Archive for the 'Elections' Category
Does anyone have any details on this bill? Can I just stop paying my mortgage and get a 0% interest rate on my mortgage and pay off my house in record time? I really want to benefit from this.
Boston Real Estate
Isn’t this socialism?
WALLACE: But, Senator, you voted for the $700-billion bailout that’s being used partially to nationalize American banks. Isn’t that socialism?
MCCAIN: That is reacting to a crisis that’s due to greed and excess in Washington. And what this administration is doing wrong, and what Paulson is doing wrong, is not going out and buying up home loan mortgages, home mortgages, and giving people new mortgages at the new value of their home so they can stay in their home. They’re bailing out the banks. They’re bailing out these institutions.
WALLACE: But you voted for that.
MCCAIN: Of course. It was a package that had to be enacted because the economy was about to go into the tank…. That’s the reason why we have governments, to help those who need help, who can’t help themselves, and when time of crisis to step in and do what’s necessary to preserve the lives and futures of innocent people. It wasn’t Main Street America that caused this. It was Washington and Wall Street.
Malibu condos
Sen. John McCain (R-Ariz.) said Monday that he believes the country is in a recession, adding that “these are very, very tough times in America
“Americans are hurting today,” McCain said at an Associated Press forum in Washington, D.C. “They’re hurting in the towns and cities across America. They’re sitting around the kitchen table, saying, ‘Are we going to be able to make our home loan mortgage payments? Are we going to be able to — do I have to try to get a second job? Can I keep my job? Why was I laid off?’”
I can’t believe a Republican would actually admit it…
http://thehill.com/campaign-2008/mccain-says-he-believes-u.s.-is-in-a-recession-2008-04-14.html
Scarsdale Real Estate
There are significant limits to what regulation can accomplish. As a dramatic illustration, take two of the biggest accounting disasters in the past ten years: Freddie Mac and Fannie Mae. We’re talking billions and billions of dollars of misstatements at both places.
Now, these are two incredibly important institutions. I mean, they accounted for over 40% of the mortgage flow a few years back. Right now I think they’re up to 70%. They’re quasi-governmental in nature. So the government set up an organization called OFHEO. They stand for Office of Federal Housing Enterprise Oversight.] But if you go to OFHEO’s website, you’ll find that its purpose was to just watch over these two companies. OFHEO had 200 employees. Their job was simply to look at two companies and say, “Are these guys behaving like they’re supposed to?” And of course what happened were two of the greatest accounting misstatements in history while these 200 people had their jobs. It’s incredible.
The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises — the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Maryland homes
Which would have called for an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
http://beltwaysnark.com/2008/09/16/john-mccain-supported-a-proposal-for-an-agency-to-oversee-fannie-and-freddiein-2005/
Redding Real Estate
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
At least McCain co-sponsored and tried to get a bill passed in 2005 to address this:
1/26/2005–Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 – Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.
***
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
New Jersey Real Estate
McCain: we have allocated $750 billion. Let’s take 300 of that billion and go in and buy those home loan mortgages and negotiate with those people in their homes, 11 million homes or more, so that they can afford to pay the mortgage, stay in their home.
Obama: Senator McCain and I agree with your idea that we’ve got to help homeowners. That’s why we included in the financial package a proposal to get homeowners in a position where they can renegotiate their mortgages. I disagree with Senator McCain in how to do it, because the way Senator McCain has designed his plan, it could be a giveaway to banks if we’re buying full price for mortgages that now are worth a lot less. And we don’t want to waste taxpayer money. And we’ve got to get the financial package working much quicker than it has been working.
http://www.cbsnews.com/stories/2008/10/16/politics/2008debates/main4525254.shtml?source=RSSattr=Politics_4525254
Chula Vista Real Estate
The Dems blocked Bush’s proposed oversight of Frannie and Freddie in 2003.
Bush suggested this in 2003.
Under the plan, disclosed at a Congressional hearing in 2003, a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
But the Democrats said:
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts the ranking Democrat on the Financial Services Committee in 2003.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
The Dems killed McCain’s creation of an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
http://beltwaysnark.com/2008/09/16/john-mccain-supported-a-proposal-for-an-agency-to-oversee-fannie-and-freddiein-2005/
Chicago Real Estate
Subject: From a retired Banker on the current fiasco!!! WORTH THE
READ…no matter who you favor for President–
FROM A RETIRED BANKER
Written by Jack Kelly
Thursday, 18 September 2008
Lending money to people who probably won’t pay it back isn’t good
Business. If you wrap crummy loans in a clever package, they’re still
crummy loans.
