Archive for the ‘Schumer’ Category

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/

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Obama stimulus is “welfare spendathon”

February 15, 2009

The largest one-year increase in government handouts in American history.

A “welfare spendathon.”

The process?  Shameful.

Representative Says Stimulus “Stinks,” Details “Intentionally Hidden from Lawmakers, American Voters”

A return to rewarding no work with other workers’ hard earned pay. In massive amounts.

And pork.  Pork some say Americans don’t care about.  But I care about my money going to waste. I hate pork vendors.  Which means most Democrats.

Schumer Says Americans Don’t Care About Pork Spending

And I care about my money going to China.  And oil rich emirates where no men work….

Stimulus: China Will Fund U.S. Debt But “We Hate You Guys”

It’s the stimulus.  The Obama stimulus.  The Democrats’ stimulus.

Oh, and three doomed Republican senators.  Snowe, Collins and Specter.  They joined the welfare Democrats, the Schumer poksters, the “we don’t care,” the idle, the “we don’t pay taxes.”  Those that gloat.

Pardon me if I’m angry.  I’ve always paid my taxes.  Probably overpaid.

Tim Geithner?  No.  Dashcle? No.  Obama?  Uncertain.

But we sure raided the Traesury big time this time.  Didn’t we?

“If this is going to be bipartisanship, the country’s screwed,” Sen. Lindsey Graham, R-South Carolina, told ABC’s “This Week.” “I know bipartisanship when I see it.”

The president says Air Force One is a “spiffy ride.”

It’s my aircraft and my fuel, pal.  I paid and can prove it.

U.S. President Barack Obama waves as he boards Air Force One ...
U.S. President Barack Obama waves as he boards Air Force One in Washington enroute to Chicago to spend the President’s Day holiday weekend with his family at their home there February 13, 2009.REUTERS/Kevin Lamarque

http://www.cnn.com/2009/POLITICS/02/13/air.force.one/
index.html?eref=ib_topstories

We’ll, he’s living on my money.  We both have to get used to it.  We don’t have to like it…..

Now I am the schmuck.

How do you feel?

******************

The new administration’s economic stimulus plan may undo reforms that cut the dole queues, critics say

RONALD REAGAN started it, Bill Clinton finished it and last week Barack Obama was accused of engineering its destruction. One of the few undisputed triumphs of American government of the past 20 years – the sweeping welfare reform programme that sent millions of dole claimants back to work – has been plunged into jeopardy by billions of dollars in state handouts included in the president’s controversial economic stimulus package.

As Obama celebrated Valentine’s Day yesterday with a return to his Chicago home for a private weekend with family and friends, his success in piloting a $785 billion (£546 billion) stimulus package through Congress was being overshadowed by warnings that an unprecedented increase in welfare spending would undermine two decades of bipartisan attempts to reduce dependency on government handouts.

Robert Rector, a prominent welfare researcher who was one of the architects of Clinton’s 1996 reform bill, warned last week that Obama’s stimulus plan was a “welfare spendathon” that would amount to the largest one-year increase in government handouts in American history.

Douglas Besharov, author of a big study on welfare reform, said the stimulus bill passed by Congress and the Senate in separate votes on Friday would “unravel” most of the 1996 reforms that led to a 65% reduction in welfare caseloads and prompted the British and several other governments to consider similar measures.

Read the rest:
http://www.timesonline.co.uk/tol/new
s/world/us_and_americas/article573
3499.ece

***********

Related:
 Obama ‘Business as Usual’ Despite Pledges

GOP Lawmakers Feel “Screwed”
http://www.cnn.com/2009/POLITICS/02
/15/obama.gop.stimulus/index.html?sec
tion=cnn_latest

Missing from Congress’ stimulus negotiations: transparency

 Stimulus Proves Obama (And The NYT) Have No Idea What “Bipartisanship” Means; Or Could Care Less

Obama Team: Winning isn’t everything; it’s the only thing

http://michellemalkin.com/2009/0
2/15/taxpayer-revolt-porkulus-pro
test-in-seattle/

http://alphainventions.com/

McCain as Worthless Old Man:
http://suzieqq.wordpress.com/2009/02/15/shrum
-on-mccain-he-has-gone-from-being-an-angry-o
ld-candidate-to-being-an-angry-old-defeated-candidate/

Schumer Says Americans Don’t Care About Pork Spending

February 10, 2009

The reason we have wasteful spending, spending that is not targeted and huge debts is often just this kind or arrogant, irresponsible attitude and the legislation that comes as a result:
http://www.youtube.com/wat
ch?v=JEfICUoWKBw

http://michellemalkin.com/200
9/02/10/schumer-the-american
-people-really-dont-care-abou
t-pork/

There seems to be a huge lack of trust on one side of America.  People don’t trust guys like Schumer who act irresponsibly and with distain.  He isn’t even good at keeping how he realy feels a secret. Or he feels he can just mock Americans who want a better place for their children and grandchildren.

I don’t want the state running my life because Schumer represents the state.

People have lost trust in bankers, Wall Street and guys like Bernard Madoff.

Schumer and Madoff are in the same league it seems to me.  They live high on other people’s money and then spit in our eyes.

And guys like me have lost our taste for the mainstream media that is fawning over Barack Obama. He’s ramming a new way of running the country down our throats and not even being seriously questioned….

Geithner Announces Bank Moves; Wall Street Sells Off

 Stimulus Makes Sure Feds Watch Your Doctor’s Medical Solutions For You

Federal Government Takes Over American Life

Democrats Indicate Areas of Compromise on Stimulus

February 1, 2009

The broad outlines of how the Obama administration’s near-trillion dollar stimulus package may change in the Senate began to become visible on Sunday, with Democratic senators indicating that they would be open to considering Republican amendments to the bill, particularly in the areas of housing and infrastructure spending.

By SHARON OTTERMAN
The New York Times

Senator Charles E. Schumer, Democrat of New York, said that Senate Democrats were interested in considering Republican proposals to do more to help the sputtering housing market, including instituting a $15,000 tax credit for all home buyers.

“One of the Republican proposals is to raise the $7,500 tax credit we give to new home buyers, raise it to up $15,000 and do it for all home buyers,” Senator Schumer said on CBS’s “Face the Nation.” “That’s something that we look favorably upon.”

Mr. Schumer, who is a member of the Finance Committee, also said he was also interested in passing legislation aimed at getting mortgage rates down to 4.5 percent, although he said he thought that might go in the next part of the bailout measure approved by Congress last year, not the stimulus package.

He added, “I think we will get real agreement on the housing part.”

Related:
 Obama Week 3: Senate Poised to Defeat Stimulus?

Read the rest:
http://www.nytimes.com/2009/02/02/
us/politics/02web-talkshows.html?_r=1&hp