House approves bill to help homeowners

Associated Press WASHINGTON: Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies ...

[MaD]

Gee, I always made my mortgage payment, and now I'm helping incompetent people make theirs because of Bush legislation of 2003 which lowered the standards!

[Scooter Moonpie]

Yet more proof we live in an infernal socialist state.

[MaD]

Scooter Moonpie wrote:

Yet more proof we live in an infernal socialist state.

Yea, next they'll be legislating in tongues!

[Scooter Moonpie]

MaD wrote:

<quoted text>Yea, next they'll be legislating in tongues!

...and laying hands on each other across the aisle!

[GLOBAL IDIOTS]

Our leaders are imbecils , it way too late ,should have caught it 2 years ago; the leaders have all this time to implement oversight, regulation... What happen? Criminality! LOL!

[r3rj]

Wish I was able to get help! But I have to work full-time and make my payments.

[Spirit of Reagan]

This is a slap in the face of those that work hard and make sacrifices to meet their obligations.

[Scooter Moonpie]

Spirit of Reagan wrote:

This is a slap in the face of those that work hard and make sacrifices to meet their obligations.

Amen. The IRS is going to be amazed at how much my charitable contributions deduction is next year.

[one_of_u_liberal s]

Spirit of Reagan wrote:

This is a slap in the face of those that work hard and make sacrifices to meet their obligations.

Nice feint. This is just corporate welfare in disguise. Phil Graham (a McBush favorite) is the gift that just keeps on giving.

All the Good Corporate Citizens developed a way to fleece the unsuspecting and "underinformed" with financial instruments they could quickly bundle up and sell - many with the backing of the Fed. And it wasn't even well disguised - the people stuck with these mortgages could have never qualified for the payment they had to make after the loan reset. Most were made through brokers who do nothing but collect commissions and move on to the next close. It was predatory at best.

Now all the GCC's have had it blow up in their faces and now get bailed out - with the taxpayer having to pick up the tab for the loans that couldn't be underwritten by the Guvmint before - because they were lousy paper to begin with.

All your combined anger is misplaced. You owe a great debt of thanks to the McBush economic team and a special pat on the back for Big Phil.

Elect McBush and expect more of the same.

[MaD]

one_of_u_liberals wrote:

<quoted text>
Nice feint. This is just corporate welfare in disguise. Phil Graham (a McBush favorite) is the gift that just keeps on giving.
All the Good Corporate Citizens developed a way to fleece the unsuspecting and "underinformed" with financial instruments they could quickly bundle up and sell - many with the backing of the Fed. And it wasn't even well disguised - the people stuck with these mortgages could have never qualified for the payment they had to make after the loan reset. Most were made through brokers who do nothing but collect commissions and move on to the next close. It was predatory at best.
Now all the GCC's have had it blow up in their faces and now get bailed out - with the taxpayer having to pick up the tab for the loans that couldn't be underwritten by the Guvmint before - because they were lousy paper to begin with.
All your combined anger is misplaced. You owe a great debt of thanks to the McBush economic team and a special pat on the back for Big Phil.
Elect McBush and expect more of the same.

Very good...

[Pdamerica org]

Fred Dalton Thompson : enabled S & L crisis of '80s
Please spread the word....this is not the type of man we want as President.
In 1975, Thompson began his eighteen year engagement as a lobbyist in Washington, D.C., eventually representing clients including Westinghouse, General Electric (the current corporate owner of the NBC Universal-NBC television network), Westinghouse used to own CBS TV and the Tennessee Savings and Loan League

By 1982, Thompson worked the U.S. Congress membership as a lobbyist for passage of the Savings and Loan deregulation legislation desired by the Tennessee Savings and Loan League --- in this case, federal deregulation legislation allowing for additional government support of ailing S&Ls; giving U.S. thrifts the freedom to invest in potentially more profitable, but riskier, ventures; and eliminating interest-rate ceilings on new accounts to increase S&Ls' competitiveness.

Enacted into law during in September 1982, the Senate bill pushed by Thompson was incorporated into the Garn - St Germain Depository Institutions Act of 1982.
The Garn - St Germain Depository Institutions Act of 1982 is widely credited with having laid the groundwork for the U.S. Savings and Loan crisis of the late 1980s

The savings and loans crashes of the 1980s, themselves directly the result of Reagan’s deregulation of the banking industry, is more interesting because of how it reflects the rapacious nature of unbridled capitalism than of Neil Bush himself. Who by the way, is now embroiled in another scam with his latest venture, educational software, Ignite
(turnover $20 million, much of it from educational subsidies obtained in the state of Florida ,where,‘coincidentally’ of course, his bro Jeb, was governor).

