Rescue mortgage legislation passes the House

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Vendaval -> Rescue mortgage legislation passes the House (7/23/2008 3:59:17 PM)
This legislation is set to pass finally. For many homeowners this will be too late but thousands of others can now avoid foreclosure. "House OKs rescue for homeowners, Freddie, Fannie" By JULIE HIRSCHFELD DAVIS, Associated Press Writer "WASHINGTON - Rescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market. Hours before the vote, President Bush dropped his opposition to the measure, which is now on track to pass the Senate and become law within days. The White House swallowed its distaste for $3.9 billion in grants the bill would provide for devastated neighborhoods. The Bush administration gains the power to throw a lifeline to Fannie Mae and Freddie Mac as part of the measure that also is designed to rein in the government-sponsored mortgage firms. The administration and lawmakers in both parties teamed to negotiate the measure, which accomplishes several Democratic priorities, including federal help for homeowners, a new permanent affordable housing fund financed by Fannie and Freddie and the $3.9 billion for hard-hit neighborhoods. The grants are for buying and fixing up foreclosed properties." http://news.yahoo.com/s/ap/20080723/ap_on_go_co/congress_housing

Mercnbeth -> RE: Rescue mortgage legislation passes the House (7/23/2008 4:32:05 PM)
The Government doing what they do best - rewarding failure. Failed individuals - failed companies - failed bureaucracies. Solution? Toss more tax money at it from the people who aren't failing. Great precedent to be set. More 'entitlement' legislation ensuring future failures will be expecting more of the same. Hey - lets all stop paying our bills for a month and see what happens.

DesFIP -> RE: Rescue mortgage legislation passes the House (7/23/2008 4:34:56 PM)
This isn't going to help people keep their homes. It offers funds for people to buy those homes from the mortgage companies very cheaply. Might help in preventing destabilization of a neighborhood but I doubt it. I imagine most who take advantage of the funds will buy the homes to turn into rental properties until the time comes they can sell at a profit.

UtopianRanger -> RE: Rescue mortgage legislation passes the House (7/23/2008 5:35:44 PM)
quote: This legislation is set to pass finally. For many homeowners this will be too late but thousands of others can now avoid foreclosure. http://www.realtor.org/RMODaily.nsf/pages/News2008072202?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily I haven’t read it all yet……but there’s one provision in it that as of yet, is extremely vague.... And if it means what it really says, I think it sucks cock---and I don't see how they could prohibit it. Hell….I make over seventy-two hundred dollars a month in interest alone, on properties I’ve sold in the last thirty-six months where I’ve financed them myself. This is a great way to make money without having to show up somewhere and actually work for it…..And commercial lending institutions and insurance companies want to take it away from a hella nice guy like me….. Anyways.....Defazio, Smith, Wyden -- You've got mail..... - R PS - Those of you who have your holdings stashed in WaMu or Wachovia - I'd take a good look at them{seriously}.... They both---more so WaMu--- look like they're on a march to the graveyard {to me}. And even if you don't have over 100k in these institutions, so what, you still don't want to be standing in ''IndyMac'' or ''CountryWide'' {They’re not on your side} style lines with the police monitoring and telling everyone to behave. Some food for thought....

DarkSteven -> RE: Rescue mortgage legislation passes the House (7/23/2008 7:46:14 PM)
This is bullshit. It specifically targets the homeowners who cannot pay their mortgages and refinances them at 85% with the govt guaranteeing the loans. 90+% of them will go south. In effect, it's a bailout of the lenders who lent to people that never should have been approved. Just to add insult to injury, not only does it ensure that you and I bail out the lenders, it also endures that the houses will end up being vacant - drug dealers and homeless will break in.

Vendaval -> RE: Rescue mortgage legislation passes the House (7/23/2008 7:57:56 PM)
This situation is a choice between two negatives, let the two mortgage companies fail and deal with additional ecnomic problems or bail out the mess. And I hear you Merc about rewarding failure. It is frustrating all around. Anyone see a similar pattern to the Savings and Loan scandal of 1986-1995? Any productive ideas on fixing this mess?

MzMia -> RE: Rescue mortgage legislation passes the House (7/23/2008 8:08:43 PM)
I don't really totally understand all the provisions or ramifications of the "bail out". But I knew, no way was the government going to let Fannie and Freddie go down the drain. That was always a given.

slvemike4u -> RE: Rescue mortgage legislation passes the House (7/23/2008 8:31:00 PM)
The Government not letting Fanny and Freddie go down the drain in the long run,though obviously he does not realize this, saves Merc money.He see's it has the Government rewarding failure and personal iresponsibilty,not as an action designed to help prop up the economy and the Dollar,both of which would take massive hits if these two lenders failed.The impact on the housing market would be felt from coast to coast and at all levels of housing....The Government stepping in to prop up a failing industry is not new and will continue for as long as the U.S. economy is an interdependant system...which is to say forever...and there will allways be Merc's to rail at the Govement for doing so..

DarkSteven -> RE: Rescue mortgage legislation passes the House (7/23/2008 9:38:27 PM)
quote: ORIGINAL: Vendaval Any productive ideas on fixing this mess? Yeah. 1. Fraud prosecutions for those who repackaged the loans and magically lost their high risk. 2. Bailout at maybe 30% of book value. If the lenders want more than that, they'll have to assume responsibility for the property. 3. Guidelines for appraisals. Right now, the appraisers are simply turning in paperwork that shows the properties at barely above the mortgage amounts, to minimize legal exposure. Make them follow a rigorous procedure, not back out a calculation from a preset answer. 4. Here's a novel idea - require foreclosed-on houses to be sold within eight months or seize them under eminent domain.

