Obama to back mortgage finance reform to speed housing recovery

Aug 5, 2013 Full story: Reuters 31

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Since: Mar 09

The Left Coast

#1 Aug 5, 2013
Sweet, a government program that insures my house will not loose value. Maybe we can get Obama to do the same for 401K plans. After that we can do one for cars. Things are looking good.
Ralph

Coleman, MI

#2 Aug 5, 2013
Here we go again. Another housing bubble.
Gary

Bellingham, WA

#4 Aug 5, 2013
Speed the recovery?

The Republicans will be against it.

A recovery is just what they don't want.
Not while Obama is president.
More sabotage? More silent filibusters?
More chickensh*t Republicanism?
Mothra

Phoenix, AZ

#5 Aug 5, 2013
"Mortgage finance reform should also incorporate a fee on mortgage products to be paid by financial firms that would help fund for lower-income families buy homes, the official added."

So the plan creates another Fannie/Freddie-like program to replace Fannie/Freddie?

Since: Aug 13

Kansas City, MO

#6 Aug 5, 2013
Eighthman wrote:
This is a joke.
He was against bill H.R. 2575 which tried to regulate Fannie Mae and Freddie Mac along with Barney Frank and Chris Dodd in 2003.
They killed the bill that would have stopped the mortgage crisis in it's tracks.
Obama ended up getting the most campaign donations from Fannie and Freddie in the millions of dollars.
The democrats sold our country out for a few political dollars.
Now Obama talks about regulating lending?
He was never punished for the last time.
This is a joke.
2003? Who was the president at that time? It wasn't Obama. It was Bush. The Republicans also controlled both the house and senate.

http://uspolitics.about.com/b/2008/09/18/repu...
Wall Street Government

Sebastian, FL

#7 Aug 6, 2013
Obama will propose eliminating mortgage finance entities Fannie Mae and Freddie Mac over time, replacing them with a system in which the private market buys home loans from lenders and repackages them as securities for investors, senior administration officials said. The mortgage securitization process is deemed essential to the smooth flow of capital to housing markets and the availability of credit.

The government's role would be relegated to providing some form of insurance or guarantee, and to providing oversight, according to officials and a White House statement.

Better idea, return to the old school where a lender actually held on to a mortgage.

Require a stable financial background.

Ability to make the required monthly mortgage payment.

A 20% downpayment with a proven method of paying it, on time or paying it off in a timely manner.

It's very sad Obama is adopting ANOTHER disastrous BUSH policy.

The government should stay the hell out of a private agreement between two private individuals, especially a guarantee by the government that the bank will get it's money regardless.

Guess who will get the NEXT bailout?

Hint: IT AIN'T YOU.

“Dow hit 18,000 first time ever”

Since: Jun 07

Obama economics at work.

#8 Aug 6, 2013
Ilkwas wrote:
<quoted text>
2003? Who was the president at that time? It wasn't Obama. It was Bush. The Republicans also controlled both the house and senate.
http://uspolitics.about.com/b/2008/09/18/repu...
Stop that! Reality and facts aren't what the tea-baggers dabble in on here... all they want to do is spew their typical hate against the Black guy that kicked their teeth in on every issue in every election.
No matter what the President says or policies that he introduce, even republican policies that these right-wing fools support they are predisposed to criticize it.

I just laugh at their pain and continue to enjoy the show… they lost badly and all they can do is scream out in pain with these ridiculous attacks against Obama. They are even delusional enough to think that Obama will be impeached… LOL!
lolol

Albuquerque, NM

#13 Aug 6, 2013
ousing effort #16 after 15 failed attempts, obama da clown never learns, what a moroon.

Since: Nov 08

Paris

#14 Aug 6, 2013
Ralph wrote:
Here we go again. Another housing bubble.
Obama was for giving loans to dead beats before he was against it. The boy is consistent in his flip flopping.

Since: Nov 08

Paris

#15 Aug 6, 2013
lolol wrote:
ousing effort #16 after 15 failed attempts, obama da clown never learns, what a moroon.
Jarrett and Soros just wind him up, push him in front of the teleprompter and tells him to just read the words.........don't try to think, it gets you in trouble.

Since: Nov 08

Paris

#16 Aug 6, 2013
Marine Corp Pat wrote:
<quoted text>
Stop that! Reality and facts aren't what the tea-baggers dabble in on here... all they want to do is spew their typical hate against the Black guy that kicked their teeth in on every issue in every election.
No matter what the President says or policies that he introduce, even republican policies that these right-wing fools support they are predisposed to criticize it.
I just laugh at their pain and continue to enjoy the show… they lost badly and all they can do is scream out in pain with these ridiculous attacks against Obama. They are even delusional enough to think that Obama will be impeached… LOL!
Poor pookie, never proof of what you claim. Typical babble bot.

“Open your eyes”

Since: Sep 09

Central Florida

#18 Aug 6, 2013
*sigh*

You people do not get it still apparently. Continuing the age old false argument of pointing fingers.

