So CNN is reporting a compromise on the housing bailout. The comments by the crooks in charge of this theft are sickening and indicate that we the people have lost complete control.
"A major part of the legislation would allow the Federal Housing Administration to insure $300 billion in new loans for at-risk borrowers if lenders agree to write down loan balances below the appraised value of their homes."
And why exactly does a borrower at risk deserve help? That makes no sense. All I can say to any current mortgage owner is you have to be stupid to keep paying your loan. The government, I, am here to help you in homeownership. I'll keep renting because I want you, the irresponsible, fraudulent person to "own" a home.
"This legislation is good news for both the markets and homeowners," Dodd said in a statement. "The bill addresses the root of our current economic problems - the foreclosure crisis - by creating a voluntary initiative at no estimated cost to taxpayers which will help Americans keep their homes."
2 things really:
1. The problem is not a foreclosure crisis. I could write thousands of words but won't. The problem is fraud and the only thing they are doing about that is rewarding those that committed the fraud.
2. If the US backs loans, and the loans go bad, where does the money come from to cover the cost of those loans? Does the US government have income outside of the taxpayer? How is it possible that the government can back anything without it impacting the taxpayer?
Congratulations Dodd, your brothers from the former USSR would be proud of you. Is this part of the current 5 Year Plan?
You are a glowing example of socializing loss while privatizing profit. You will go down in history as an enemy of the people; you just don't realize it yet.
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