NeverEndingMe
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just because you are not successful, doesn't mean "we" must punish that are
Trixie, taking away the American dream for the welfare carpet-baggers of america, right?
Gallup: 71% of Democrats Say Government Should Redistribute Wealth
- Thread starter MeeMie
- Start date
just because you are not successful, doesn't mean "we" must punish that are
Trixie, taking away the American dream for the welfare carpet-baggers of america, right?
MeeMie
No Spam Here
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Redistribution of Wealth Redux
FHA, Fannie Mae and Freddie Mac all offer a principal reduction loan programs.
Obama's "Homeowner Affordability and Stability Plan” includes $75 billion in taxpayers' money as incentives ($1,000 for each modification of a delinquent loan and $1,500 for each modification of a current loan, an additional $1,000 per year for three years if a borrower stays current) lenders to modify the loans of struggling homeowners including principal reductions. The federal program will reimburse mortgage services/lenders for a portion of the cost of a principal reduction with taxpayers dollars. A principal reduction which would equal to $1,000 each year for up to five years.
In 2008, the Treasury committed to invest as much as US$200 billion in preferred stock ... the biggest and costliest government bailout ever of private companies ... to buy debt issued by Fannie Mae and Freddie Mac. The real cost of the bailouts will easily exceed $1.3 trillion. In fact, the real cost is likely to range between $1.3 trillion to $1.6 trillion, and is not unlikely to reach $2.5 trillion: GSE mortgage-backed securities purchases to buy mortgage-backed securities held by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac bailout: Committed $400 BILLION - Cost to the government of taking the mortgage finance companies into conservatorship.
FHA housing rescue: Committed $320 BILLION - Funding of new 30-year fixed-rate mortgages for at-risk borrowers.
Making Home Affordable investment: Committed $25 BILLION - to help Treasury launch its $75 billion multipronged foreclosure prevention plan.
And now, Fannie Mae is back at the trough asking for another $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.
All the while, this failed government entity is advertising for homeowners to get their mortgages modified with principal reductions.
And, at the same time, The Department of Justice, Eric Holder has vigorously reinstituted enforcement of failed policy 1977 redlining laws, which were credited with the current housing crisis.
Faced with a deluge of consumer regulations and enforcement relating to loans to unqualified borrowers, banks have learned lessons from the past. Federal regulators again are pressuring banks to expand their business into low-income census tracts where they have not previously done business. Banks are being cited for "failing to make enough loans in the new low-income portions of its service area." Given their knowledge of previous consequences, banks instead choose not to expand, rather than be forced to meet quotas, it looks like this time banks will resist the repeated risk of being inadequately forced to extend credit in slum communities.
Redlining laws had created a situation that forced banks to PROVE that they weren’t discriminating, meaning that banks made risky loans in neighborhoods that they otherwise wouldn’t on purely economic grounds. Banks lived in fear of accusations of redlining and made loans that they otherwise would not have to avoid that charge.
There were two key factors on the side of government intervention that contributed to the housing crisis, GSE’s and the Community Reinvestment Act:
• GSE’s are otherwise known as ‘government sponsored enterprises’. The GSE’s involved in the recent bubble were Fannie Mae and Freddie Mac. These two ‘enterprises’ were backed by the federal government. That means that shareholders enjoyed the profits and the American tax payers would share in the losses. This is not a free market vehicle because is privatizes the profits and socializes the losses.
• Community Reinvestment Act began under Carter and was expanded under Clinton, was supposed to address lending discrimination practices. It was used to artificially increase home ownership in America. The CRA simply turned into legislation mandating that banks begin lending to borrowers that did not have the ability to repay the loans. However, this program really found its home with Fannie Mae and Freddie Mac, who were more than willing to comply.
Anyone who lived through that era needs no reminder that today's housing crisis was made worse by intervention from the Federal Government in the form of restrictive legislation and forceful mandates.
Yet again now we see history repeating itself before the previous damage is even near correction.
Welcome to Liberal LaLa Land.
FHA, Fannie Mae and Freddie Mac all offer a principal reduction loan programs.
Obama's "Homeowner Affordability and Stability Plan” includes $75 billion in taxpayers' money as incentives ($1,000 for each modification of a delinquent loan and $1,500 for each modification of a current loan, an additional $1,000 per year for three years if a borrower stays current) lenders to modify the loans of struggling homeowners including principal reductions. The federal program will reimburse mortgage services/lenders for a portion of the cost of a principal reduction with taxpayers dollars. A principal reduction which would equal to $1,000 each year for up to five years.
In 2008, the Treasury committed to invest as much as US$200 billion in preferred stock ... the biggest and costliest government bailout ever of private companies ... to buy debt issued by Fannie Mae and Freddie Mac. The real cost of the bailouts will easily exceed $1.3 trillion. In fact, the real cost is likely to range between $1.3 trillion to $1.6 trillion, and is not unlikely to reach $2.5 trillion: GSE mortgage-backed securities purchases to buy mortgage-backed securities held by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac bailout: Committed $400 BILLION - Cost to the government of taking the mortgage finance companies into conservatorship.
