Consumption and Real Estate
Bush, Paulson & Bernanke object to mortgage bailout programs
mortgage programs
WASHINGTON (Thomson Financial) – President George Bush and the two highest economic officials in the US government all objected strongly today to plans in Congress for changing bankruptcy laws to protect homeowners caught up in the mortgage meltdown. The idea of allowing bankruptcy judges to restructure loans ‘wouldn’t be fair to millions who pay their mortgages each month on time and it would be unfair to future homeowners,’ Bush told reporters summoned to the White House for a morning press conference. Later in the morning, Federal Reserve Board Chairman Ben Bernanke highlighted potential unfairness, telling Congress that allowing judges to ease the terms of some mortgages would ‘probably’ add to the cost of all mortgages. ‘I don’t know how much it would add,’ Bernanke told the Senate Banking Committee. ‘I think it would probably add something, because collateral would be less secure,’ he said. Despite a looming veto threat from the White House, the Senate may vote on legislation next week that would allow bankruptcy judges to adjust loans in order to help keep people in their homes. US lenders have also opposed the proposal as something that would lead to higher mortgage costs for all borrowers, since lenders would have to insure against the possibility of only partial repayment of mortgage loans. Senator Evan Bayh, a Democrat from Indiana, defended the proposal today by arguing that only existing mortgages could be altered under the bill and therefore should not …
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#2 written by alonelychild 1 year ago
Folks, the alternative for this massive bad goverment intervention is not intervention at all. To do so, the bad assets that are in the balance sheets will force a reduction of credit and money flowing at the escale of between 1 to 12 (as basil 2) up 1 to 35 (Lehman´s balance sheet). Multiple 700 bi per 12, 21 (Goldman Sachs), 35 (Lehman). That´s the amount of money to disappear from the real economy! Remmember, as average american has a 120% debt of his year income! Rates will go hiking, ….
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#3 written by alonelychild 1 year ago
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#5 written by idrobinhood 1 year ago
Federal reserve, cfr, congress, senate, president, bankers, election year, political donors. Don’t be fooled the rich will make plenty off from the fire sale, that donate to your elected officials. The hearing nothing but a smoke, clock, and mirrors of what they will only really will.. Remember the WMD’s of Iraq. We are all SOL..
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#6 written by Outmodus 1 year ago
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#8 written by sexytimegirls 1 year ago
something needs to be done, or else unemployment will go up to 10 20% levels. last week we almost had a market crash. CRASH. i say cut taxes though… 300 billion already spent this year on bailouts.
thank lord there was a bipartisan effort to say WTF to the original bill. “heavan help us all” if uncle sam turns us into socailist. never mind they already own the mortgage market, or 30% of the economy -
#9 written by nlightnd07 1 year ago
sexy – unfortunately, the “something needs to be done” is that we do NOT bailout financial firms. IF the market crashes and IF the economy goes into a depression, THEN our government can help those needing help through back to work programs to rebuild our crumbling infrastructure. Giving money to millionaires that created the problem = giving billions to oil companies (OH, I FORGOT, WE ALREADY DO JUST THAT). Do NOT be fooled – just more FUD – fear, uncertainty and doubt. Remember Iraq?
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#10 written by coach2ma 1 year ago
Is there any more proof that the US is completely finished as a sovereign, democratic nation? The NWO crowd has now succesfully implemented their plan for a conversion to a permanent plutocratic model, fully endorsed by both the Republicrats and the Democans. Neither Obama nor McCain will do anything but accelerate this process. Don’t we invade countries for nationalizing economic sectors like we are about to do? The middle class have been vacuumed out…ON PURPOSE.
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#11 written by Eric13Bravo 1 year ago
There in lies the problem, our economy isnt based on manufacturing anymore, instead its based on credit, debt., and spending.Investors for the last 30 yrs have been allowed to move all our factories overseas so they could make a much higher margin, putting millions of America’s out of work.For every well paying factory job lost 5 related jobs also disappeared destroying entire communities. This bailout is like putting a bandaid on a hemmmoraging wound.There will be an eventual total collapse.
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#13 written by gsukrw06 1 year ago
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#14 written by UnconcernedCitizen 1 year ago
I will contribute to the bailout fund if Henry (Hank) Paulson — U.S. Treasury Secretary, former Goldman Sachs CEO, and all-around bald guy ponies up the $200 million in capital gains tax he was exempt from having to pay. It seems Hank made a bundle from 2003 to 2006 and did not have to show Uncle Sam the money. I made around $17,776 during the same period and though I have already paid Uncle Sam, I would cough in a few more bucks if Hank throws up, err in, his $200 million.
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#15 written by jackb2010 1 year ago
Pussy ass Dems, they had enough people to pass the bill on their own. Hell over 60 dems didnt want the bill and voted no. I say let wall street burn, fuck em, sometimes the forest needs a fire to make it grow better. The average person will be fine. My 401k will take a little hit but what the hell. The wall street millionairs will have to give up a mansion or two but oh well. There are enough rich companies who will buy fannie and freddie and make it work. Thats what america was built on
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#16 written by Epicurus2828 1 year ago
This isn’t a minor bump in the road, folks. If this problem isn’t fixed quickly unemployment and inflation could sky rocket.
Credit is already drying up. So, if you want to borrow money for a house, car, student loan, etc. you’d better have an excellent FICO score – otherwise you’ll get squat.
Phone your Congressman ASAP and tell him to approve the next proposal. Otherwise you and your family could be standing in soup lines like your parents or grandparents did last century.
GWB sucks!
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#21 written by tickyul 1 year ago
Ameritards cannot even take responsibility for their own financial mistakes, Big Brother will come in and save them. You buy a house that puts a big strain on your monthly budget, then, you go out and buy a bunch of junk with a credit card, then, you get a heloc so you can go out and buy more junk. Why has this society lost all discipline, because they can rely on Big Brother to bail them out.
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#22 written by Elpha22 1 year ago
@tickyul YEAH! Because a majority of bankruptcies in the US is not caused by medical bills!! What’s that? They are? You mean that most of the people that can’t afford to pay their mortgages are due to the fact that they have to decide on whether a house payment or a health payment is better? But…. um…. er…
Money management?
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#23 written by tickyul 1 year ago
@Elpha22 The fact is medical bills may CONTRIBUTE to most bankruptcies, bills are a fact of life, why take the easy way out. I have little sympathy because I know how undisciplined the average Ameritard is, spends way beyond their means. The genesis of the financial meltdown was the housing bubble, caused by Ameritards not paying their bills,
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TAX PAYORS MUST OWN WHAT THEY BAIL OUT
America Investment Reserve, fed res, is unneeded. Feds are Dead, Now is time for Congress/Senate to RECREATE The American Federal Reserve owned byAMERICA
1. Where’s the World Money Mkt. for America?
2. Stop GIVING Tax Dollars to other countries
3. Time to collect money owed to USA.
4. No Profitizing, NO CEO’s
5. PAULSON LIES, JEWS BAILING OUT THE JEWS