Housing Update: Barney Frank (D-MA) to introduce bill to use 2b in repaid TARP to loan to unemployed homeowners to pay their mortgages..

Well WTH don’t they just let the banks keep all the damned money then? I mean fer real! What skin do the banks have in this merry go round game? We give them TARP, they don’t lend it out, they don’t sell off the toxic MBS, they don’t modify the mortgages.

They pay back some of the TARP and now Frank wants to give it BACK to the same banks that are NOT REWORKING THE DAMNED MORTGAGES. To ‘loan’ it to unemployed homeowners to do what? GIVE IT TO THE BANKS! They plan to ‘loan’ us the taxpayer dollars we already ‘loaned’ the banks? WTH kind of ponzi scheme are they running on the Hill??

I don’t want a check I want a frakkin JOB!!! Maybe if they stop spending money we don’t even have yet we would see some damn JOB CREATION! Jeebus.

Bloomberg:

House Financial Services Committee Chairman Barney Frank said he plans to introduce legislation next week to steer $2 billion in rescue funds repaid by U.S. banks to foreclosure relief for unemployed workers.Funds from the $700 billion Troubled Asset Relief Program should be loaned to Americans without jobs and at risk of losing their homes, Frank said today in a telephone interview. Frank has said the program will be extended beyond its December expiration for foreclosure relief and to help community banks.

“We have a new wave of foreclosures coming not from people who got loans that they shouldn’t have gotten, but people who got loans that they clearly could afford but prolonged unemployment has put them in a tough situation,” said Frank, a Massachusetts Democrat.

U.S. job losses accelerated last month and the unemployment rate reached the highest level since 1983, the Labor Department reported Oct. 2, signaling a recovery may be slow to develop. Properties entering the foreclosure process rose 18 percent in August from a year earlier, data provider RealtyTrac Inc. said.

Frank is FINALLY going to begin looking at, you know, JOB CREATION!! In January he says, let’s hope it is not Keynes he is looking at, I cannot believe it but I want supply side tax cuts, lol. More after the break:


“I was disappointed,” Frank said of the employment report. “I expected a downward trend.”

Frank, who is leading debate in Congress on the overhaul of U.S. regulations of financial institutions, said his panel will begin in January to consider policies to create jobs after it completes work on the regulatory legislation.

“It does look now that jobs are not going to come back fully to the extent that a socially healthy society needs,” Frank said. “The time has come for us to start thinking about what we can do in terms of national policy to promote employment.”..

Gee, ya think? STOP SPENDING!

*Madness – Our House http://www.madness.co.uk http://www.myspace.com/madn…

October 7, 2009. Tags: , , , , , , . Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St.

3 Comments

  1. Housing/FinReg: $1B for Federal Bridge loans for unemployed homeowners – HEMAP « Moderate in the Middle replied:

    […] sitting in the HAMP TARP fund? That is how the funding was originally proposed. Frank tried also to use repaid TARP funds for this. Now it is funded by a bank tax IOW passed on to us in fees, shxt! Good Gawd Almighty what […]

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  2. Housing Update: HEMAP – targeting Treasury’s housing funds to loans for unemployed homeowners, Barney Frank’s proposed bill… « Moderate in the Middle replied:

    […] Our previous post on Rep Frank (D-MA) proposal on extending some of the TARP and/or stimulus funds targeted for housing to a program that loans money…. […]

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  3. Paulie replied:

    Massachusetts Unemployment Trends – August 2009

    Massachusetts Unemployment Trends in Heat Map form:
    here is a map of Massachusetts Unemployment in August 2009 (BLS data)
    http://www.localetrends.com/st/ma_massachusetts_unemployment.php?MAP_TYPE=curr_ue

    versus Massachusetts Unemployment Levels 1 year ago
    http://www.localetrends.com/st/ma_massachusetts_unemployment.php?MAP_TYPE=m12_ue

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