So exactly what kind of help is this new bill that the Senate passed this AM

[napi21]

going to give people in need? I heard it was supposed to prop up Freddie & Fannie, but it's also supposed to help people get refinancing. Is there more to it than that?

[peacebird]

1. i'm curious how we're going to pay for it - and why should we have to pay for it?

and also - how many OTHER banks/fund/groups are we going to have to save? Bear Stearns was too big to let fail... Freddie and Fannie too big to let them fail...

These companies are failing because of their own greed and poor business practices. Let them fail.

[CrispyQ]

4. In the end, the proles will pay for everything.

Failed banks, failed airlines, failed industries of all types. Only then, will the rich CEOs & stockholders discover that they cannot build walls tall enough to keep us out.

[Deny and Shred]

6. Yup. Not a difficult equation.

Step One, deregulate, so they can sidestep rules and earn bigger profits.

Step Two, let industries consolidate, so they are 'too big to fail.'

Step Three : Bail them out, because they created national problems by following steps one & two.

A foreseeable end to St. Ronnie's vision.

[Kire]

8. you sound like Ron Paul

uh oh










































:hide:

[flashl]

2. Hopefully, the fingerprint registry was removed

Fingerprint registry in Senate housing bill — Battle moves to House

It is in times of national emergencies that measures infringing on privacy and civil liberties are advocated — and sometimes rushed through without even being discussed — even if they turn out to do little to solve the problem at hand. Then, when the emergency is over, the liberty-stealing measures remain.

...

(W)e can’t let the rationale of a financial crisis bring on unwarranted intrusion on our liberties any more than we can let the justification of national security do so.

Last Friday, despite the best efforts a bipartisan coalition including the American Civil Liberties Union and the American Conservative Union, the Senate passed legislation that included the mandatory fingerprint registry we had spoken out in opposition to.

...

Show us the evidence that fingerprinting would have lessened the damage at Fannie, Freddie, and now-insolvent banks! The proponents can’t and they won’t, because there probably is none.

[napi21]

7. On CNN "Your Money" they said it was the brokers who were to be

fingerprinted. I'm not exactly sure what that will accomplish, but apparently some, or a lot, of the brokers who set up the fraudulent loans are claiming they had nothing to do with them.

Twice, I saw them interview a lady in NY who worked in a library & earned $50,000/yr was granted TWO mortgages on one house for a total of $535,000. It was a duplex, but even though she rented out the one side, she couldn't make the payments. They asked HER if she thought she could afford those mortgages and she said NO, but her broker kept telling her everything would be fine and yes she could afford it! They then interviewed her broker, who claimed all he did was process paper, it was her decision to take out the mortgages!

I don't like intrusion into my personal affairs any more than you do, but in this case at least it LOOKS like they're trying to put the responsibility where it belongs.

[flashl]

9. There are legitimate homeowners questions but they do not rise to trillion $$$ level.

The fingerprint registry is predicted to include thousands of individuals working even tangentially in the mortgage and real estate industries.

Read the story of, Vernon Martin, a former chief commercial appraiser, of the recently failed Indy Mac.

This story, and many others, are about institutional criminality, which should be the focus and not individuals falling into the traps of a consumer-debt society.

BigPicture: Quick overview of the conflicts, fraud, and criminality at Indy Mac --

Fraud:

• Underwriting loans based on appraised values well above purchase prices;
• Fabricating rent rolls for commercial properties to be appraised;
• Over-stating Construction work as 80% complete versus 15% in actuality;
• Attempting to change discounted cash flow models for subdivisions in order to increase appraised value;

Criminality:

• Attempted intimidation of Appraisers;
• Providing false information to appraisers;

Conflict of interests:

• Appraising a development where the land was being purchasing from David Loeb, IndyMac’s Chairman of the Board;
• On one transaction, the CEO's father and father-in-law were commercial construction inspectors for the firm; the loan officer was the CEO's brother (a former police officer with no loan experience);

[jwirr]

3. Yes, exactly where in the housing scene do they fit?

[elehhhhna]

5. Schiavo part deaux. Congress votes for lifesupport, forever.