It is just ONE LOOTING SCHEME after another!!!
"Borrowers would stay in their homes but would have to pay a 1.5 percent annual insurance premium. If home values grow and borrowers sell or refinance, they would have to share the gain with the government."
"Housing rescue bill evolves as mortgage debt snowballs; More homeowners fall behind on monthly payments" by Vikas Bajaj, New York Times News Service | June 29, 2008
NEW YORK - When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen.
More than 3 million borrowers are in distress, and analysts are forecasting a couple of million more will fall behind on their payments in the coming year as home prices fall further and the economy weakens.
While Congress does nothing to help you.
They can get the WAR MONEY through all right though!
The proposed program would help some homeowners, analysts say it would touch only a small fraction of those in trouble, and would do little to bolster the housing market. Last week, the Senate voted overwhelmingly to advance the bill, and the House passed a version last month. The Senate bill was delayed by a disagreement over an unrelated measure.
Representative Barney Frank, Democrat of Massachusetts, a central force behind the legislation and chairman of the House Financial Services Committee, said that even after a bill like this, "you may need more."
Then WHY YOU PIECE-MEALING IT?
But not everyone supports government interventions. Some Republicans, like Senators Jim DeMint of South Carolina and Jim Bunning of Kentucky, say the proposal would use government subsidies to bail out reckless lenders and borrowers. They suggest that the housing market will correct itself more quickly if Congress does not intervene.
I actually agree, because all that has been done so far is TAXPAYER BAILOUTS of BANKS!
The biggest impediment to helping homeowners is the weak economy. In addition to falling home prices and risky loans, homeowners are now confronting a tough job market. The unemployment rate has risen to 5.5 percent, up from 4.9 percent in January. Mortgage rates have also been climbing, putting more pressure on homeowners and making homes less affordable.
To take part in the proposed program, lenders would have to lower each debt obligation to 85 percent of the home's current value. Borrowers would stay in their homes but would have to pay a 1.5 percent annual insurance premium. If home values grow and borrowers sell or refinance, they would have to share the gain with the government.
To qualify, borrowers would have to be in enough trouble that they could not afford their current mortgage payments but financially strong enough to make payments on their new loans.
The effectiveness of the bill will depend to some extent on how it is handled by the FHA, an agency created during the Great Depression to insure home loans. It will have several challenges: persuading the lenders who made second mortgages and home equity loans to cooperate; screening loans to make sure borrowers have a good shot at keeping their homes after refinancing; and weeding out those trying to take advantage of the system.
Yeah, right!
The GOVERNMENT is going to WEED OUT those trying to TAKE ADVANTAGE of the system!
Puh-leeze!!!
You know, it would be better if the Congress NEVER DID ANYTHING -- EVER!!!!
Better still, ABOLISH the WHOLE FEDERAL GOVERNMENT!!
They serve NO ONE but THEMSELVES (and Israel)!
--MORE--"
And as if I needed the proof:
"The US Congress has approved a 170 million dollar increase in security assistance to Israel as part of its new 10-year, 30 billion dollar defense aid commitment to the Jewish state. The money for Israel was part of a larger supplemental spending bill that included 162 billion dollars for the wars in Iraq and Afghanistan. The legislation gained final approval in a 92-6 Senate vote late Thursday. America's pro-Israel lobby, the American Israel Public Affairs Committee, welcomed the congressional action, saying it would increase US aid to Israel to 2.55 billion dollars in fiscal year 2009, up from 2.38 billion dollars this year. --MORE--" Yup, BILLIONS for Israel and NOTHING for YOU, 'murkns! How much longer are you gonna put up with this shit? Here is your answer, Americans:
Group marches to protest mortgage foreclosures
Family Storms Pittsburgh Bank, Protests Mortgage Crisis