Your typical Wal Mart shopper understands this. But the Masters of the
Universe on Wall Street and in Washington evidently didn’t.
Ostensibly to aid the poor, the Clinton administration and Congress
Encouraged lenders to give mortgages to poor credit risks. The
Combination of easy money and the expansion of the number of borrowers
By extending loans to poor credit risks sent housing prices through the
roof, creating the bubble whose bursting has led to this crisis.
Congress in 1999 repealed the law (the Glass-Steagall Act) that
established a bright line between commercial and investment banks.
This meant bad investments by banks could jeopardize depositors.
Wall Street created ‘derivatives’ which multiplied profits in good
times, but which also multiplied risk if there were defaults.
Most important was corruption and mismanagement at the Federal National
Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
corporation (Freddie Mac), which together controlled 90 percent of the
secondary mortgage market.
Once your bank has lent you money to buy a house, it can’t lend the
money again until you pay it back. But if your bank sells your
mortgage, it can make another loan right away. Without the secondary
market, most of the funds for home mortgages would dry up.
Fannie and Freddie went broke because they had bought billions of
dollars worth of subprime mortgages, on which borrowers defaulted when
the housing bubble popped. Fannie bought most of its bad mortgages from
Countrywide Financial, whose CEO, Angelo Mozilo, gave sweetheart loans
to senior executives of Fannie Mae.
Fannie and Freddie cooked their books so senior executives would be
paid millions of dollars in bonuses to which they were not entitled.
Inadequate regulation kept the book-cooking from being discovered
until the crisis had become a catastrophe.
President Bush proposed regulatory reforms in 2003 but Congress took
no action. In 2005, John McCain and three other GOP senators proposed
a strong reform bill. It died when Democrats threatened a
filibuster.
When the bill was reintroduced in this Congress, Sen. Chris Dodd, the
New Democratic chairman of Banking Committee, refused even to hold a
hearing on it.
Democrats opposed reform in part because they feared it would mean
fewer loans to poor people.
‘Fannie Mae and Freddie Mac are not facing any kind of financial
Crisis,’ Rep. Barney Frank, D-Mass, told the New York Times when the
Bush bill was introduced. ‘The more pressure there is on these
Companies, the less we will see in terms of affordable housing.’
Chandler AZ Real Estate
Taking On Fannie And Freddie Without stronger regulation, argues Rep. Richard Baker, the mortgage giants present a huge market risk
By Ron Insana; Richard Baker
September 1, 2003
(MONEY Magazine) – Rep. Richard Baker is a driven man. The mission of this firebrand Louisiana Republican: to ensure that Fannie Mae and Freddie Mac, two of the world’s largest financial institutions, aren’t on a collision course with disaster. Baker, a minister’s son and amateur astronomer, goes so far as to compare the potential havoc that, in his view, inadequate oversight of the two mortgage titans could wreak on financial markets and taxpayers to the fallout from an asteroid hitting the earth.
Baker, chairman of the House subcommittee that oversees the two congressionally chartered “government-sponsored enterprises” (GSEs), has for years been voicing concerns about Freddie, formally known as the Federal Home Loan Mortgage Corporation, and Fannie, the Federal National Mortgage Association. A recent internal investigation of accounting at Freddie Mac proved his concerns about the $34 billion (market capitalization) company to be well founded, with allegations of lax internal controls and questionable accounting maneuvers.
Nothing ****** about common sense and crooks!
Man from ACORN: Are you saying that blacks aren’t affected and don’t invest in WallStreet? The black politicians who fought tooth and nail to defend the corruption are far from poor. The black homeowners who lost their homes got hurt too. In other words everyone got hurt and this is a major contributing factor to the current economical situation we are in.
Maldavi: Nothing racial at all about it until you decided to add the ‘Nothing racist’ comment.
Hmm… wonder why you felt compelled to do that?
**********************************************
I was responding to a poster! Is that still legal under Obama rule?
ty claudiac, I think Baker was on the money!
Boston Real Estate
To the Dems who blocked Bush’s proposed oversight of Frannie and Freddie in 2003.
Bush suggested this in 2003.
Under the plan, disclosed at a Congressional hearing in 2003, a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
But the Democrats said:
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts the ranking Democrat on the Financial Services Committee in 2003.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
And since the Dems killed McCain’s creation of an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
http://beltwaysnark.com/2008/09/16/john-mccain-supported-a-proposal-for-an-agency-to-oversee-fannie-and-freddiein-2005/
El Cajon homes
