I really don't even need to highlight. The "journalism" is so crappy these days -- and filled with such bias and lies -- it speaks for itself (see below post).
"Emergency mortgage aid bogged down; Veto threat, congressional maneuvering delay bill to avert foreclosures" by Alan Wirzbicki, Globe Correspondent | July 8, 2008
WASHINGTON - Emergency legislation intended to help as many as 500,000 homeowners on the brink of foreclosure to renegotiate their mortgages, which congressional leaders had predicted they would approve by Independence Day, has been delayed and may now be weeks away from passage, lawmakers said.
But they can get war monies, aid to Israel, bank bailouts and police-state spying powers out lickity-split!
The mortgage legislation would help lenders like Countrywide, which was acquired by
Oh, so the TAXPAYER TAKES in the SHORTS again, huh?
Yup, that does mean YOU, FORECLOSED-UPON Amurkn!!!
Meanwhile, the nation's foreclosure rate continues to skyrocket: In May, 261,255 homes went into foreclosure, up 7 percent from the month before and up 48 percent from May 2007.
After initially signaling approval of the bill, the White House issued a veto threat, singling out for criticism a proposed $4 billion worth of grants to municipalities that would help cities and towns buy foreclosed properties. Backers of the provision say buildings vacated as a result of foreclosure foster crime and may trigger a downward spiral of property values in vulnerable neighborhoods, and that the funds would allow cities and towns to resell or redevelop the properties.
But Tony Fratto, a White House spokesman, said the $4 billion would not help homeowners since the properties have been foreclosed, and would most likely benefit the banks that now own the properties.
"The principal beneficiaries of a plan like that wouldn't be homeowners, it would be private lenders who foreclosed on borrowers," Fratto said. "It doesn't do anything to help homeowners who are struggling."
--MORE--"
Yeah, they are probably right.
Maybe you ought to read this: Ron Paul Revolution Excerpts: Money
Oh, about that government coming to the rescue?
"Freddie, Fannie drop to lowest since 1995; Accounting rules may require raising $75b" by Bloomberg News | July 8, 2008
And JUST WHERE do you think they are going to "raise" that money?
Look on the bright side, taxpayer-homeowner:
You will be BAILING YOURSELVES OUT -- if, that is, the BANKS DON'T STEAL IT FIRST!!!!
NEW YORK - Freddie Mac and Fannie Mae fell to the lowest in 13 years in New York Stock Exchange composite trading as concerns grew that the two largest US mortgage-finance companies may need to raise more capital to overcome write-downs and satisfy new accounting rules.
An accounting change may force them to raise a combined $75 billion. Speculation that the companies may take further write-downs also weighed on the stock.
"The provision discussed by Lehman could have an effect on our ability to serve the housing mission," Freddie Mac spokeswoman Sharon McHale said. Brian Faith, a Fannie Mae spokesman, declined to comment.
That means YOU AIN'T GETTIN' NO HELP AT ALL, 'murkns!!!
Hey, it ain't all bad, 'murkns:
The Hot Home Market
The Boston Globe Worships the Wealthy Elite
You REALLY angry now?