[buyerbeware]

MaD wrote:

Gee, I always made my mortgage payment, and now I'm helping incompetent people make theirs because of Bush legislation of 2003 which lowered the standards!

Hey, every little bit helps to buy a vote. Only it happens to be our money!!!!!!!!!!

[Spirit of Reagan]

one_of_u_liberals wrote:

<quoted text>
Nice feint. This is just corporate welfare in disguise. Phil Graham (a McBush favorite) is the gift that just keeps on giving.
All the Good Corporate Citizens developed a way to fleece the unsuspecting and "underinformed" with financial instruments they could quickly bundle up and sell - many with the backing of the Fed. And it wasn't even well disguised - the people stuck with these mortgages could have never qualified for the payment they had to make after the loan reset. Most were made through brokers who do nothing but collect commissions and move on to the next close. It was predatory at best.
Now all the GCC's have had it blow up in their faces and now get bailed out - with the taxpayer having to pick up the tab for the loans that couldn't be underwritten by the Guvmint before - because they were lousy paper to begin with.
All your combined anger is misplaced. You owe a great debt of thanks to the McBush economic team and a special pat on the back for Big Phil.
Elect McBush and expect more of the same.

This plan SAILED through the Democrat Congress.

Here's my take - if a guy signs a loan he can't pay and a company hands him the money - it is both of their faults. Let them both lose out.

There are plenty of people that sign loans, get the money and do without to make payments. They are responsible - the signed a contract and are trying to live up to it.

These bail outs make me sick. Let the free market handle it.

[buyerbeware]

one_of_u_liberals wrote:

<quoted text>
Nice feint. This is just corporate welfare in disguise. Phil Graham (a McBush favorite) is the gift that just keeps on giving.
All the Good Corporate Citizens developed a way to fleece the unsuspecting and "underinformed" with financial instruments they could quickly bundle up and sell - many with the backing of the Fed. And it wasn't even well disguised - the people stuck with these mortgages could have never qualified for the payment they had to make after the loan reset. Most were made through brokers who do nothing but collect commissions and move on to the next close. It was predatory at best.
Now all the GCC's have had it blow up in their faces and now get bailed out - with the taxpayer having to pick up the tab for the loans that couldn't be underwritten by the Guvmint before - because they were lousy paper to begin with.
All your combined anger is misplaced. You owe a great debt of thanks to the McBush economic team and a special pat on the back for Big Phil.
Elect McBush and expect more of the same.

Right -forget about those people who got PAID to take that mortgage even though they LIED on the papers and KNEW they couldn't possibly afford the place they were buying.

Right- let's get those wealthy real estate speculators off the hook. Bought high- hoped to sell higher- got stuck .

And let's not forget that shining example: The Sacramento home of Rep. Laura Richardson was sold in a public auction two weeks ago for $388,000. The Southern California Democrat bought the house for $535,000 with no money down in January 2007 and owed nearly $575,000 to Washington Mutual when the mortgage was sold earlier this month at a significant loss to Red Rock Mortgage Inc.

Rep. Richardson, a former Long Beach city council member, bought the home after winning a seat in California’s state assembly. She maintains her primary residence, a four-bedroom home, in her Long Beach district."

Right -- we sure want to help people like her --I mean she must be of those stupid low income people who were duped into buying a home .

YOUR HENCHWOMAN PELOSI AND HENCHMAN REID need the votes for their "empty suit" candidate Obama and to get back into Congress too. The hell with the rational taxpayers - support the scammers.

[one_of_u_liberal s]

SpitWad of Reagan wrote:

These bail outs make me sick. Let the free market handle it.

Wow - they are doing such a good job right now I can't imagine why I didn't think of that myself.
You remain clueless.

