I don't understand why you would ...

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I don't understand why you would ...

Post  fshnski on Tue Jun 04, 2013 3:45 pm

... get money for being foreclosed upon?


CONCORD, N.H. —More than 4,000 New Hampshire residents who lost their homes to foreclosure will receive checks this month as part of the national mortgage settlement involving five of the nation's largest lenders.

The Attorney General's Office announced that checks will average nearly $1,500 and be mailed the week of June 10. The checks will go to those whose homes were foreclosed on by one of the five banks, which include Bank of America, Citi, JPMorgan Chase, Wells Fargo and Ally, formerly GMAC.

Senior Assistant Attorney General James Boffetti said those banks, according to unofficial figures that must be verified by the settlement's national monitor, provided about $65 million in direct relief in principal reduction or short-sale relief -- more than state officials anticipated.

Read more: http://www.wmur.com/news/money/foreclosed-nh-homeowners-to-get-settlement-checks/-/9857662/20419344/-/20fm5x/-/index.html#ixzz2VHKgT2sJ




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Re: I don't understand why you would ...

Post  News Hawk on Tue Jun 04, 2013 4:16 pm

fshnski wrote:The checks will go to those whose homes were foreclosed on by one of the five banks, which include Bank of America, Citi, JPMorgan Chase, Wells Fargo and Ally, formerly GMAC.
Obama stuffed Bank of Aerica with a lot of banks in danger of sinking after the Government's CRA blow-out—and then arranged to fine Wells Fargo Bankmillions for NOT contributing enough toxic loans for this stupid Administration's toxic-loan program.

(Which continues today—it's even showing up in Web advertising.)

pale


Last edited by News Hawk on Wed Jun 05, 2013 8:52 am; edited 2 times in total (Reason for editing : changed CMA to CRA...)
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Re: I don't understand why you would ...

Post  WHL on Tue Jun 04, 2013 7:10 pm

And so? I still don't get it, I am with fsh.
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Re: I don't understand why you would ...

Post  fshnski on Tue Jun 04, 2013 7:33 pm

Me too. I don't understand it.

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...It's Window-Dressing for The Government...

Post  News Hawk on Tue Jun 04, 2013 8:16 pm

The $1500 is Obama-Aid—it's window-dressing.

He can now say how he's taken money from the Evil banks, and returned it to the many who lost their shirts over the Government's "toxic-loan" promises in the "Community Reinvestment Act" (CRA).

He can also say he's being "fair" by fining GMAC, whose money WE gave to salvage GM.



Last edited by News Hawk on Wed Jun 05, 2013 8:41 am; edited 1 time in total
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Re: I don't understand why you would ...

Post  fshnski on Tue Jun 04, 2013 8:23 pm

Thank you.

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Re: I don't understand why you would ...

Post  fshnski on Tue Jun 04, 2013 8:54 pm

I wish I could hear more.

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Re: I don't understand why you would ...

Post  WHL on Wed Jun 05, 2013 7:20 am

That's how Obama and all the Dems get reelected. They promise all kinds of giveaways and the takers believe that it can last forever. Ever heard of Utopia?
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Re: I don't understand why you would ...

Post  News Hawk on Wed Jun 05, 2013 8:38 am

fshnski wrote:I wish I could hear more.
This administration has thousands of staffers whose jobs are to fill every dent in this administration's armor; unfortunately WE pay for them—and their healthcare—and their bloated pensions.

Actually, it's even worse—because college students (whose taxpayer-paid loans could be "forgiven" this month) are writing on their own time—and their taxpayer-paid inputs are being "borrowed" at the White House to put lipstick on their scuzzy image.

Rolling Eyes

The USSR's Nikita Kruschev was right—we ARE being buried—and with shovels that WE pay for!

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Re: I don't understand why you would ...

Post  News Hawk on Tue Apr 29, 2014 6:00 pm

News Hawk wrote:The $1500 is Obama-Aid—it's window-dressing.

He can now say how he's taken money from the Evil banks, and returned it to the many who lost their shirts over the Government's "toxic-loan" promises in the "Community Reinvestment Act" (CRA).

He can also say he's being "fair" by fining GMAC, whose money WE gave to salvage GM.

The White House remains a den of Mafia-types!


See, I told you so.



Clinton* hid the evidence until now just located at the Clinton* Library:

Subprime Scandal: Newly released memos from the Clinton presidential library reveal evidence the government had a big hand in the housing crisis. The worst actors were in the White House, not on Wall Street.

During the 1990s, former Clinton aides bragged that more aggressive enforcement of the Community Reinvestment Act pressured banks to issue riskier mortgages, lending more proof the anti-redlining law fueled the crisis.
http://news.investors.com/ibd-editorials/042514-698502-clinton-library-doc-dump-reveals-role-in-subprime-bubble.htm

(More at the link)

The only time that Obama acted like a lawyer, was to "un-redline" loans to people who could not ever pay the mortgage back!
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Re: I don't understand why you would ...

Post  News Buzzard on Tue Apr 29, 2014 8:38 pm

More BS from the Right Wing Book Of Mythology !

http://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission

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Re: I don't understand why you would ...