Let me ask you all this. Who benefited the most from Clinton's housing ponzi scheme, and who still benefits the most today? It is the same people.

There is no recovery. This is nothing more than just another bubble. An interest rate bubble.

Watch the 10 year treasury note yield percentage. Presently at 2.58%. In 2000 it was 6%, and in 1998 is was 9%. Traditionally the interest rate on 10 year note hover between 6-8%.

This plan is directed by the banks to suck more people into these low interest rate loans that will balloon in 10-20 years. And when the interest rates on 10 year note start to go back up, as said int he classic movie Aliens "GAME OVER MAN!"

After the financial collapse these so called "experts" never saw coming, did they fix anything? Did they reinstate Glass Steagall or the Sherman Anti Trust Act? Nope. Business as usual. Welcome in the new boss, the same as the old boss. And they are doing the exact same thing here.

First it was the dot com bubble, followed by the housing bubble, then the stock market bubble, now it is the interest rate bubble.

All bubbles created under artificial terms. While we the people are saddled with more debt.

“Open your eyes”

Since: Sep 09

Central Florida

#19 Aug 6, 2013
Billionaire Issues Chilling Warning About Interest Rate Derivatives
http://theeconomiccollapseblog.com/archives/b...

Will rapidly rising interest rates rip through the U.S. financial system like a giant lawnmower blade? Yes, the U.S. economy survived much higher interest rates in the past, but at that time there were not hundreds of trillions of dollars worth of interest rate derivatives hanging over our financial system like a Sword of Damocles. This is something that I have been talking about for quite some time, and now a Mexican billionaire has come forward with a similar warning. Hugo Salinas Price was the founder of the Elektra retail chain down in Mexico, and he is extremely concerned that rising interest rates could burst the derivatives bubble and cause "massive bankruptcies around the globe". Of course there are a whole lot of people out there that would be quite glad to see the "too big to fail" banks go bankrupt, but the truth is that if they go down our entire economy will go down with them. Our situation is similar to a patient with a very advanced stage of cancer. You can try to kill the cancer with drugs, but you will almost certainly kill the patient at the same time. Well, that is essentially what our relationship with the big banks is like. Our entire economic system is based on credit, and just like we saw back in 2008, if the big banks start failing credit freezes up and suddenly nobody can get any money for anything. When the next great credit crunch comes, every important number in our economy will rapidly start getting much worse.

The big banks are going to play a starring role in the next financial crash just like they did in the last one. Only this next crash may be quite a bit worse.

(con'd in link)

Since: Aug 13

Kansas City, MO

#20 Aug 6, 2013
Marine Corp Pat wrote:
<quoted text>
Stop that! Reality and facts aren't what the tea-baggers dabble in on here... all they want to do is spew their typical hate against the Black guy that kicked their teeth in on every issue in every election.
No matter what the President says or policies that he introduce, even republican policies that these right-wing fools support they are predisposed to criticize it.
I just laugh at their pain and continue to enjoy the show… they lost badly and all they can do is scream out in pain with these ridiculous attacks against Obama. They are even delusional enough to think that Obama will be impeached… LOL!
Please pardon me. I like it when their heads explode. Facts are lethal to the GOP and it's followers.

Since: Aug 13

Kansas City, MO

#22 Aug 6, 2013
Eighthman wrote:
Obama won with the help of the IRS. How corrupt is THAT?
Now this democreep wants to act like he didn't help cause the mortgage crisis in the first place by getting the Unions to protest on the front lawns of the bankers houses to get them to lower lending standards?
I remember everything.
I a not an idiot like Creepocrats.
You will make up any reason for losing the last election. The IRS? How about you ran the guy who created and successfully implemented Romneycare and then the idiots that run your party made him run against the only thing that he has ever done to help people. Then during the primaries he had to savage every group of human beings except old white men. Then there was the 47% video that he claims was taken out of context. The IRS? No...sorry. Go and ask uncle Lush for some more talking points. By the way your theory on the mortgage crisis is wrong too. The front lawns of bankers? Ha! That ish is funny.
Mothra

Phoenix, AZ

#23 Aug 6, 2013
Marine Corp Pat wrote:
<quoted text>
Stop that! Reality and facts aren't what the tea-baggers dabble in on here... all they want to do is spew their typical hate against the Black guy that kicked their teeth in on every issue in every election.
No matter what the President says or policies that he introduce, even republican policies that these right-wing fools support they are predisposed to criticize it.
I just laugh at their pain and continue to enjoy the show… they lost badly and all they can do is scream out in pain with these ridiculous attacks against Obama. They are even delusional enough to think that Obama will be impeached… LOL!
There you go again...

I was liking the 'plan' as I started reading the article, but became wary when the nebulous claim that Fannie/Freddie would be closed "over time" was presented. Nothing like a squishy time frame for political cover, huh?

(btw, wasn't Obama supposed be be above all that?)