Termyn8or -> RE: Rescue mortgage legislation passes the House (7/23/2008 9:59:06 PM)
Productive ideas for fixing this mess ? No bailout for anyone. Let the people be homeless and starve, and the lending institutions go under. That is what the Constitution intended. That is also the natural order of things. Trying times indeed, but think of the results. T

Leatherist -> RE: Rescue mortgage legislation passes the House (7/23/2008 10:12:49 PM)
quote: ORIGINAL: DarkSteven quote: ORIGINAL: Vendaval Any productive ideas on fixing this mess? Yeah. 1. Fraud prosecutions for those who repackaged the loans and magically lost their high risk. 2. Bailout at maybe 30% of book value. If the lenders want more than that, they'll have to assume responsibility for the property. 3. Guidelines for appraisals. Right now, the appraisers are simply turning in paperwork that shows the properties at barely above the mortgage amounts, to minimize legal exposure. Make them follow a rigorous procedure, not back out a calculation from a preset answer. 4. Here's a novel idea - require foreclosed-on houses to be sold within eight months or seize them under eminent domain. Work at hard labor for thirty years for the fraudsters. And seize the houses and auction them off to pay for the bail outs.

UtopianRanger -> RE: Rescue mortgage legislation passes the House (7/23/2008 10:47:43 PM)
quote: Any productive ideas on fixing this mess? Get rid of ''usury'' and dump all debt-laden privatized central banking systems. When studied thoroughly, its only real purpose is to serve as a wealth transference vehicle for the most elite of the elite. It’s wealth consolidation in its very essence There’s a good chance we’re beyond the point of no return, fiscally speaking….The crushing weight of The Federal Reserve system coupled together with out-of-control ''Bushonian'' spending seems to have more less mathematically precluded the US from ever generating fiscal surpluses again under the current monetary system. We need to move back to a organic, ''fee based'' banking system with a sovereign currency printed and controlled solely by the sovereign. I mentioned that I make over seventy-two hundred dollars a month from ''usury'' alone.....Well, my father prolly makes upwards of 40k a month from just interest-alone payments on personally financed properties.... Both of us have agreed that we would be willing to completely surrender/ forgo our benefits from ''usury'' for the good of the country if we could opt of a debt-laden monetary system. The Federal Reserve system / Privatized central banking is absolutely at the root of this whole systemic crisis. - R

UtopianRanger -> RE: Rescue mortgage legislation passes the House (7/23/2008 11:36:12 PM)
quote: Productive ideas for fixing this mess ? No bailout for anyone. Let the people be homeless and starve, and the lending institutions go under. That is what the Constitution intended. That is also the natural order of things. When I was a kid, my grandfather used to tell me that we Sicilians have a great saying..... '' Lasciare che il calo di chip che possono essere loro - Anche se il cielo si blocca in giù '' '' Let the chips fall as they may - Even if the heavens come crashing down '' - R

Termyn8or -> RE: Rescue mortgage legislation passes the House (7/24/2008 6:05:46 AM)
When we bought this place we knew that if a week's pay would not pay the monthly payment we could not afford it. Doing the math it took three days pay to make the monthly payment. Even though I realize that hard times can befall anyone, and I have had them, I am losing respect and sympathy for stupid people. I know someone who makes $600 a week and is buying a house on which the monthly payment is going to be $900 per month. She is going to lose the house, it might take a few years, but she will. We were out of work, this was a long time ago. Literally made the decision between food and making the payment. Made the payment and ate meat that was freezer burned. This is what I mean when I tell people to have some balls. I had my profession, but I was in a bad argument with the boss. I made it so that it was my phone that rang, not his. And every time I quit, the rate goes up, or I simply do not come back. But you understand, even though I talk about my job now, I have had some hard times. I could've taken the money for the house payment to the grocery store, but I didn't. The house was more important. Who would've bailed me out ? Nobody. I wouldn't even ask. As far as bailing people out, well they had a forced bank holiday back in 1933, maybe it is time for another one. (maybe a year long) An userer is thrice a thief. Remember who said that ? But then I don't care if every bank in this country goes belly up. Fukum. T

Vendaval -> RE: Rescue mortgage legislation passes the House (7/24/2008 12:58:46 PM)
Interesting concept, Ranger. At what point did the US have that type of banking system? quote: ORIGINAL: UtopianRanger We need to move back to a organic, ''fee based'' banking system with a sovereign currency printed and controlled solely by the sovereign. I mentioned that I make over seventy-two hundred dollars a month from ''usury'' alone.....Well, my father prolly makes upwards of 40k a month from just interest-alone payments on personally financed properties.... Both of us have agreed that we would be willing to completely surrender/ forgo our benefits from ''usury'' for the good of the country if we could opt of a debt-laden monetary system. The Federal Reserve system / Privatized central banking is absolutely at the root of this whole systemic crisis. - R

bipolarber -> RE: Rescue mortgage legislation passes the House (7/24/2008 3:34:11 PM)
Good point about the savings and loan screw up back in the 1980's... lets see... do I remember who one of the primary names connected with that scandal was? Let me thing.... hummm... N... Ned? No, that's not it... N... Nick... no, no, no... Oh, wait, I remember now! It was some guy named Neil... Neil Bush... Ha ha... that's funny, isn't it? What are the odds?

Vendaval -> RE: Rescue mortgage legislation passes the House (7/24/2008 7:11:56 PM)
You are on to something there, bipolarber. Check this out - Silverado Savings and Loan "Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.6 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing. [2] The US Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, as reported in the Washington Post [11]." http://en.wikipedia.org/wiki/Savings_and_loan_scandal

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