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Crooked Senate Passes RE Bagholder Welfare Program

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February 07, 2008 – Comments (8) | RELATED TICKERS: FMCC

Want to shove the risk of your crummy jumbo loan onto the already-overburdened American Taxpayer? Then today's your day. The Senate's "stimulus" package is really an attempt to help crooked realtors, crooked banks, and bagholding borrowers shove the risk of their giant loans onto the rest of us. Oh, and Congress says they have to do it without charge -- so you know who will be left holding the bag when these jokers get the numbers wrong. After all, they're "too big to fail" right?

These people are dispicable, pandering idiots.

Enjoy.

Title II: Housing GSE and FHA Loan Limits - (Sec. 201) Raises the statutory ceiling on the maximum original principal obligation of a mortgage originated between July 1, 2007, and December 31, 2008, that may be purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Disregards mortgages purchased with the increased ceiling amount for purposes of meeting certain housing goals established under the Housing and Community Development Act of 1992.

Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this Act if the manner of securitization does not: (1) impose additional costs for mortgages originated, purchased, or securitized under existing limits; or (2) interfere with the goal of adding liquidity to the market.

(Sec. 202) Establishes a temporary loan limit increase for FHA-insured mortgages in specified high-cost areas for which a borrower received credit approval by December 31, 2008.

Grants the Secretary of Housing and Urban Development (HUD) discretionary authority to increase loan limits in 2008 based upon the size and location of residences in particular areas.

Directs the Secretary to publish the median house prices and mortgage principal obligation limits as revised by this Act not later than 30 days after its enactment.

8 Comments – Post Your Own

#1) On February 07, 2008 at 7:01 PM, abitare (38.25) wrote:

First!

Wow! Now we are safe, I was really worried.

Here is Rep Kaptur (OH-D) is currently the most senior woman in Congress and in the House of Representatives she is 33rd (out of 435) on the seniority list. demonstraing her knowledge of the FED:

 

Kaptur is the most senior Democratic woman on the influential House Appropriations Committee. Kaptur also serves on the Appropriations subcommittees for Agriculture (the leading industry in her state) and Transportation, Housing and Urban Development. Kaptur also sits on the Appropriations subcommittee for Defense where she is the first Democratic woman to be appointed to the subcommittee, the only woman presently on the subcommittee and the third-ranking Democrat on the subcommittee. In addition to her duties on these committees, Kaptur is also a member of the House Budget Committee.

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#2) On February 07, 2008 at 7:50 PM, EScroogeJr (< 20) wrote:

Investing is not about moralizing. An intelligent investor must place his bets in such a way as to benefit from the actions of the despicable pandering idiots in congess, rather than have his highly moral "social choice" portfolio of short positions on housing and banking stocks wiped out by these despicable pandering idiots.

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#3) On February 07, 2008 at 8:47 PM, leohaas (32.69) wrote:

Scrooge is right!

But a rant every once in awhile makes you feel a bit better... 

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#4) On February 07, 2008 at 8:54 PM, devoish (98.54) wrote:

Abitarecatania,

You can rip on Kaptur all you want for confusing Bernankes job history with Paulsons, but it does not make Ron Paul look any better to me. I am sure at this point she has the history correct. Anyone who listens to any testimony by any Bush appointee without wondering what financial opportunities are connected to that testimony is a fool. Cheneys ex, Haliburton  has prospered, Bush's friends at Hunt oil are first in to receive profit sharing agreements in Iraq and their CEO sits on your Presidents Foreign Intelligence Advisory Board. And then there's the petty thieves who have confessed to conspiracy and obstruction of justice charges. Do you believe Alberto Gonzalez? Perhaps now would be a good time to have a snicker with Karl Rove at Hillary's "vast right wing conspiracy" quote as though it isn't correct. If Ron Paul wants my vote he will have to renounce the Republican Party, and support Dennis Kucinich in the effort to impeach Cheney. Nothing less will do. Vote Republican? Only with a gun to my head. 

Right now it would be an improvement to have my tax money wasted by misguided Democrats than stolen by thieving Republicans while fools stand by and call it free market capitalism.

Was that too harsh?

Devoish

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#5) On February 07, 2008 at 9:43 PM, abitare (38.25) wrote:

devo,

You are no different than many Americans, who have no idea the background of Dr Paul. Dr Paul is not a CFR sponsored cannidate and gets very little media play outside of the internet.  

I am sympathetic to your dislike of the Bush and Co.

Do not confuse Dr Paul with these other crooks. Dr Paul is a statemen and frankly does not deserve to inherit the mess Bush and Co is leaving.

Dr Paul speaking before the war trying to stop it:

http://www.youtube.com/watch?v=-EywYDhPeY8 

Dr Paul the reply Faux News cut out:

 

Dr Paul winning almost every GOP debate:

http://www.youtube.com/watch?v=6QFcqMeNRf8&feature=related 

Common sense is a dish best served OFTEN, so I'm glad to see address the issue here.

Why Dr Ron Paul?

He has never voted to raise taxes.

He has never voted for an unbalanced budget.

He has never voted for a federal restriction on gun ownership.

He has never voted to raise congressional pay.

He has never taken a government-paid junket.

He has never voted to increase the power of the executive branch.

He voted against the Patriot Act.

He voted against regulating the Internet.

He voted against the Iraq war.

He does not participate in the lucrative congressional pension program.

He returns a portion of his annual congressional office budget to the U.S. treasury every year.

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#6) On February 07, 2008 at 9:54 PM, floridabuilder2 (99.26) wrote:

i will admit.... escrooge is right

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#7) On February 07, 2008 at 10:24 PM, devoish (98.54) wrote:

i will admit.... escrooge is right

Didn't I say that? And I get to feel better for ranting.

Abiteracatania, I absolutely respect your dedication to your candidate, and that you have mostly promoted him, rather than denigrate his opponents.

Regards,

Devoish

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#8) On February 08, 2008 at 3:54 AM, AnomaLee (28.55) wrote:

Every four years I think I go into depression until November & then I realize things will never change, shake my head and move on.

For the past 20 years we have had either a Bush or Clinton in office with a high chance of making it 24-28....

That just goes to show that politics is even worse than the running for your high school prom king and queen.

I know this may sound extreme & sad, but I don't know which is doing better right now the U.S. or Nigeria when you compare the thousands that have died of the political conflict in Nigeria or the thousands that have died of the the political conflicts of the United States.

Aside from depressing politics. I wanted to say that Blackrock & other companies in the UK are being directly bailed out by taxpayer money. At least their government had the gonads to basically say "we're going to bail these idiots out." 

 

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