Archive for the ‘foreclosure’ Category

Economic Recovery? “These guys are eating my lunch”

March 19, 2009

Obama, Geithner, Bernanke, Pelosi, Barney Frank, Chris Dodd, Harry Reid and every “lawmaker” : “These guys are eating my lunch.”

That’s from my friend who lost his job, will lose his home to foreclosure and has gained only a credit score that would bring Tiger Woods to tears.

He used “eating my lunch” instead of “breaking my heart” because he’s purchased a gun and a broken heart was getting him nowhere.

He’s getting kind of heartless.

“Eating someone else’s lunch is un-American, as Nancy Pelosi must know,” he told me. 

He has a lot of time to watch TV now that he lost his income and his job.

For those in the immigrant community that only habla Espanol, when the law is enforced at your door, that is the law, which most people, except for Nancy Pelosi, do not consider as un-American.  When someone eats your lunch, which is an idiom, it means to take advantage of you, as in “clean your clock,” cross the border illegally and stuff like that.

The President is eating my lunch beause he refuses to fire Tim Geithner — but now maybe he will rethink that after finding out that Turbo Tax Tim had many of the bailout recipients sign a form indicating, maybe even swearing, that they did not owe the federal government any back taxes — but Tim never asked the IRS to check.

Those that got billions in bailout money ate Turbo Tax Tim’s lunch and the lunch and tax money of every taxpayer.

But the president insists: “Nobody is working harder than this guy.”

My friend is working hard trying to get a real job: not a cushy do anything and get paid job.  Not a job with no accountability like Geithner’s job.  Not a job where you can lie like Dodd’s job.  Not a job where you can write a book and make $5 million, or get on Jay Leno, or fly in style like Obama’s job.

Bernanke is eating my lunch because his Fed action already caused the price of oil to go up and the value of the dollar to go down.

Every American lawmaker in Washington DC who did not vote against the stimulus ate my lunch because nobody read the stimulus and that is the law that allowed AIG to pay bonuses — while it gave away billions of dollars.

That’s not lunch money.  But maybe chump change to Obama: not to me.  I pay my taxes — and not with Turbo Tax — I hire a guy because that ensures it gets done better than Geithner can do.

And those “lawmakers” who gave billions of dollars to the likes of Obama, Geithner and Bernanke and a bunch of government agents who are eating my lunch and getting their clocks cleaned by those getting bailout money — I hate them all.  The entire lunch eating flock.

Barney Frank ate my lunch because he missed the looming failure of Fannie Mae and Freddie Mac and missed the arrival of the recession.  Isn’t he the guy that stampeded many to create the rapid fire stimulus?  Isn’t his stimulus the law that legalized the AIG bonuses — the same bonuses he offers to tax at 90%? (Which may be unconstitutional?)

He ate our lunch for sure.

I’ll just throw Charlie Rangel in here for eating my lunch too.  He’s trying to rush a 90% tax on those that got bonuses like the AIG guys.  But hey, Charlie: that might be unconstitutional.  And hey, Chalie, can you go though an audit for us, pal?
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Amnesia Chris Dodd ate our lunch and then lied about it: putting language into the stimulus to help his buddies at AIG to pay those now famous bonuses.

Then Judas Dodd threw his buddies at AIG under the bus.

Barack Obama hired Turbo Tax Tim and Joe Biden so he continues to eat my lunch every day.

As Biden says, “This was a stupid idea.”

“Give us a f &*^%$# ing break”

But the president wants ME, US, and YOU to be confident because that could help the economy improve.

No habla.  Habla Espanol.

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
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Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”
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Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

http://michellemalkin.com/2009/03/1
9/audio-comedy-gold-bozo-the-vice-pr
esident-is-looking-out-for-you/

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

US President Barack Obama (R) stands with Treasury Secretary ...

Darkened shadows: US President Barack Obama (R) stands with Treasury Secretary Timothy Geithner (L) as he makes remarks about AIG and his economic recovery package before departing for a trip to California from the White House in Washington, March 18, 2009. Obama on Wednesday assailed AIG’s hefty executive bonuses as an “inappropriate use of taxpayer funds,” saying the government needed tools to prevent a situation like AIG’s from ever again posing a risk to the financial system.  But Geithner paid those bonuses with taxpayers money….REUTERS/Jonathan Ernst

http://conservativemeanderings.
wordpress.com/2009/03/19/oba
ma-received-aig-bonus-time-fo
r-him-to-resign/

Mortgage relief stalls on Hill

March 14, 2009

Disagreement among Senate Democrats over how many struggling homeowners should qualify for court-ordered mortgage relief has stalled a key part of President Obama‘s foreclosure prevention plan on Capitol Hill.

