Democrats Demand $100 B of TARF Money to go to Foreclosure Aid - Republicans Say Money Stays Put »
Posted By altnrg 9 months, 3 weeks ago in News
Democrats and Republicans have opposing views on whether to release the remaining $350 billion of the Troubled Asset Relief Program (TARP) allocated for foreclosure prevention.
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jeffieny9 months, 3 weeks ago
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I only hope that the ones in charge of foreclosure aid will discriminate between those realty insiders who inflate prices by buying anything and everything comes to their way BEFORE a "decently priced" property get to be exposed to public versus true home owners who only have ONE house to LIVE IN IT! These insider clowns who hold the gates turn realty to a giant scam, artificially inflating prices! Housing is a basic need and a major economic engine, should never to be abused by this well networked monopolistic sector who seek fast flush of money! They created the housing mass ruining banks and our well intended housing finance system. These out of control people will turn it impossible to afford the American dream of having a house. It is a basic need, it is the #1 dream, so people will keep trying and we will see more trapped, shelter seeking, innocent families having to deal with foreclosures in every possible little economic situation snowballing it all to a systematic catastrophe like we are having right now. Or we will have to abandon the mortgage system!!!
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mesodude9 months, 3 weeks ago
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It looks like they've learned nothing from defying the public's will for the last 8 years and losing more seats at each election. Looks like we'll have to send a few dozen more home during the next couple election cycles before they finally get the message we're tired of them collecting paychecks for obfuscating and wasting time while people lose their homes and jobs. Keep it up, Republicans. ;-P
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4thchance9 months, 3 weeks ago
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They can keep throwing money at this, but if it's anything like what's happened so far, it's not going to be a permanent fix. I think eventually the economy is going to fail anyway. Then we will have to blame Obama instead of Bush. Why? Because it will happen on Obama's watch, not Bush's watch. I take my queue from the Democrats. They have blamed Bush for anything and everything that goes wrong, NO MATTER WHAT. The dems famous words are (It happened under Bush's watch) and we ain't forgetting that standard they set. Example, if GOD FORBID were are attacked again, lets say one week after Obama is sworn in, then that attack will be Obama's fault. Personally, I would still blame Bush, but the democrats have changed that way of thinking. The sitting president is now responsible for anything and everything that goes wrong. NO MATTER WHAT! THERE ARE NOW NO EXCEPTIONS. We can thank the democrats for this rule.
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I say, "What's good for the goose is good for the gander." "What goes around comes around" "you can't change the rules in the middle of the game" etc...
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nostalgia9 months, 3 weeks ago
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Beau78909 months, 3 weeks ago
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No, the money doesn't need to stay put. What the bailout needs is restriction on recipients' use of the money and accountability. I don't know what happened to the $300 billion for foreclosure relief passed last year...I imagine it was absorbed by the companies to add to their profits rather than used for actual relief for those who needed it. Just like the $350 billion given to the financial industry.
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mesodude9 months, 3 weeks ago
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Hhussk9 months, 3 weeks ago
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That is difficult to belive when they have expressively stated they want the money to stay in social security and the existing programs. "Lining the pockets" refers to taking money set aside for other things and reallocating it a new, self-serving program. For example, a bailout, which the new Congress and President-elect Obama are calling for.
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President Bush was no better in the last six months. He was also accountable to a bailout which served our country not at all.
