Jun 25 2008

3 Billion To Rescue 400,000?

Published by Raven at 7:50 am under Current Events, National Politics, Raven

Did you know that it could cost us 3 billion dollars to bail out roughly 400,000 people who made poor decisions with their mortgages?

WASHINGTON (AP) - A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

Have you said, WFT, yet?

And if one WTF isn’t enough for you on this fine Wednesday am–

…conservative Democrats known as “Blue Dogs” are concerned about how to pay for the measure, and members of the Congressional Black Caucus call it unacceptable, arguing it doesn’t do enough to address the needs of black Americans.

Congressional leaders also are divided on how high to place loan limits that apply to government mortgage insurance and financing. The Senate bill sets those limits at $625,000 while a House-passed version puts them at $730,000 - a crucial difference in high-cost housing markets like California, home to House Speaker Nancy Pelosi.

The thieves and beggars are trying to scam us to bail out the *needs* of black Americans, and help the higher end idiOts in Nancy Pelosi’s home state.

I give up…guess I should find a way to stop making my mortgage payments and demand the government *help* me out.

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6 Responses to “3 Billion To Rescue 400,000?”

  1. # Duncanon 25 Jun 2008 at 6:20 pm

    From those according to their ability… to those according to their needs….

    Welcome to the new Soviet Union Comrade Raven….. :cry:

  2. # Weapon of Mass Disturbanceon 25 Jun 2008 at 6:56 pm

    I’ll put you in as a write in candidate.

  3. # Ravenon 27 Jun 2008 at 10:35 pm

    Gah. It’s just so wrong. And un American. And American killing. We’re gonna kill this country with all these welfare programs, relief programs, bailouts, buy ins, and the like.

    And we can blame liberals fair and square for all of it.

  4. # Duncanon 28 Jun 2008 at 9:25 am

    Don’t just put the Dems and libs in on this one. I equally blame the Republican New Deal Democratic Party as much. I am almost ’bout to pull my support for McCain and put a Bob Barr Libertarian Party endorsement on the side ’cause, while I don’t consider myself a pure libertarian, they’re sure a helluva alot closer to my beliefs than the New Deal Republicans….

  5. # Lynneon 27 Jul 2008 at 8:15 am

    I went through a brutal divorce in which my now ex was legally able to destroy me and our children. We don’t have a home. Because of the brutal divorce I don’t feel like I have been in a position to buy a home for my children. I didin’t fall for all the disreputable mortage offers on the market. There is no assistance for us to get a leg up, to start a new life, for us to become homeowners but, once again we are going to give money to financial institutions. I also don’t understand that if these idiots got into ARMS, why are their rates now unpayable. Interest rates are at their lowest ever. So, in reality their interest rates if a trditional ARM would and should probably be lower and more afforable than when initially financed ??? 3 billion does not pay their mortages, they will still have to pay the “fixed rate” mortage so why is the government having to give “3 BILLIOB” dollars to financial institutions??? Where in all honesty is the money going !!!!!!

  6. # Ravenon 27 Jul 2008 at 10:28 am

    The money is going to numerous pork pet projects.