Senate passes $300 BILLION housing bill amid turmoil

Senate passes $300 BILLION housing bill amid turmoil

money.cnn.com

The Senate measure would create a new $300 billion government-backed foreclosure prevention program and strengthen oversight of Fannie Mae and Freddie Mac. The two mortgage finance giants, which play a central role in the U.S. housing market, took a thrashing this week on Wall Street as investors worried about their financial health.

(visit the link for the full news article)

300 billion dollars... and you thought the Stimulus Package was expensive to bail out the economy..

300 billion to solve insolvency issues (banks running out of cash) and to

"A lot of us hoped the market would take care of all of this and there would be light at the end of the tunnel," Dodd said. "[But now] the only light at the end of the tunnel is a train coming."

HOWEVER DO NOTE PEOPLE ..... this is NOT a bail out for people who went default on mortgages...

This is a insurance policy to back FUTURE SUBPRIME LOANS.

All I can say .. is .. wtf.. seriously. Let's put gum on the hole of a dam ..

It also includes provision for stronger "oversight" of the two banks in danger of collapsing next.. Frannie Mae and Freddie Mac...

It further includes several other oversights .. one being the maximum size of loans from subprime FHA users .. cutting the total by 50% to just over 300k on a mortgage.

Also the minimum down payment needed for subprime loans qualifying for FHA loans will be raised to 3.5% ..

Also it will include some good size tax credits including a 8,000 tax refund for first time home buyers..

And lastly, though Bush said he will veto any bill containing this, a provision to allow States to purchase and "fix up" derelict foreclosed properties.

This bill has passed the House, and is on it's way to the Senate.

It's an election year after all .. freebies for everyone!

money.cnn.com
(visit the link for the full news article)

[edit on 7/11/2008 by Rockpuck]

Talked about here:

www.abovetopsecret.com...

reply to post by ThichHeaded


Please don't post idiotic posts.

This is about the actual bill in question .. beyond just frannie and freddie but also FHA changes and tax implications.

Well, you know it, and I know it, this banking(money)system will never work. It never has, and never will work. It just puts everyone futher under the thumb of the system. Oh, it may, like help for a short period of time, but, as you stated, it`s like putting gum on the hole in the dam. It will not hold, it will give way again and we`ll be right back in the same boat we are now in. Wow, talk about selling something to the people just to keep them pacified and off their backs, this is it. It`s a load of BS, and people are so up in the air over this, they would buy anything the government will sell them, even this BS. So people, when this boat sinks, whatcha gonna do then? Ask for more of the same BS to get you through it? I should hope not, for everyones sake. Learn people, learn from past mistakes. Quit putting your hand on the hot iron because the government tells you it`s ok to do that.

Oh, and I wonder, where will all of this mystery money come from? New printing, or out of the tax payers pockets?

[edit on 12-7-2008 by FiatLux]

[edit on 12-7-2008 by FiatLux]

Originally posted by Rockpuck
reply to post by ThichHeaded

 

Please don't post idiotic posts.

Here's something perhaps more apropos: does the bill, as passed by the Senate, still include the expanded IRS reporting requirement I mentioned in this thread?

Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions

I would jump on thomas.loc.gov and find out myself, but it is currently far too much of a Friday night for me to endeavor to such research...

So who arrests Bernanke and Greenspan and all of the Fed's shareholders...

This disaster in its ever widening ripples of nightmare for ordinary citizens goes right back to an unConstitutional private company -- the Federal Reserve - that ought to be abolished and Congress .... oh why bother.

Congress is never going to do anything, and Bush belongs to the Bilderbergersa and they want our country destroyed, so eventually the USA will just dissolve into random acts of violence and civil war.

I say time to break the big money foundations like the Rockefeller and Ford Foundations among others and distribute all that money to each of the citizens of the USA as a real economic stimulus package. (The one thing I heard from Benjamin Fulford that made sense.)

Interesting, thank you for bringing that to light Ian ..

I will begin reading through the words of the bill .. I am having a hard time understanding what the Gov needs all this extra power for anyways..