FHA housing rescue: Committed $320 BILLION - Funding of new 30-year fixed-rate mortgages for at-risk borrowers.
Making Home Affordable investment: Committed $25 BILLION - to help Treasury launch its $75 billion multipronged foreclosure prevention plan.
And now, Fannie Mae is back at the trough asking for another $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.
All the while, this failed government entity is advertising for homeowners to get their mortgages modified with principal reductions.
And, at the same time, The Department of Justice, Eric Holder has vigorously reinstituted enforcement of failed policy 1977 redlining laws, which were credited with the current housing crisis.
Faced with a deluge of consumer regulations and enforcement relating to loans to unqualified borrowers, banks have learned lessons from the past. Federal regulators again are pressuring banks to expand their business into low-income census tracts where they have not previously done business. Banks are being cited for "failing to make enough loans in the new low-income portions of its service area." Given their knowledge of previous consequences, banks instead choose not to expand, rather than be forced to meet quotas, it looks like this time banks will resist the repeated risk of being inadequately forced to extend credit in slum communities.
Redlining laws had created a situation that forced banks to PROVE that they weren’t discriminating, meaning that banks made risky loans in neighborhoods that they otherwise wouldn’t on purely economic grounds. Banks lived in fear of accusations of redlining and made loans that they otherwise would not have to avoid that charge.
There were two key factors on the side of government intervention that contributed to the housing crisis, GSE’s and the Community Reinvestment Act:
• GSE’s are otherwise known as ‘government sponsored enterprises’. The GSE’s involved in the recent bubble were Fannie Mae and Freddie Mac. These two ‘enterprises’ were backed by the federal government. That means that shareholders enjoyed the profits and the American tax payers would share in the losses. This is not a free market vehicle because is privatizes the profits and socializes the losses.
• Community Reinvestment Act began under Carter and was expanded under Clinton, was supposed to address lending discrimination practices. It was used to artificially increase home ownership in America. The CRA simply turned into legislation mandating that banks begin lending to borrowers that did not have the ability to repay the loans. However, this program really found its home with Fannie Mae and Freddie Mac, who were more than willing to comply.
Anyone who lived through that era needs no reminder that today's housing crisis was made worse by intervention from the Federal Government in the form of restrictive legislation and forceful mandates.
Yet again now we see history repeating itself before the previous damage is even near correction.
Welcome to Liberal LaLa Land.
NeverEndingMe
Literotica Guru
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- Jun 20, 2011
- Posts
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those that are in flavor of stealing wealth and shoveling it out like crack, have no wealth and are too freaking lazy to earn it
MeeMie
No Spam Here
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More Money for Struggling Homeowners
A new federal program is offering aid with a sweet kicker: It doesn't need to be repaid.
For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.
The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. The $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
When does the waste of taxpayers' money ever end with this Loonie Liberal administration?
Does anyone pay YOUR mortgage for you?
Did the bank give you forgiveness of debt incurred when you applied for YOUR mortgage?
Did anyone give YOU a $50,000 loan that doesn't need to be repaid?
I guess we can expect more of all of their screwed up ideologies crammed through before the whole bunch is jettisoned out of office ...
Reparation
Redistribution
Amnesty
ObamaCare
Dream On Act
Constitution ignored
Military misguided
Missile defense deteriorated
Foreign policy mistakes
Allies abandoned
Farce of civil rights extended to known enemies
When will it end?
2012
A new federal program is offering aid with a sweet kicker: It doesn't need to be repaid.
For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.
The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. The $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
When does the waste of taxpayers' money ever end with this Loonie Liberal administration?
Does anyone pay YOUR mortgage for you?
Did the bank give you forgiveness of debt incurred when you applied for YOUR mortgage?
Did anyone give YOU a $50,000 loan that doesn't need to be repaid?
I guess we can expect more of all of their screwed up ideologies crammed through before the whole bunch is jettisoned out of office ...
Reparation
Redistribution
Amnesty
ObamaCare
Dream On Act
Constitution ignored
Military misguided
Missile defense deteriorated
Foreign policy mistakes
Allies abandoned
Farce of civil rights extended to known enemies
When will it end?
2012
Last edited:
Sean Renaud
The West Coast Pop
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Gave you a more realistic date.
NeverEndingMe
Literotica Guru
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LJ_Reloaded
バクスター の
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They went under because the CEOs ordered Union people to produce low mileage cars that no one wanted to buy.
Not that you're going to give me any straight answer about this, but who designed the Hummer?
1) Unions
2) Upper management
?
/thread
NeverEndingMe
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