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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on July 10, 2009, 12:09:26 AM
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$2 Billion program part of package designed to prevent foreclosures.
Congressman Barney Frank wants to prevent unemployed homeowners from losing their houses by giving them government money to pay their mortgages.
The Newton Democrat, chairman of the House Financial Services Committee, will hold a hearing in Washington today on his proposal to spend $2 billion to prevent foreclosures on borrowers who don’t qualify for other mortgage aid programs because they are unemployed. The funds would come in the form of loans, and borrowers would have to pledge their homes as security.
The catalyst for the proposal is a growing jobless rate that reached a 26-year high of 9.5 percent in June, Frank said.
“It’s not a forgiveness program,’’ Frank said yesterday in an interview with The Boston Globe. “We do have serious unemployment.’’
The proposal is a revival of a 1975 program called the Emergency Housing Act, which was enacted during a recession. Frank would fund his program with the dividends the US government is getting from financial companies that received taxpayer funds from the $700 billion industry bailout.
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I propose some money go to a set of teeth for Barney. ;D
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I propose some money go to a set of teeth for Barney. ;D
Mouth transplant. :)
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thats a good idea to be honest,,people are losing their homes for no reason other than the stupid corporate greed wnats more money themselves,,if coproate can get things easy why cant folks who used to work for the things they watned in life get a free home for awhile
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thats a good idea to be honest,,people are losing their homes for no reason other than the stupid corporate greed wnats more money themselves,,if coproate can get things easy why cant folks who used to work for the things they watned in life get a free home for awhile
JockStrap Barney Frank is one of the main culprits of the housing mess to begin with.
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JockStrap Barney Frank is one of the main culprits of the housing mess to begin with.
one wrong can do right,,its how it is in america yet corporate keeps doing wrong when do they ever do right,,private corporations are alway slayihng off just because they didnt make 12 billion dollars in quarter adn miseed it by 200k dollars so they lay off to meet it next quarter,,
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one wrong can do right,,its how it is in america yet corporate keeps doing wrong when do they ever do right,,private corporations are alway slayihng off just because they didnt make 12 billion dollars in quarter adn miseed it by 200k dollars so they lay off to meet it next quarter,,
Check this out.
http://blog.heritage.org/wp-content/uploads/2009/07/7-7-09-housing-crisis-report.pdf
Congress released a report this week proving that the govt was the main culprit in the housing mess. Fannie and Freddy, who were protected by Barney Frank, caused this disaster.
Read the report and get back to me when you want to have a discussion on this.
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Corporate greed forced a bunch of morons to allow banks to take security interests in the equity of homes they couldn't afford in the first place. Corporate greed forced the government to conduct zero oversight and encourage banks to issue bad loans to unqualified borrowers. Yes, corporate greed is to blame for everything. ::)
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thats a good idea to be honest,,people are losing their homes for no reason other than the stupid corporate greed wnats more money themselves,,if coproate can get things easy why cant folks who used to work for the things they watned in life get a free home for awhile
Get a clue man. ::) People still think like this after all the evidence that's out there? Good grief.
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Now they are making loans SPECIFICALLY for people who can't pay?
Wow.
This country is truely F*ed up these days.
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Now they are making loans SPECIFICALLY for people who can't pay?
Wow.
This country is truely F*ed up these days.
Its true. Until we get balance in Govt, we are on the speed rail to destruction with Obama/Pelosi/Reid
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one wrong can do right,,its how it is in america yet corporate keeps doing wrong when do they ever do right,,private corporations are alway slayihng off just because they didnt make 12 billion dollars in quarter adn miseed it by 200k dollars so they lay off to meet it next quarter,,
Are corporations made up of 1 or 2 men. GM and Chrysler are evil corporations....they employ and or affect millions.