Post  News Hawk on Tue Apr 29, 2014 9:04 pm

News Buzzard wrote:More BS from the Right Wing Book Of Mythology !

http://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission

From your link:

[The Commission] stated: "While the vulnerabilities that created the potential for crisis were years in the making, it was the collapse of the housing bubble—fueled by low interest rates, easy and available credit, scant regulation, and toxic mortgages—that was the spark that ignited a string of events, which led to a full-blown crisis in the fall of 2008. Trillions of dollars in risky mortgages had become embedded throughout the financial system, as mortgage-related securities were packaged, repackaged, and sold to investors around the world. When the bubble burst, hundreds of billions of dollars in losses in mortgages and mortgage-related securities shook markets as well as financial institutions that had significant exposures to those mortgages and had borrowed heavily against them."

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Re: I don't understand why you would ...

Post  News Buzzard on Wed Apr 30, 2014 7:25 am

Where is the mention of the CRA? The quote mentions scant regulation as a contributing factor but you have chosen to make it the only factor in an effort to criticize Clinton and Carter. In your warped view of the world Bush never did anything wrong because he has an (R) after his name.  Rolling Eyes

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Re: I don't understand why you would ...

Post  News Hawk on Wed Apr 30, 2014 8:35 am

News Buzzard wrote:Where is the mention of the CRA? The quote mentions scant regulation as a contributing factor but you have chosen to make it the only factor in an effort to criticize Clinton and Carter. In your warped view of the world Bush never did anything wrong because he has an (R) after his name.  Rolling Eyes

I can't criticize Bush, because I don't know what "the enemy" would have done were they in the same position.

Bush did try to stop the CRA trend 17 times.

Besides, would you trust the Commission's findings—with Barney Frank as its top?

Without waiting for the Commission's insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted without seeking to understand the true causes of the wrenching events of 2008, perhaps following the precept of the President's chief of staff: "Never let a good crisis go to waste." Although the FCIC's work was not the full investigation to which the American people were entitled, it has served a useful purpose by focusing attention again on the financial crisis and whether--with some distance from it--we can draw a more accurate assessment than the media did with what is often called the "first draft of history."

To avoid the next financial crisis, we must understand what caused the one from which we are now slowly emerging, and take action to avoid the same mistakes in the future. If there is doubt that these lessons are important, consider the ongoing efforts to amend the Community Reinvestment Act of 1977 (CRA).

Late in the last session of the 111th Congress, a group of Democratic Congress members introduced H.R. 6334. This bill, which was lauded by House Financial Services Committee Chairman Barney Frank as his "top priority" in the lame duck session of that Congress, would have extended the CRA to all "U.S. nonbank financial companies," and thus would apply to even more of the national economy the same government social policy mandates responsible for the mortgage meltdown and the financial crisis. Fortunately, the bill was not acted upon.

Because of the recent election, it is unlikely that supporters of H.R. 6334 will have the power to adopt similar legislation in the next Congress, but in the future, other lawmakers with views similar to Barney Frank's may seek to mandate similar requirements. At that time, the only real bulwark against the government's use of private entities for social policy purposes will be a full understanding of how these policies were connected to the financial crisis of 2008.
http://www.aei.org/papers/economics/fiscal-policy/dissent-from-the-majority-report-of-the-financial-crisis-inquiry-commission-paper/

"...Bush tried for six years to reform Fannie and Freddie, 17 times in 2008 alone. The Democrats blocked the reforms, with Barney Frank being quoted in the New York Times saying:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
http://www.aei.org/papers/economics/fiscal-policy/dissent-from-the-majority-report-of-the-financial-crisis-inquiry-commission-paper/

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,”
—Barney Frank (D-Massachusetts)


For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession. But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.

"I hope by next year we'll have abolished Fannie and Freddie," he said. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."

He then added, "I had been too sanguine about Fannie and Freddie."

Aren't there any "JFK Democrats" remaining in Congress?

Lies, cheating, and obfuscations have become the hallmark of the Democratic Party.

No


.


Last edited by News Hawk on Wed Apr 30, 2014 8:49 am; edited 1 time in total
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Re: I don't understand why you would ...

Post  News Buzzard on Wed Apr 30, 2014 8:41 am

That's tight, the Republicans never told a lie! (and Richard Nixon never resigned in shame!)       Rolling Eyes

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Re: I don't understand why you would ...

Post  News Hawk on Mon Jun 30, 2014 7:27 pm

News Buzzard wrote:Where is the mention of the CRA? The quote mentions scant regulation as a contributing factor but you have chosen to make it the only factor in an effort to criticize Clinton and Carter. In your warped view of the world Bush never did anything wrong because he has an (R) after his name.  Rolling Eyes

The repeal of Glass Steagall was the final straw that broke the back of the world economy. That was the single worst act that could have ever been done and we are now paying the price in spades. The collapse from 2007 has wiped out even the liquidity of the markets. The second worst act was the creation of the euro when the real goal was the federalization of Europe from the outset. That undermined the entire European banking system and has led to a serious undermining of the entire global economy.



Not Obama's fault...

 pale 


.


.

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