this, of course, was ostensibly done to "help" us.
Yeah right.
I signed the petition and also passed it on to all my friends and associates. Let's hold these congress critters' feet to the flames.
Signed it! And passed it
Signed it! And passed it along to everyone on my mailing list as well! Thanks for posting.
I love reading the comments there
socialism.....moral hazard........etc! It is fun LOL
bout time
someone did a "put em on notice" petition!
This was fun
I did this:
Sen. Christopher Dodd (D-Conn) has said that Congress must consider providing aid to about 2.2 million subprime-mortgage borrowers who are at risk of defaulting and losing their homes (Bloomberg). Dodd is running for President in 2008. Call his office at (202) 224-2823.
Sen. Hillary Clinton (D-NY) has called for a 'foreclosure time out' and for raising FHA loan limits to help more low-income home buyers (Reuters). Clinton is running for President in 2008. Call her office at (202) 224-4451. If you can't get through, leave a message.
http://patrick.net/housin...
Media Manipulation
Perfect example of how the media manipulates the public.
The Feb takes on billions in worthless mortgages, and riddles the world with inflation to do it, and the media declares Bernanke "courageous".
The fools that took ARMS with 3 resets in 10 years are now looking for help, and those "angry Americans who rent" are being heard now?
Pul-eeze.
CNN is a tool of the CFR, and the bankers. As soon as the bankers got their loans bought by US, through our grocery and gas bills, it's time to turn the tide against the homeowners? The pols in Washington are just looking for press release come election time.
The reality is, NO ONE should have gotten a dime of anything. If the Fed left this issue alone, the housing slump and the bad bank loans would be flushed out by now.
When the banks get their
When the banks get their piece and the irresponsible borrowers get theirs.... what do the rest of us get?
Answer: a big fat bill in the form of inflation and higher taxes.
Nice gift that we were forced to give all those people, huh?
I was just reading what people are
writing on the petition and it seems that they are mostly homeowners who played by the rules signing/posting and not renters!
Which is fine, right?
Why should those who did without, who scrimped and saved for years, only to buy a modest home, be paying for ritzy houses for other people or for salaries for millionaire banksters?
Spin
It's the banks being bailed out, even if there is a bill passed to get homeowners new loans in order to stay in their houses. The homeowners won't get "bailed out", they'll just get new loans (more debt). Any losses the banks incur will be subsidized by you, me and our great, great grandchildren (the taxpaying public). This whole financial mess is being linked to homeowners and subprime mortgage debt, which is total spin. The real issue, which is barely whispered in the MSM, involves credit default derivatives in the amount of $500+trillion. That's right, trillion, with a "t". These fraudulent, unregulated and soon to be worthless financial instruments are everywhere. They have made their way into nearly every bank, portfolio and pension fund in the world. The originators of these instruments have already enriched themselves and have left the global financial system on the brink of collapse. The Bear Strearns bailout was all about preventing the domino effect, but how many more times can they pull that off? As many times as necessary until after the election is my guess.
This is part of the bailout which has already gone through.
For rich home owners
"The stimulus package raises the maximum size of a "conforming" mortgage to $729,750 from the previous cap of $417,000. A conforming mortgage is a mortgage that can be sold to Fannie Mae or Freddie Mac, and it carries a lower interest rate than "jumbo" loans that exceed those limits. Similarly, the maximum mortgage that can be insured by the Federal Housing Administration has also risen to $729,750. For people in high-home-price areas, including mine, these maximum mortgages are now high enough to matter. Being able to borrow $417,000 on the cheap doesn't help much when you're hoping to sell or refinance your house for, say, $750,000. But a $729,750 limit works out just fine. This higher limit translates into cheaper refinancing or a higher sales price, because the lower interest rate means buyers can presumably afford to pay a higher price."
http://www.washingtonpost...
So sick of this $hit
Bush bends over backwards for the rich but doesn't do a damn thing for the middle class & poor. There really IS a War on the Middle Class as Mr. Dobbs likes to put it....
McCain Plan 3-10Billion
Homeowner Bailout In Pipeline
McCain
http://online.wsj.com/art...
Dodd-Frank Plan
www.foxnews.com/story/0,2...
The title of this thread
The title of this thread should be changed.
As far as I understand, it is not homeowners who are being bailed out but rather banks that are being bailed out.
Banks have already been bailed out partly
The homeowner bailout plan I think has passed the senate.
You're refering to our $500 check
LOL
banking bailout
is what it should be titled
Bail out homeowners
http://money.cnn.com/2008...
"Valliere said that the idea gaining the most support is a plan from Senate Banking Chairman Chris Dodd and House Financial Services Chairman Barney Frank. Both are Democrats.
The proposal, likely to be introduced soon after Congress returns from the Easter recess next week, would have the Federal Housing Administration guarantee hundreds of billions of new, lower-cost loans to troubled homeowners. Many borrowers would see their total principal on these new mortgages reduced under this program.
According to an outline of this bill, homeowners could receive $30 billion in mortgage interest subsidies. But it's uncertain just how much this proposal will ultimately cost taxpayers because it depends on what will happen to the housing market going forward."
Egads!
What reasonable justification can be given for this? None you say? I agree! Many people save and scrimp and can never afford to buy a home. We subsidize rent for people who would rather spend their cash on drugs and big screen TVs. And now we buy lavish homes for people who bit off more than they could chew. Good grief.
Banks have already been bailed out partly
The homeowner bailout plan I think has passed the senate.
Found a couple links above
Homeowner Bailout on the way.....gosh the socialism.....
Congress
essentially would like to bail out the homeowners as well.
Gosh that felt good to sign!
Keep this bumped!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Look at the big picture.
I'm not for the bailouts but does
it really matter.They spend our tax dollars on everything we are against.They fund wars,give money to other countries,line
crooks pockets and lose billions that they can not account for!If they don't use that money bailing out homeowners,do you really think they would use it
for a good purpose.
Wolf, what is the matter with you?
"Does it really matter?" You don't care the government is making YOU pay for their buying of banks? The feds own JP Morgan and they made YOU buy Bear Stearns for them. In the hearings last month is was brought to light that the accusations/rumors of it failing causing a bank run were trumped up (meaning false) so they could have you pay for the bank for them. They made $30 billion dollars off the deal....
"Does it really matter?"
--Wolfangel
I understand all that,Declar
and I didn't say bailing out banks and homeowners was a good thing!My point is they will use our money to make themselves richer no matter how it is spent.
They're not bailing out homeowners, though,
they're bailing out the banks, who reap the profits anyway!!! Which sucks just as much, if not more. Welfare to persons MIGHT be twisted as being somehow humanitarian in nature; welfare to corporations who pay their execs billions cannot even be presented as anything remotely justifiable.
Absolutely it matters
These people need to have some sense SLAPPED into them. This is simply one other serious portion of that slapping that needs to occur: bail outs of fools. It should end now.
My liberty-minded home base of thought:
www.ponderthis.net