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Post by jeffolie on Aug 7, 2007 10:48:27 GMT -6
Earlier this year, Sen. Christopher J. Dodd proposed a onetime, multibillion-dollar bailout at taxpayer expense of borrowers behind on mortgage payments. Sen. Clinton suggested a temporary "foreclosure timeout." Sen. Barack Obama wrote to Treasury Secretary Henry M. Paulson Jr., "We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes." www.latimes.com/news/opinion/la-oew-thornton27jul27,0,5538596.story?coll=la-opinion-center Sen. Clinton to Call for Foreclosure Bailout Fund Morning Edition, August 7, 2007 · The crumbling mortgage market has caught the eye of presidential hopeful Sen. Hillary Clinton, who is expected to call for a $1 billion federal fund to help homeowners avoid foreclosure. The move comes a day after subprime lender American Home Mortgage filed for bankruptcy protection. www.npr.org/templates/story/story.php?storyId=12555904The NPR link has a Clinton video. This has the makings of a hot campaign issue next summer.
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Post by jeffolie on Aug 7, 2007 10:57:26 GMT -6
www.bloomberg.com/apps/news?pid=20601087&sid=ajvhxLnFvk50&refer=homeAug. 6 (Bloomberg) — U.S. stocks rallied the most in four years, led by financial companies, on speculation the government will take steps to limit losses in mortgage lending. Citigroup Inc., American International Group Inc. and Wells Fargo & Co. helped the Standard & Poor’s 500 Index and Dow Jones Industrial Average rebound from three weeks of declines. U.S. stocks recouped $363 billion in market value after posting their steepest three-week loss since 2003. Fannie Mae had its biggest gain in 20 years and Freddie Mac advanced the most since 2000 on expectations regulators will loosen restrictions on how much they can spend on home loans.
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Post by unlawflcombatnt on Aug 7, 2007 13:16:58 GMT -6
Hillary Clinton is bought and paid for by Corporate lobbyists and Wall Street. (and Wal-Mart).
I'd vote for Kim-Jong Il before I'd vote for her.
The use of taxpayer's money to bail out the housing industry and investment banks for their greed, dishonesty, and stupidity is disgusting.
Those of us that were smart and didn't buy into the housing bubble will foot the bill to bail out the very people who profiteered from dishonesty and greed-- banks, hedge funds, and the mortgage industry.
Home-buyers with 0 equity in their homes have nothing to lose from foreclosure. It's the hedge funds, investors, and investment banks that stupidly loaned them the money who will lose.
Let 'em lose, and lose big. Major Dem candidates should stop lying about their "concern" for poor defaulting homeowners. Their true concern is for the "poor" investment banks, home speculators, and hedge funds who profiteered from the Housing Bubble racket.
This is another of the many reasons I'm supporting Ron Paul.
The Dem Presidential candidates are not trying to help out "the little guy." They're trying to help their rich campaign contributors, while disguising it as a bail-out of the less fortunate.
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Post by Grapple on Aug 8, 2007 7:17:57 GMT -6
I very much agree. At the very least these politicians must be made to acknowledge that their “bailout’ plans not only bail out the debtor but the creditor as well. The same applies to all those “Third World debt relief” deals which is mostly about bailing out the Third World elite and the First World banking system at the expense of various taxpayers. Unfortunately these politicians will ignore any citizen who asks about the bailout of unwise debtors and greedy lenders while the press will not even ask the question.
When the last “Third World debt relief” deal went through I searched every article in every MSM source I could find and did not find any questioning on where the money was coming from nor who was being bailed out, it was all stories about poor people and how wonderful “debt relief” was. The same will happen with this bailout, all we will get is smiling pictures of people who have had their homes “saved” and little about how they got into the mess they got into and nothing about how the big lenders and bond holders are being saved from their own greed.
I was watching a news program last night and it talked about how the Fed would not do much to save peoples homes but if it hit the financial market hard they might step in. So basically if Joe Nobody loses their home they won’t do anything but if Goldman Sachs and buddies takes a big hit the Fed will jump in.
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Post by jeffolie on Aug 8, 2007 9:59:30 GMT -6
After the nominations are finalized, it will be a race between the Democrats and Republicans to see who can build the biggest bailout. The Republicans will bailout corporatists and the Democrats will bailout busted homeowners will forebearance and loan modifications.
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