Funds and banks around the world have taken hits because they purchased bonds, or risk related to bonds, backed by bad [U.S.] home loans, often bundled into financial instruments called collateralized debt obligations, or C.D.O.’s.-- JENNY ANDERSON and HEATHER TIMMONSHow have we arrive at the Global mortgage crisis? That’s right I remember, banks and other loaning institutions made bad loans to people who couldn’t afford to pay for mortgages and here.
And how does the U.S. Congress intend to remedy the situation? Why by creating more bad loans that people can’t afford and passing that bad debt on directly to the American tax payer and calling that a housing rescue plan.
The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.-- JULIE HIRSCHFELD DAVISLet’s see a Democrat lead Congress’s approval rating is at an abysmal 12%, that’s an historical low and that’s about 12 points lower than President Bush, and to give the stupid American people something that would make the people think better of Congress this Congress offers up more bad home loans!
"We need to demonstrate to people in this country that have lost an awful lot of faith in almost everything, but certainly in (Congress), that we can get something done, that we can put aside differences and make a difference in their lives,"—Sen. Christopher J. Dodd (D-Conn)Interestingly enough Democrat Sens. Dodd and Sen. Kent Conrad, D-N.D., got preferential home loans from Countrywide Financial Corp. (CFC), a lender at the center of the subprime mortgage mess. Yeah that’s a faith restorer Sen. Dodd!
I say that we just call this what it really is Democrats attempting to buy the Presidency, instead of a chicken in every pot how’s about a new home to put that pot and chicken in!
But at what cost, it seems Democrats are not asking that question.
"They expect the federal government to turn their backs on responsible lenders and borrowers and renters waiting - waiting - to become first-time homeowners, and support those groups that have pushed our housing market into decline with bad loans and bad investments," said Sen. Mike Enzi, R-Wyo. "This bill is a federal government bailout."This bill is a federal government bailout which means that Democrats in an election year are attempting to curry favor with the American people with a bill that will increase the U.S. deficit and further injure the U.S. economy.
Yes Americans need mortgage relief but not in this fashion Senators. What Americans need are the high paying jobs that we once had before Congress allowed American Corporations to outsource high paying jobs to India and China.
In case anyone in Congress is listening Americans don’t need more bad loans Senators. What Americans need is their jobs back; blue collar, white collar jobs, manufacturing jobs, farming jobs, and professional jobs.
All Congress needs to do is protect the American people from American Corporations that game the American economy. Corporations that put profit over people by moving jobs to foreign markets to capitalize on lower wages. You do that Senators and we’ll buy and pay for our own damn houses!