to anyone who really wants to learn alot more about our ....goverment.....

[Total_Blender]

Ask JaimieCBR900R about it all, he used to be a mortgage broker.

I used to sell credit cards and toxic variable-rate loans for GE. People with 20k in credit card debt and they think the answer to their problems is another credit card...

Do you have a source for the 8 billion in bank paybacks being used to buy out mortgages? I'm not disputing it, I'd just like to read more about it before I comment on it.

[Vteckidd]

I used to sell credit cards and toxic variable-rate loans for GE. People with 20k in credit card debt and they think the answer to their problems is another credit card...

Oh i didnt mean anything by that i just mean when you talk to Jaimie about it, its crazy. He was basically being told "you either loan this money out, or you will go out of business because SOMEONE will loan it out". He had no choice, you either made the loans or the FEDs cut you out of the "pool" of money and there goes your business. Lucky for him he has a lot more integrity than most people and got out when he could. But the Govt/Banks were basically strong arming people into lending to anyone with a pulse.

Do you have a source for the 8 billion in bank paybacks being used to buy out mortgages? I'm not disputing it, I'd just like to read more about it before I comment on it.

http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3068:

I originally saw the story break on CNN and FOX about 2 months ago IIRC. My point is basically they get a FREE 5 BILLION and they IMMEDIATELY wanna blow it all on some other Government program.

Im not saying we shouldnt help people, but the notion that this "money we are going to make" getting applied to the national debt or anything like that is laughable.

[Vteckidd]

I mean these guys are just RETARDED

Barney Frank wants to spend the repaid TARP money again instead of returning the money to the Treasury to pay down public debt…

On June 27th, Rep. Barney Frank (D) MA, introduced new legislation to divert repaid TARP funds to new Democrat supported housing initiatives. His new bill is called TARP for Main Street Act of 2009. According to the original bill recovered funds “shall be paid into the general fund of the Treasury for reduction of the public debt.” However, Barney wants to spend it again right away and ignore the requirements of the bill. This is becoming typical behavior for the Democrats these days.

The proposed bill breaks down as follows; take $1 billion and use it to create a trust fund for low-income rental housing which Frank has wanted for a long time. (This unfunded measure was part of last year’s bailout of Fannie Mae and Freddie Mac.) Another $1.5 billion would be used to set up a “neighborhood stabilization” fund. Critics have charged that these measures might allow federal dollars to be distributed to activist groups such as ACORN. The thought of any more of our money ending up in the hand of those crooks is unthinkable!

The bill also includes $2 billion to subsidize individuals with delinquent mortgages and another $2 billion to “stabilize multifamily properties that are in default or foreclosure.”

“If stupidity got us into this mess, then why can’t it get us out?” – Will Rogers

Even worse, despite the near economic meltdown that was triggered by the mortgage defaults last year, Rep. Frank and N.Y. Rep. Anthony Weiner have sent a letter to the heads of Fannie and Freddie recommending that they lower lending standards for condo buyers. Wasn’t that how we got into this mess in the first place?

After blaming the current crisis on a lack of appropriate regulation and lax lending standards which resulted in bad loans that should not have been approved, Rep. Frank wants Fannie and Freddie to provide more aggressive (lower) lending standards again. These lower standards would specifically apply to condo developments with a high percentage of unsold units or high delinquency rates.

http://go2.wordpress.com/?id=725X134...-49649362.html

http://go2.wordpress.com/?id=725X134...452945093.html

[Total_Blender]

"Critics have charged that these measures might allow federal dollars to be distributed to activist groups such as ACORN. The thought of any more of our money ending up in the hand of those crooks is unthinkable!"

Yeah, thats not a biased source at all.

[Vteckidd]

"Critics have charged that these measures might allow federal dollars to be distributed to activist groups such as ACORN. The thought of any more of our money ending up in the hand of those crooks is unthinkable!"

Yeah, thats not a biased source at all.

I originally posted a disclaimer saying "these links im not saying i share their slant, but you can go research the topic yourself." then i deleted it an posted the link to the actual bill.

I posted a link to the BILL PROPOSED. Thats all that matters.

And yes if that money gets distributed to ACORN i would be pissed. You should be as well.

So out of all the stuff i posted, you pick out the ACORN thing and say its a biased source LOL So you think Barney Frank never proposed this? That doesnt piss you off? Look through the slant, the figures are real though you can double check it yourself