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Posted by: nostalgia 1 year, 2 months ago
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nostalgia1 year, 2 months ago
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The Senate housing bailout bill is a monstrosity
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The bill increases the maximum size of a home loan guaranteed by Fannie Mae and Freddie Mac to $625,500, up from $417,000. The higher loan limits are expected to make it easier for borrowers to secure mortgages.
As reported in the LA Times:
Did Bank of America write the Dodd bailout bill?
First, the Examiner's Tim Carney reports that the bailout section of the Dodd-Shelby bill is, in the words a lobbyist, "exactly what Bank of America and Countrywide wanted."
Is there a connection between Bank of America and Sen. Christopher J. Dodd (D-Conn.)? There is. Carney: "Bank of America's political action committee (PAC) has donated $20,000 to Dodd since he became chairman of the banking panel 17 months ago. From January 2007 to March 2008, Bank of America employees have donated at least $50,400 to Dodd's campaigns, according to the Center for Responsive Politics."
"National Review Online has obtained an internal Bank of America "discussion document" (PDF here) on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill .... This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill."
http://latimesblogs.latimes.com/laland/2008/06/did...
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