[one_of_u_liberal s]

buyerbeware wrote:

Right -forget about those people who got PAID to take that mortgage even though they LIED on the papers and KNEW they couldn't possibly afford the place they were buying.
Right- let's get those wealthy real estate speculators off the hook. Bought high- hoped to sell higher- got stuck .
And let's not forget that shining example: The Sacramento home of Rep. Laura Richardson was sold in a public auction two weeks ago for $388,000. The Southern California Democrat bought the house for $535,000 with no money down in January 2007 and owed nearly $575,000 to Washington Mutual when the mortgage was sold earlier this month at a significant loss to Red Rock Mortgage Inc.
Rep. Richardson, a former Long Beach city council member, bought the home after winning a seat in California’s state assembly. She maintains her primary residence, a four-bedroom home, in her Long Beach district."
Right -- we sure want to help people like her --I mean she must be of those stupid low income people who were duped into buying a home .
YOUR HENCHWOMAN PELOSI AND HENCHMAN REID need the votes for their "empty suit" candidate Obama and to get back into Congress too. The hell with the rational taxpayers - support the scammers.

Hey - the "personal responsibility" strawman raises its head late in the game.

So many words, so few original thoughts. I don't remember anybody (especially me) claiming that this was not a truly bi-partisan exercise.

But - that still doesn't change the simplest fact of where the money trail ends and who benefits the most from the largess - and ends up the group with the least exposure/risk after all is said and done. Those Good Corporate Citizens that wrote every one of those loans.

The borrower isn't off the hook - they just get new terms and another chance to fail/succeed. And the GCC's are off the hook - again and at your expense.

Where's the angst??????????

BTW - I need no henchman/woman - I take care of my own business.

[Cowboyup]

one_of_u_liberals wrote:

<quoted text>
Hey - the "personal responsibility" strawman raises its head late in the game.
So many words, so few original thoughts. I don't remember anybody (especially me) claiming that this was not a truly bi-partisan exercise.
But - that still doesn't change the simplest fact of where the money trail ends and who benefits the most from the largess - and ends up the group with the least exposure/risk after all is said and done. Those Good Corporate Citizens that wrote every one of those loans.
The borrower isn't off the hook - they just get new terms and another chance to fail/succeed. And the GCC's are off the hook - again and at your expense.
Where's the angst??????????
BTW - I need no henchman/woman - I take care of my own business.

I am glad you take care of your own business, thats great. But this here bailout is wrong. You can't tell me that the banks who ignored their own lending guidelines, and the borrowers who knew they couldn't afford the loans are not solely responsible. Of course they are. So why should the government not only bail them out but in doing so they will worsen the inflationary effects of the sub-prime collapse. How can anyone who even has a little clue about the economy seriously be for this, unless they are doing it for political gain.

[William K]

Great job congress, keep your approval rating at the lowest level ever. I shouldn't have to pay for someone else's stupidity when they got a house they couldn't afford.

[different view]

some of you people need to be kicked
in your ass
true some people souldnt have gotten homes but you no if you people took the time to read the newspapers or watch the news you would see

look at all the companies cutting jobs i mean people thats been at a company for 10- 15- even 20+ years and they are in trouble

airlines are cutting the auto industry is cutting the printers like quebecor world is really getting rid of people and shutting down plants all over

in these cases yeah i think people need help

but true not for those people who got mortages that really wasnt able to pay them ..... i feel for some of you i hope that you all have job security 'NOT' BECAUSE I THINK THAT THERE ISNT SUCH THING CALLED JOB SECURITY ANYMORE.......

[San Jose Transplant]

different view wrote:

some of you people need to be kicked
in your ****
true some people souldnt have gotten homes but you no if you people took the time to read the newspapers or watch the news you would see
look at all the companies cutting jobs i mean people thats been at a company for 10- 15- even 20+ years and they are in trouble
airlines are cutting the auto industry is cutting the printers like quebecor world is really getting rid of people and shutting down plants all over
in these cases yeah i think people need help
but true not for those people who got mortages that really wasnt able to pay them ..... i feel for some of you i hope that you all have job security 'NOT' BECAUSE I THINK THAT THERE ISNT SUCH THING CALLED JOB SECURITY ANYMORE.......

Some of the home owners should have had a brain and not be ignorant no matter what a mortgage funding company tells them they can afford. Use some frickin common sense. Then they or others refinanced for interest only loans, varible interest rates 3-5 years ago without reading the fine print. That time was done for greed in many cases so, yes, the home owner should have blame placed as well. Also, you can loose a job like you stated above, but then don't be to proud to be a "Wal-mart Greeter" or a burger flipper. Maybe work 2 jobs and say no to some of the cell phone, Ipods and the like that your kids want. Maybe the parents need to say no to some of their toys as well...

So as you can see there are many sides to this story and the human nature of greed is to blame on all sides...sjt