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Thursday, July 31, 2008

Let The Bailout Begin!

President Bush signed into law on Wednesday a huge package of housing legislation that included broad authority for the Treasury Department to safeguard the nation’s two largest mortgage finance companies and a plan to help hundreds of thousands of troubled borrowers avoid losing their homes.

I can’t tell you how angry I am about this!
We do need to protect the big banks, but bailing out these other greedy jerks shouldn't be part of the deal!

All those folks, those speculators, those pretend investors, those greedy SOBs, have been let off the hook!

When their adjustable rate mortgage(ARM) adjusted to 10% and higher, they began to whine and moan! When their interest only loan came due they whined louder! When their back loaded 2nd and 3rd mortgages started piling up interest and penalties they moaned even louder!

Then, as the Real Estate market slowed and inventory began increasing and prices fell, they knew they would have a difficult time selling and realizing any profit at all. They were doomed!

After they had spent all the equity in their home by using it as an ATM, they saw the handwriting on the wall!

They'd been whining and complaining for months. It wasn't doing any good, they couldn't sell, so, they simply stopped paying their mortgages!

But, while they were complaining and crying to anyone and everyone who would listen, Sen. Charles Schumer couldn't pass up the opportunity to get in on the act. His sceptical comments about the management of the banks caused a run on IndyMac!

An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.

These idiots have caused a great deal of concern and some very serious problems in the entire mortgage banking industry! - In the entire housing industry! - In the entire country!
This is going to affect EVERYBODY!

"The law authorizes the Treasury to rescue the mortgage finance giants, Fannie Mae and Freddie Mac, should they verge on collapse, potentially by spending tens of billions in federal monies. Together, the companies own or guarantee nearly half of the nation’s $12 trillion in mortgages.

Partly to accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion. The bill also creates significant liabilities and risks for taxpayers, that are virtually impossible to calculate.

“We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac,” Mr. Fratto said. “The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes.”

A half-dozen top advisers to the president, including the Treasury secretary, Henry M. Paulson Jr., who was the leading advocate of the legislation in the administration attended the signing. But it was not a particularly auspicious occasion given the precarious state of the nation’s financial system, and the pressure that Mr. Bush came under to sign a bill that contained provisions he had opposed.

Though the legislation was the product of months of intensive work by lawmakers in both parties and has been hailed as the most aggressive intervention by the government into the housing market in more than a generation, perhaps since the New Deal, no members of Congress were invited to the signing."

At least the signing wasn't the usual 'big show' and was a low key affair.
I'd be embarrassed too George!

I am totally shocked that President Bush caved on this. He had promised all along that he would veto any such legislation. His reversal has truly saddened me.

It tells the tale of woe that I thought would never be told.
That the Government will support you and yours for as long as necessary.
That the Government will assume all the risks in your new venture - that you no longer need worry about paying back that marginal loan on that risky investment.
Don't worry - the taxpayers will bail you out!

"Some experts have said that the law was wrong-headed in its effort to retain the hybrid nature of the mortgage finance giants, which are private companies with publicly traded stock, but which now have an explicit guarantee of help from the government — an arrangement that critics say privatizes the profits but socializes the risk and any losses."

Oh, these 'whiners' thought they were so clever.
They would buy a house that would continue to appreciate the way it had for the last several years and they would make a killing.

They thought they could play the real estate market and make a bundle.
They thought they knew how to read the market and would have plenty of time to sell and get out.

They thought they would sell this house, buy another and continue to move up in price until they had reached their ultimate goal of owning a million dollar house while only paying for a $200,000 house. They thought they were soooooo savvy!

Just who did they think they were? Rockerfeller? Trump?

Most of those ‘investor types’ are the folks we are ‘bailing out’ with this bill. Add the corrupt management at Freddie and Fannie and you have a FINE mess!

We are paying! You and I are paying! The taxpayers are paying! ... for their failed gamble.
We’re bailing out the ‘players’, the speculators, the less than smart investor, the corrupt loan officers, the mismanaged mortgage office... all those people that made all those terrible, risky decisions.

We're not bailing out regular folks that maybe lost their job or had an unfortunate situation where they couldn't work - NO! These people knew the risks and went ahead anyway! And, now, they're getting off scott free!

This is a very bad bill!

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