Obama says he would put a stop to home foreclosures

Obama says he would put a stop to home foreclosures

McCain & Palin are both red Neck & Most Dangerous & Liars. Americans please be Aware.

Indendent, who is telling the truth? Tell me now.

Liars?

Independent;108830:
McCain & Palin are both red Neck & Most Dangerous & Liars. Americans please be Aware.

Seems you don’t know the first fact of Politicians!
They are all liars and it’s up to the media to catch them in the lies but what do you do when most of the media is invested in getting one of them elected?
Why of course you see the smears and the lies being deflected for one and the others needlessly smeared for anything and everything.
Face it the media is in the bag for Obama!
Your in the bag for Obama.
You have lied non-stop for Obama!

Obama IS a Socialist and a marxist!

Barack and Biden Will Win

I am voting early tomorrow, so are a lot of people to avoid polling fraud.

Vote early vote often thats the Obama mantra!

obamasupporter;108851:
I am voting early tomorrow, so are a lot of people to avoid polling fraud.

Hey Stupid people of the world rwad the following!!!!!




The following is a condensation of a series from the Investor’s Business Daily explaining “What Caused the Loan Crisis”:

1977: Pres. Jimmy Carter signs the Community Reinvestment Act into Law. The law pressured financial institutions to extend home loans to those who would otherwise not qualify. The Premise: Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc.

Results: Statistics bear out that it did not help.
How did the government get so deeply involved in the housing market? Answer: Bill Clinton wanted it that way.
1992: Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993: Clinton extensively rewrote Fannie Mae and Freddie Mac’s rules turning the quasi-private mortgage-funding firms into semi-nationalized monopoies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies. This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994: Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

1995: Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin’s Treasury Dept to rewrite the rules. Robt. Rubin’s Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating. The rating was key to expansion or mergers for banks. Loans began to be made on the basis of race and little else.

1997 - 1999: Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Developement, allowing Freddie and Fannie to get into the sub-prime market in a BIG way. Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks. Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities, often “no doc”, “no income”, requiring no money down and no verification of income. Worse still was the cronyism: Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats. 384 politicians got big campaign donations from Fannie and Freddie. Over $200 million had been spent on lobbying and political activities. During the 1990’s Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work? Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority homeownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie’s excesses. Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place. “We manage our political risk with the same intensity that we manage our credit and interest rate risks," Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama advisor, bragged to investors in 1999.

2000: Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the “special status”. Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO’s who knew how to reward and punish. “We think that the statements evidence a contempt for the nation’s housing and mortgage markets” Freddie spokesperson Sharon McHale said. It was the last chance during the Clinton era for reform.

2001: Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003: Bush proposes what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago”. Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005: Then Fed chairman Alan Greenspan warns Congress: “We are placing the total financial system at substantial risk”. Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, “If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole”. Sen. Harry Reid accused the GOP ;of trying to “cripple the ability of Fannie and Freddie to carry out their mission of expanding homeownership” The bill went nowhere.

2007: By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market. The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors. As the housing market fell in '07, subprime mortgage portfolios suffered major losses. The crisis was on, though it was 15 years in the making.

2008: McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times. Still the media have repeated Democrats' talking points about this being a “Republican” disaster. A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats. That’s why taxpayers are now being asked for $700 billion!!

If you doubt any of this, just click the links below and listen to your lawmakers own words. They are condeming!
http://www.youtube.com/watch?v=68D9XrqyrWo&feature=related#
http://www.youtube.com/watch?v=pIgqfM5C8lY#
http://www.youtube.com/watch?v=H9juJr8CSY4&feature=related#
Postscript: ACORN is one of the principle beneficiaries of Fannie/ Freddie’s slush funds. They are currently under indictment or investigation in many states. Barack Obama served as their legal counsel, defending their activities for several years.


Now that the truth has been revealed what will you do?
Same thing they always do deny and obfuscate of course!
Make sure you Democrats vote as many times as you can we all know how you like to complain about election s being ripped off and year after year you get caught trying to do just that!

Whosane.