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Republicrat1844Comment removed: Retracted by user4 Replies
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DMUSA9 months, 3 weeks ago
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THIS IS BAILOUT MONEY IS GOING TO ILLEGAL ALIENS AND LOW INCOME FAMILIES WHO BOUGHT HOUSES THEY COULDNT AFFORD!(AND CAUSED THIS ECONOMIC DISASTER), NOT TO MIDDLE CLASS AMERICANS. ACCORDING TO THE LA TIMES DEC 26, BUSINESS SECTION, THE GOVERNMENT (HUD) AND MORTGAGE COMPANIES ARE USING THIS MONEY TO REDUCE THE PRINCIPAL(THE AMOUNT OWED) BY UP TO 50 % AND GIVING THESE PEOPLE 3% 50 YEAR LOANS! THE BOTTOM LINE IS IF YOU MAKE $8 AN HOUR AT MCDONALDS AND BOUGHT A $400,000 HOME, BANK OF AMERICA IS LOWERING THE PRINCIPAL TO $200,000 AND GIVING YOU A MORTGAGE THAT WILL ALLOW YOU TO KEEP YOUR HOME, WHILE THE MIDDLE CLASS AMERICAN WITH GOOD CREDIT NEXT DOOR STILL OWES $400,000! CALL UP YOU BANK AND ASK THEM TO LOWER THE AMOUNT YOU OWE BY 50%!! THEY WILL LAUGH LIKE THEY DID TO ME!
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bubba29 months, 3 weeks ago
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I don't like ANY of the bailouts.
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Congress ran the automakers 'over the coals' on what they would do with EVERY PENNY of any money they received.
But the 700 billion to wall street and the banks was passed with nary any strings attached at all. We have NO idea where that money is going. Its for sure some of that money will circle back around as campaign contributions for the politicians who "took care of them".
The ONLY bailout should be given to every American homeowner especially the ones that are threatened with foreclosure. THAT is how the banks can get their money for their mortgages. -
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lfergie8129 months, 3 weeks ago
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What I don't understand is why Paulson, Bush, and congress wanted the automakers to change their ways and prove it to get the money they needed to carry them over these rough times but handed the money to AIG, Lehman Brothers, and the Banks without making them change their way of doing business. My guess would be because they stood at risk to lose a lot of money themselves if any of them failed. Especially the stock market.
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I also believe that those "get rich quick" speculators that lost their posterior by making bad investments on oil and real estate should have a lien placed on their resident because speculation is what caused the technology burst, the housing bust, and now the oil burst and there were a lot of money lost on all of them.
Now that I've got that off my chest I feel better. Thank you.-
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joemlgb9 months, 3 weeks ago
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Ifergie812 something else you need to know is the pres. bushs brother is a exc. at Lehman Bros, the same one who helped Silverado savings swindle Millions, Old Kenny knows how to hide the nut!!! and with no strings and no recorse to see where all the money went, Every one Forgets the Auto Makers asked for a LOAN not money for Nothing.
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jeffieny9 months, 3 weeks ago
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I only hope that the ones in charge of foreclosure aid will discriminate between those realty insiders who inflate prices by buying anything and everything comes to their way BEFORE a "decently priced" property get to be exposed to public versus true home owners who only have ONE house to LIVE IN IT! These insider clowns who hold the gates turn realty to a giant scam, artificially inflating prices! Housing is a basic need and a major economic engine, should never to be abused by this well networked monopolistic sector who seek fast flush of money! They created the housing mass ruining banks and our well intended housing finance system. These out of control people will turn it impossible to afford the American dream of having a house. It is a basic need, it is the #1 dream, so people will keep trying and we will see more trapped, shelter seeking, innocent families having to deal with foreclosures in every possible little economic situation snowballing it all to a systematic catastrophe like we are having right now. Or we will have to abandon the mortgage system!!!
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codgerpriceComment removed: Retracted by user1 Reply
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jordan119 months, 3 weeks ago
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It appears that the Feds asked BofA to acquire Merrel Lynch, which was close to collapse. As happens when things are done in a hurry, the investment company was worse off (carrying bad home loans in bundled securities) than was known in that 'hurry' to save it. BofA common stock was affected, which affected the value to thousands of investors. The 50 billion comes with an agreement to keep the investors earning an 8% dividend. Now my research was very quick, so I'm sure there's more to it. But those who count on the dividends from their BofA common stock for income would at least have their investment remain stable with this extra money. I'm certainly open to different interpretations. But it would appear that BofA was doing investors in Merril Lynch a favor by acqiring it.
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http://money.cnn.com/2009/01/16/news/companies/bof... -
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