Then as I mentioned above there's the provision to create a new program, that bears strong resemblance to Fannie/Freddie, so it would appear this is just more of the Washington shell game. Wanna bet everyone working at Fannie/Freddie doesn't end up working at the 'new' 2013 version "over time"?

Alas, you'll go ahead and continue with your one-man 'protect the President at all costs' game you've invented. But your one note 'racist' samba, just doesn't have the same beat it used to.

“JESUS WOULD IMPEACH THE GOP!!!”

Since: May 09

Lake Success, N.Y.

#24 Aug 6, 2013
Eighthman wrote:
<quoted text>Idiot. You know nothing. Bush tried to stop the mortgage lending practices but the democreeps fought to keep the standards loose. That's what caused the crash.
You can lie all you want but the truth and the history is out there.
So go ahead. Be stupid. I don't care. H.R. 2575 says it all.
There is no debate.
Shut up you idiot - I've already showed you why HR 2575 never moved - it was THE REPUBLICANS FAULT DUMMY! All there for the world to see;
"In 2003, Republicans controlled both branches of Congress (108th) and the White House. What happened to Fannie Mae and Freddie Mac regulatory reform under Republican leadership? Nothing.
Here's what I found when I searched THOMAS for the phrase Fannie Mae for the 108th Congress (2003-2004): eight bills .... but only six appear to relate to this topic, per their title. Of those six, only one was introduced after the White House weighed in (at least rhetorically) in September ... and the prime sponsor of that bill was a Democrat. The other bills seem to have resulted from the July scandal. No bill moved out of committee."
http://uspolitics.about.com/b/2008/09/18/repu...
"1.H.R.2022 introduced on 7 May 2003 by Rep. Christopher Shays (R-CT,4).
Title: To extend the registration and reporting requirements of the Federal securities laws to certain housing-related Government-sponsored enterprises, and for other purposes.
Latest Major Action: 5/23/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
2.H.R.2117 introduced 23 May 2003 by Rep. Pete Fortney (D-CA,13).
Title: To amend the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to remove certain competitive advantages granted to the housing-related government-sponsored enterprises relative to other secondary mortgage market enterprises, and for other purposes.
Latest Major Action: 5/23/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
3.H.R.2575 introduced on 24 June 2003 by Rep. Richard H Baker (R-LA,6).
Title: To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.
Latest Major Action: 9/25/2003 House committee/subcommittee actions. Status: Committee Hearings Held.
4.H.R.2803 introduced on 21 July 2003 by Rep. Edward R Royce (R-CA,40).
Title: To establish the Office of Housing Finance Oversight in the Department of the Treasury to ensure the financial safety and soundness of Fannie Mae, Freddie Mac, and the Federal home loan banks.
Latest Major Action: 8/4/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
5.H.R.2897 introduced on 25 July 2003 by Rep. Julia Carson (D-IN,7)
Title: To end homelessness in the United States.
Latest Major Action: 8/25/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Housing and Community Opportunity.
6.S.1508, introduced 31 July 2003 by Sen Chuck Hagel (R-NE).
Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.
Latest Major Action: 4/1/2004 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
7.S.1656, introduced 23 September 2003 by Sen Jon S. Corzine (D-NJ).
Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.
Latest Major Action: 9/25/2003 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
You never have a shred of evidence to prove otherwise dummy - why is that?

“JESUS WOULD IMPEACH THE GOP!!!”

Since: May 09

Lake Success, N.Y.

#25 Aug 6, 2013
Eighthman wrote:
Democreeps are creepocrats.
They caused the mortgage bust.
Everybody knows and everybody remembers.
The republicans were and still are against loose lending standards.
Always were and always will be.
It was the democrats fault and Obama helped cause the mortgage crash.
End Of story.
There is no debate.
Why is it you has a Republican controlled House and Senate, from 1996 to 2006, and a Republican president, from 2000 to 2008, and you blame democrats?

Goi ahead - explain yourself - and have proof too!
Gary

Bellingham, WA

#26 Aug 6, 2013
Eighthman wrote:
Democreeps are creepocrats.
They caused the mortgage bust.
Everybody knows and everybody remembers.
The republicans were and still are against loose lending standards.
Always were and always will be.
It was the democrats fault and Obama helped cause the mortgage crash.
End Of story.
There is no debate.
Are you the 1/8 man?
What's the remaining 7/8, pure Republican chickensh*t?

I fear so.

Oh, by the way, no one knows and no one remembers. Only you
in your demented crackpot mind.

Get help.

Since: Aug 13

Kansas City, MO

#28 Aug 6, 2013
Eighthman wrote:
Democreeps are retarded liars.
Everyone KNOWS THAT!
C'mon eightman... come clean man. Your really a democrat feeding us red meat for laughs. No one can be this stupid. Your over the top; and the tantrums... yes the tantrums. Hilarious. Almost unbelievable. Even Stephen Colbert only goes as low as Hannity. C'mon man you can tell me.

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