Who is Barrack Whosane Nobama think he is Kidding? He is instrumental in the collapse of Fannie and Freddie. Whosane is responsible for appointing his buddies to be the CEOs of Fannie and Freddie. Whosane’s comrade in arms Forni Frank appointed his gay lover. The incompetent and unscrupulous conduct of these clowns lead to the demise of Wall St. The Fox now says " he will not let it happen again"

Moratorium on evictions in U.S. to follow?...
:confused:
Bank chiefs told to cut home evictions
Sunday October 19 2008 - Treasury promises curbs on repossessions as unemployment could trigger mortgage defaults

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Banks will face new curbs on home repossessions to prevent families from being evicted when they fall into financial difficulties, the Chief Secretary to the Treasury has promised. The pledge was made by Yvette Cooper in an interview with The Observer as the government braces itself this week for official confirmation that Britain is entering recession for the first time since the early Nineties.

Rising unemployment is expected to trigger a wave of mortgage defaults as people who lose their jobs find themselves unable to keep up payments on their homes. Repossessions have already increased to 19,000 in the first half of this year - a 40 per cent increase on the previous six months. Experts believe the figure will climb to 26,000 in the second half of 2008. The total number of people suffering negative equity is expected to rise to around two million as house prices plunge.

Ministers believe that after pumping billions of pounds of public money into rescuing banks, taxpayers will expect greater leniency from their lenders when they struggle to meet mortgage payments. 'We need a more responsible approach to repossessions,' Cooper said in the interview. 'What we are looking at is something looking much more widely at all of the banks, because I think repossession needs to be lot rarer. We need to do everything that we can to keep people in their own homes.'

However, with figures this week expected to show Britain’s economy shrinking over the last quarter - the first of what is widely expected to be the two quarters of negative growth required to confirm a recession - Cooper warned that the government could not stop the economic tide. 'It’s clearly going to be tougher times ahead. I don’t think any government can prevent economic slowdown, faced with the kind of global problems that we have had,' she said. 'What we can do is step in and, by dealing with the problems in the banking system, prevent the worst of the credit squeeze hitting people.'

[url=http://www.guardian.co.uk/business/2008/oct/19/banking-repossessions-home-evictions:
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Congress takin' their cue from Obama...
;)
US working on plan to help homeowners refinance
23 Oct.`08 WASHINGTON – The federal government is working on a loan-guarantee plan that could help many homeowners escape foreclosure, a banking regulator told Congress Thursday. At the same time former Federal Reserve Chairman Alan Greenspan said the financial crisis will get worse before it gets better.

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Accused of contributing to the meltdown, but denying that it was his fault, Greenspan told a House panel the crisis left him — an unabashed free-market advocate — in a “state of shocked disbelief." Federal regulators told Congress they were making steady headway in confronting the worst financial crisis since the 1930s as committees in both the House and the Senate held hearings on a contagious financial collapse that has infected global markets.

Sheila Bair, chairman of the Federal Deposit Insurance Corp., told the Senate Banking Committee that the government can do more to help tens of thousands of home borrowers avert foreclosure. She suggested the government set standards for modifying mortgages into more affordable loans and providing loan guarantees to banks and other mortgage services that meet them. “Loan guarantees could be used as an incentive for servicers to modify loans," Bair said. “By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." The FDIC is working “closely and creatively” with the Treasury Department on such a plan, she said. While Bair, a Bush appointee and independent regulator, has publicly nudged the administration in recent months to go further on remedies for troubled home borrowers, Democrats have voiced vigorous support for her and have applauded her public pleas on this front.

On the other side of the Capitol, Greenspan, who stepped down in February 2006 after serving as Fed chairman for 18 1/2 years, was asked to explain his role in the crisis. Some critics have blamed Greenspan for contributing to the problem by leaving interest rates too low for too long and for failing to regulate risky banking practices such as the issuance of subprime mortgage. But he put the blame on soaring mortgage foreclosures on overeager investors who did not properly take into account the threats that would be posed once home prices stopped surging upward.

More [url:
http://news.yahoo.com/s/ap/20081023/ap_on_bi_ge/financial_meltdown[/url]

See also:

New foreclosure plan on tap
October 23, 2008: FDIC chief Sheila Bair says government will use authority under bailout law to prevent avoidable foreclosures.

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One of the country’s top banking regulators said Thursday that the government is working on a plan to do more to help troubled homeowners. Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., told the Senate Banking Committee that her agency and the Treasury Department are working closely to find ways to prevent avoidable foreclosures. The plan would use the Treasury Secretary’s new authority under the Emergency Economic Stabilization Act to provide guarantees to mortgage lenders.

