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Barney Frank takes on Bush over bailout money,

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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:33 PM
Original message
Barney Frank takes on Bush over bailout money,
threatening to tie up funds.

WASHINGTON (AP) -- A top House Democrat threatened Monday to tie up the remaining half of the $700 billion financial industry rescue money unless the Bush administration provides some of it for borrowers facing foreclosure.
"They're not going to get the (money) unless they get very serious about the foreclosure modifications and showing us how we're going to get some lending out of the banks," Rep. Barney Frank, D-Mass., told reporters after speaking at a housing industry conference in Washington. "At this point I don't see that happening."


http://biz.yahoo.com/ap/081208/financial_meltdown.html?...

Meanwhile in the real world, Barney,

Many Borrowers Re-Default After Mortgage Is Modified

Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.
The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.Regulators speaking at an OTS -housing forum did not provide any explanations for the causes behind the data.


http://www.cnbc.com/id/28112901

Save us from the financial geniuses on all sides of the issue.


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bobbolink Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:39 PM
Response to Original message
1. Please call Rep. Frank and thank him for holding his ground on this!
This is very important, and you can be sure he is getting lots of hate mail over this!

Take a minute and thank him...

For constituents, this is the number I find: (508) 822-4796

For us non-constituents here are Toll-free numbers for those of you (like me) who can't afford long-distance calls. Some of these numbers change from time to time, so I'm including a list of them. Please report any that seem to be down. Thanks!

TOLL FREE:
these are TOLL FREE numbers to the capitol hill switchboard
1 (800) 828-0498
1 ( 800) 459-1887
1 (800) 614-2803
1 (866) 340-9281
1 (866) 338-1015
1 (866) 220-0044
1-(877) 851-6437
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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:46 PM
Response to Reply #1
2. I think I was just pointing out that Barney is an idiot
if he thinks that the mortgage modifications that he is advocating will work.
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bobbolink Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:55 PM
Response to Reply #2
4. Thank you for the name-calling of someone who has the best interests of his constituents at heart.
But, he is a bigger man, and I'm sure he wouldn't call you an "idiot".

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Eric J in MN Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:50 PM
Response to Original message
3. Frank could have made that mandatory in the bill in the first place. NT
NT
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MsLeopard Donating Member (717 posts) Send PM | Profile | Ignore Mon Dec-08-08 03:04 PM
Response to Reply #3
5. No kidding
Edited on Mon Dec-08-08 03:05 PM by MsLeopard
Barney, Barney, Barney - you were all smiles and giggles while passing this POS bill, even though 99% of those calling, faxing, and emailing their opinions were against it. Didn't matter. Our representatives do not represent the American people, you represent those who have bought and sold you over and over again. I burned up the fax machine and phone lines during that time trying to make you, Clean Table Nancy, and my rep and senators realize you were being lied to by proven liars hundreds of times over. It did nada. Even Barbara Boxer voted for it. And now you bluster about helping the little people. Oh please. Make me :puke:.

edit: typo
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