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Breaking News - Bill Smith, ARRA Editor. I received a copy of "Agreement in Principle" relative to the $700 billion "bailout" being proposed and supported by Senate Democrats. The one page agreement from the U.S. Senate Banking Committee details guidelines to be put in place relative to taxpayer protection, oversight and transparency, home ownership preservation and Funding Authority.
While on the surface the agreement looks generic and positive, However, the "devil is in the detail." There is one detail that Democrats are concerned that Republicans will not agree to in the bailout agreement. That is if the Republicans even see the item. It seems that this issue may be one reason that many Democrats have hounded Sen. John McCain and pushed for his speedy approval. Senate Majority Harry Reid (D-NV) has already identified that it is Sen. John McCain's approval, not Barack Obama approval, that is needed to secure the agreement of Senate Republicans. In fact, the questioned provision indirectly focus on some prior concern regarding Sen. Barack Obama involvement with various organizations. Maybe that is why Obama would prefer being at a debate in Mississippi than being in Washington D.C.
In the "agreement in principle," there is the effect of a major "earmark" which commits money from future "profits" to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government. The agreement --
"Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America's housing needs."
Originally posted by mybigunit
reply to post by jsobecky
I dont know what La Raza is but ACORN helped me buy my first house by helping me pay for the expensive closing costs. Its a good company if you dont have 15k to close on your house. It helped me to get a start in this world in which I have payed back society more than my share. I wouldnt be to quick to dog on companies that are helping people to get into homes. BTW just to save your breath of what you will say they didnt dabble in subprime you had to go full doc with these guys.