“Loan guarantees could be used as an incentive for servicers to modify loans," Bair said. “Specifically the government could establish standards for loan modifications and provide guarantees for loans meeting those standards." That way, she said, “unaffordable loans could be converted into loans that are sustainable over the long term." Americans have made it clear they are not happy that the $700 billion financial rescue package is focused so heavily on financial institutions and less so on helping homeownwers directly.

“Now that the administration has taken strong measures to stabilize financial institutions, it is imperative that we apply the same sharp and urgent focus to help the individual homeowners whose plight is at the root cause of this crisis," said Senate Banking Committee Chairman Christopher Dodd, D-Conn.

Bair, who worked with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke in crafting the financial rescue law, has been a longtime advocate of streamlining the modification process for homeowners who realistically have a chance of affording their mortgages once modified.

[url=http://money.cnn.com/2008/10/23/news/economy/bair_testimony_tarphomeownerhelp/index.htm:
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By the time he gets into office, it’ll be too late...
:eek:
Mounting job losses fueling foreclosures
November 6, 2008: Bad loans were originally the main culprit driving homeowners into foreclosure. But now it’s unemployment that’s fueling the mortgage meltdown.

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For years, bad loans and their aftershocks have been sending homeowners into foreclosure. Now it’s lost jobs that are putting troubled borrowers over the edge. As the economy tanks, unemployment is the major factor driving a much larger proportion of foreclosures now than in the earlier stages of the mortgage meltdown.

In June, 45.5% of all delinquencies reported by Freddie Mac (FRE, Fortune 500) were due to unemployment or the loss of income, according to the company. That’s a rise from a level of 36.3% in 2006. “The two economic factors that most contribute to foreclosures are falling home prices and rising unemployment," said Richard DeKaser, chief economist for National City Corp. “It’s hard to pay your mortgage when you don’t have a job."

And that’s a situation that more and more people are finding themselves in. Nearly one million Americans have lost their jobs so far in 2008. The Bureau of Labor Statistics reported in early October that 159,000 private sector jobs were lost in September, and on Friday, economists expect the BLS to report that 200,000 jobs were lost in October. “The rise in job losses will increase and extend the delinquency trend," said Doug Duncan, the chief economist for mortgage giant Fannie Mae. Foreclosures spiked 71% in September alone according to RealtyTrac.

[url=http://money.cnn.com/2008/11/04/real_estate/job_losses_fuel_foreclosure/index.htm:
A double whammy[/url]

No evictions during holidays...
:cool:
Fannie, Freddie Suspend Evictions During Holiday Season
Thursday, November 20, 2008; Fannie Mae and Freddie Mac announced yesterday that they are temporarily suspending foreclosures and evictions during the holiday season in an effort to keep people from losing their homes.

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The companies said they are taking the step so they can include more people in a newly announced program to change the terms of troubled mortgages to make them more affordable. The mortgage finance giants, seized by the government in early September, have been under pressure by lawmakers and housing advocates to take bolder steps to fight foreclosures. As the owners or backers of trillions of dollars of mortgages, the companies have an unrivaled ability to shape the home loan market and help people with distressed mortgages.

Last week, the companies said they would enact a program to restructure mortgages for borrowers who are falling behind in their payments. That effort would would seek to help homeowners who haven’t paid their loans for three months but whose homes had not been foreclosed upon yet. In a foreclosure, Fannie Mae or Freddie Mac seizes control of a home and, usually, tries to sell it. The foreclosure freeze announced yesterday will extend the mortgage modification program to those who have already been declared in default and are at immediate risk of being forced from their homes. The companies said up to 16,000 borrowers could benefit. Foreclosures and evictions will be stopped from Nov. 26 to Jan. 9.

“With this suspension, seriously delinquent borrowers may have an opportunity to avoid foreclosure and work out terms to stay in their homes," said Federal Housing Finance Agency director James B. Lockhart III, the regulator in charge of Fannie Mae and Freddie Mac. Under the mortgage modifications program unveiled last week, Fannie and Freddie will seek to modify loan terms to ensure borrowers aren’t paying any more than 38 percent of their salary on their mortgage. The companies will do this by extending the total term of loans to up to 40 years, reducing the interest rate, and, in some cases, delaying payment on part of the loan. The program will begin Dec. 15. Attorneys working for Fannie Mae and Freddie Mac will contact borrowers facing foreclosure.

[url=http://www.washingtonpost.com/wp-dyn/content/article/2008/11/20/AR2008112003309.html:
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