Behind the scenes, top Democrats are offering banks and credit unions sweeteners to drop their opposition to the plan, hoping that even tepid support from lenders might win a few vital votes from skeptical Democrats and Republicans. The bill would give judges new power to lower the interest rate and principal on a primary home loan as part of a bankruptcy settlement.

The measure passed the House last week – but only after a small revolt by moderates forced Democrats to narrow who might qualify.

They made sure the help was restricted to people who couldn’t afford their mortgages without a court-ordered rewrite to lower their monthly payments, and those who had already tried to work out more affordable terms with their mortgage company.

The House bill also lets bankruptcy judges consider whether a homeowner has already been offered a deal by the lender that matched the guidelines Mr. Obama recently laid out in his housing rescue plan – one with monthly payments amounting to no more than 31 percent of the owner’s income.

Lenders cheered the changes as an improvement but were still opposed to the final bill. They have long argued that the measure would impose steep and unpredictable costs that would be passed on to homeowners as higher interest rates. A multimillion-dollar industry lobbying effort helped kill the measure last year.

Seeking to avoid a similar fate this time, Sen. Richard J. Durbin, Illinois Democrat, is drafting an even narrower alternative.

One option essentially would prohibit anyone who could get a reasonable deal with the lender from seeking mortgage relief in bankruptcy, according to top Democratic aides and lobbyists familiar with the discussions. They spoke on the condition of anonymity because they were not authorized to disclose the negotiations.

Sen. Evan Bayh, Indiana Democrat, is working on a rival plan that would allow still fewer homeowners to qualify for home loan rewrites imposed by a bankruptcy judge. Mr. Bayh and Republican Sen. Arlen Specter of Pennsylvania are discussing a measure that would be limited to subprime mortgages.

Mr. Bayh said the House bill would ultimately increase the cost of lending. “We have to work to strike a better balance and take into account some of the long-term concerns about driving up the costs of mortgages,” he said.

Mr. Durbin, Sen. Charles E. Schumer of New York and other senior Democrats are shopping for a deal with industry figures that could win the support of key centrists in their party, plus a few Republicans.

Mr. Schumer has floated the idea of attaching a legislative gift that credit unions have long coveted – killing a decade-old limit on the amount they can lend to businesses – in exchange for their support, according to people close to the talks.

Currently, just 12.25 percent of a credit union’s lending can go to businesses. Efforts to lift the cap have run into fatal opposition from the banking industry, which doesn’t want the added competition.

Backing from credit unions could bring critical votes to the bankruptcy measure, because they are spread throughout the country and can activate a powerful grass-roots network on Capitol Hill.

So far, however, credit unions aren’t biting.

Democrats had hoped to move the measure through the Senate this week, but short of the 60 votes that would be needed to advance it past procedural hurdles, they held off. Majority Leader Harry Reid, Nevada Democrat, recited a March to-do list Thursday that omitted the housing measure.

The delay has emboldened critics to redouble their efforts to kill the bill – or at least try to exact a steep price for supporting it.

Sen. Bob Corker, Tennessee Republican, said the measure is losing steam as moderate Democrats express concerns and Mr. Obama fleshes out his broader homeowner rescue plan with many other options for working out burdensome mortgages. “The momentum has swung against it now,” he said.

http://www.washingtontimes.com/news/2009
/mar/14/mortgage-relief-stalls-as-senators-
examine-options/

Obama plan to prevent foreclosures won’t help many California homeowners

March 6, 2009
Nearly a third of the state’s mortgage holders are underwater on their loans, many of them by amounts that would disqualify them for government-sponsored refinancing.
By E. Scott Reckard and Peter Hong
Los Angeles Times
10:38 PM PST, March 5, 2009
The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Read the rest:
http://www.latimes.com/business/la-f
i-housing6-2009mar06,0,2516760.story

Foreclosed home auction A sign in front of a house in Palmdale announces an auction of foreclosed homes.  David McNew / Getty Images

Stimulus: Republicans Have Plan To Help All Current, Future Home Owners

February 3, 2009

The current stimulus plan passed by the House and sent to the Senate leaves “housing pretty much unaddressed,” says Senator Lindsay Graham (R-SC).

“Housing was one of the causes of this mess and the stimulus needs to work that out,” said Republican Graham.

Graham favors a “Housing Trifecta:”

1. Money for the FDIC to hold off future foreclosures.

2.  A $15,000 tax credit for any new home buyers to lessen the glut of unsold houses.

3.  A national offer to renegotiate mortgages at 4%  interest rate, guaranteed.

Graham said this ould provide “an enormous boost to our economy in the short and long term.”