Debate is Still Hot on Government's Foreclosure Plan »
Posted By altnrg 11 months, 3 weeks ago in News
Political tensions arise over government’s foreclosure plan to buy up homeowners with loans controlled by Freddie Mac and Fannie Mae.
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emsaraviaComment removed: Spammer, Abusive
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JohnGault11 months, 3 weeks ago
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Debate? the country did not agree with the first bailout. So did congress improve the bailout? NO they made it worse then passed the bill.
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It was so critical to pass the bill when they did, yet it took over a month before they released any of the money. Now they want to step in and fix Detroit.
I have lost complete faith in our Government. This isn't a party issue, this is a leadership issue, Good luck Obama, your going to need it.
As for me I'm going to do everything possible to make sure Frank does not get re-elected. I take that "luck" back Obama; I'm going to need it.-
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wtagg11 months, 3 weeks ago
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Frank? I'd be more concerned with the real champions of the bailout, the present admin, the fed and treasury heads, the candidate that you supported, plus the candidate that won.
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The present admin and congress (2001-present) opened the door to the vastly expanding nature of our government. Why are you surprised when the successors desire to follow in the same footsteps? I don't remember you complaining years ago.
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npagan5411 months, 3 weeks ago
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In my opinion, I believe the money used to bailout the big corporations should had been used to create jobs for those who lost theirs. The only way the economy is going to recover is when people get back to work and continue spending.The economy suffers when consumer stops spending.
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wtagg11 months, 3 weeks ago
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Though I couldn't agree more that the foundation of our economy is in its base purchasers, the trickle downists will not find your suggestion appealing.
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Corporate socialism is a top down economy model.
Even if the government puts in requirements for the auto industry and approves a bailout, they will find ways to reward the few. What a waste of our tax dollars. If a business can't survive on its decisions, the should go in the tank. We are rewarding poor decision making and management. This is something that all conservatives should be up in arms about. It demonstrates that trickle down is not a conservative policy.
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reallypsst11 months, 3 weeks ago
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The bailout money was never intended to help joe the average home owner ,congress gave paulson the money and power to spend it without oversite or restrictions. The first people to get billions were all paulson friends.Also if you follow the money trail AIG is like a CIA slush fund operation they are into everything.What these guys did was a simple case of extortion.All these politicians are connected in this bribes , investments ect..Remember back when J.edgar hoover had everyones personal profile even the CIA was scared of him , he had the goods on everyone.The same thing has happened here washington is so corrupt they gave away our money without hesitation.The only reason paulson hasnt spent the balance is he knows Obama will fall on him like a ton of bricks!
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ConcernedTaxpayer11 months, 3 weeks ago
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The $700B Economic Stimulas bill WAS passed by Congress in Sept or Oct. Secretary Paulson has given $300B to various large banks, which was to help stimulate the Economy by means of the banks now being in a cash position to lend to businesses and individuals, for loans they needed. But it is apparent that the BANKS were NOT lending in their communities, to help stimulate the economy, and are using these funds for their acquisitions of others banks, which will make them more powerful. MORE GREED and PROFIT FOR THEM. The banking industry IS responsible for creating the economic downturn and home foreclosure crisis in this country. How? By providing BAD mortgage loans with short term fixed rates, knowing that the rates would adjust to much higher rates/payments. The banks qualified borrowers for these loans on the fixed rate. The banks KNEW that millions of "borrowers" would have to come back to them for a refinance loan, paying thousands of dollars back to the bank in points and fees, just to get another low fixed rate so that the borrower could make payments that were affordable. And this vicious greed cycle has been in existence for many years. The banking industry has the final approval power. This contributed to an ever increasing debt position on millions of American homes. When consumers could not refinance, and could not pay the higher converted rate, foreclosures began to happen. And millions of foreclosures have happened, and 5 million more could happen. Foreclosures destroy families, equity wealth that many people counted on for their retirement, 401k wealth loss, crime to communities.
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And now 1/3 of all homeowners cannot refinance to lower rates because their home is worth LESS than the loans on their home. Their asset is now a real debt with years of tens of thousands of dollars in loss. ITS TIME THE BANKS GIVE EVERYONE A GOOD 30 YEAR FIXED RATE LOAN, like they should have in the first place. A payment that can be sustained for homeownership.
Secretary Paulson has ignored to help homeowners where the banks are ignoring them, and the banks are continuing to cause financial ruin in this country to the American public, by them not doing what they should - to stop foreclosures.
The Economic Stimulas bill provides a small amount of monies to help homeowners. It is not Secretary Paulson's right to ignore the terms of this congressional bill, to his interpretation or unwillingness to implement all provisions and benefit of society, that it clearly provides for. -
FolopiuytComment removed: Hard Banned
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Spadecaller11 months, 3 weeks ago
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Out of more than 2 and half million foreclosures, a mere 10,000 have received any help in rewriting their loans.
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With the failing economy and the loss of jobs, this years foreclosure rates will exceed 3 million!
These bailouts are only enabling a dysfunctional system. I would rather see the money go to those who could use it rather than rewarding the fat cats who caused the problem in the first place. -
SquizzlyComment removed: Hard Banned
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