Housing/FinReg: $1B for Federal Bridge loans for unemployed homeowners – HEMAP

We covered the HEMAP plan and Barney Frank’s push for it. It was added  to the FinReg bill. It is absolutely the case that unemployment is driving housing defaults now and that the HAMP program does not help the unemployed, despite UE lasting for close to 99 weeks in most cases, the debt levels of those in default are just too high.

Barney Frank and Team Obama’s larger housing vision seems to be centred on a transition to Section 8 status for a majority of the foreclosures FAN FRED FHA are taking onto their books.

It began with FAN Deed4Lease program under which homeowners rent their homes back from Uncle Sam. And the Section 8 roll out is already underway and by the time we get 6 months into ’11 when Timmeh claims we will have an outline for their plan for FAN FRED FHA, it will be a fait accompli.

The problem I have with all these plans is the  g-d lenders who brought this tumbling down skate away with the taxpayers forced to eat the FAN FRED FHA losses which, don’t kid yourselves will be $1trillion easily IMO.

The $400B dollar scribble- It was DEMOCRATS who went apoplectic yesterday when the big banks called them wailing over GOP Rep Jeb Hensarling having penciled in FAN FRED as ‘financial institutions’ under the FinReg draft on banks paying to wind down big financials that fail. They FREAKED OUT at the THOUGHT of having to pay for the GIANT SMOKING CRATER THEY CREATED. And the Democrats ran to help them avoid that fate, leaving it ALL on US, the taxpayers.

It seems to be the end of the residential housing market as we jave known it. Frank is constantly stressing his affordable rental housing schtick nowadays.

If this helps some families get past the transition, it seems overall a small price to pay at $1B, the $85b in HAMP seems to have done absolutely nothing, worse than nothing the extend and pretend has been a PAINFULLY slow tearing off of the band aid, and we are only halfway through the process.But families be cautious, don’t put yourselves Back on the Chain Gang before next year, housing prices are still cratering and when Uncle Sam is done I don’t know what value the homes we are holding may be worth.

Who the hell knows. And IMAGINE what this will do to RENTAL HOUSING PRICES. Landlords will be competing with Uncle Sam setting ‘fair rental rates’ GOOD GAWD!

And that assumes we get some spending restraint and just restraint in general from the Congress and a new POTUS in ’10 and ’12. Let’s hope there is a housing market left to rehabilitate when we get there.

The shxtty part is again they added a tax to pay for this newest $1b program. Had they done HOLC but noooooo. Credit Suisse couldn’t have that! frakkers.

Why the hell not use the $$$ 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 don’t they understand about no money left in the till..

WSJ:

Unemployed homeowners will be able to tap $1 billion in federal bridge loans to pay their mortgages, under a deal worked out by congressional negotiators in financial-overhaul legislation.Under the program, people who cannot make their mortgage payments because they are ill or out of work would get a stopgap loan from the government.

House members fought for $3 billion in such loans, but ultimately settled for $1 billion as negotiations ground on into Friday morning. Both chambers of Congress must now approve the deal worked out by the negotiators.

Joblessness has eclipsed risky mortgages as the biggest driver of U.S. foreclosures. Meanwhile, the rules of the Obama administration’s foreclosure-prevention effort make it difficult for the unemployed to get loan modifications under the program….

June 25, 2010. Tags: , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. 2 comments.

Twofer Tuesday: Shout out to the Big Dawg – Stop all of your sobbing…

Update: AP at HA puts me some knowledge. Big Dawg did in fact discuss the rhetoric against Chris Christie R-NJ, so he has the left in mind too when he cautions this way. Great to know. I still think the water is too muddied for him to raise Oklahoma City in this context.

…In fairness, Clinton mentioned Christie as being a target of incendiary rhetoric in his Oklahoma City interview with Tapper over the weekend. What he didn’t mention, conveniently, was any culpability for mainstream liberals in inspiring this sort of reaction to smaller government….

Okay Big Dawg. I mean this in the nicest way possible, please Stop Your Sobbing and Shuddupayourface.

You know I am a fan. I watched you resist the Obama-Carter push to label us as racist earlier this year. You knew after they played that card on you it wasn’t true. Now I am asking you to consider that we are not inciting anything by expressing ourselves freely.

I know you were scarred in a way by Oklahoma City and the VRWC. But we Tea Party Patriots are as peaceful a group as any I have ever seen.  Maybe you didn’t mean to tar us as extremists tossing incendiary rhetoric that could lead to violence. I certainly hope it is the lamestream media twisting your words.

I would like to think you realize your comments would do far more good were they taken to heart by Trumka of AFLCIO and by SEIU who are marching on Wall St next week in the thousands as part of their class warfare rhetoric. Or by the lamestream media who is ratcheting up the sense of anger on the left. Or by OFA which sends out endless emails dehumanizing anyone they perceive as interfering with the implementation of the Obama ‘transformative’ process. But after what happened to Hillary, you should know better than to talk to the NYT, they are carrying water for Team Obama.

We are peaceful. We are patriots. We are proud of our country, our rallies, our voices and our right to speak freely. If you are too insulated to see this is not 1994, that Obama is not you and that what he is doing is an incredible overreach of government into our lives, that is your cross to bear. But please stop labeling Americans.

Many of us are lifelong Democrats who voted for you and Hillary. We love America and we cannot be ‘guilted’ into withdrawing our support from the Tea Party so please stop.

Pew Research finds more Americans distrust their government than ever, and that it not because we are speaking out. We are speaking out because of the overhanded, overreaching, overregulating, overspending, overtaxing, and overweening pride and arrogance of Team Obama and their top down transformation of we the people into something we do not want to be.

April 20, 2010. Tags: , , , , . Music, Politics. Comments off.

Krauthammer Agrees!: Twofer Tuesday: The Middle

Update: Feb. 19, 2010 – Krauthammer agrees!:

..It turned out that the country’s problems were not problems of structure but of leadership. Reagan and Clinton had it. Carter didn’t. Under a president with extensive executive experience, good political skills and an ideological compass in tune with the public, the country was indeed governable.

It’s 2010, and the first-year agenda of a popular and promising young president has gone down in flames. Barack Obama’s two signature initiatives — cap-and-trade and health-care reform — lie in ruins.

Desperate to explain away this scandalous state of affairs, liberal apologists haul out the old reliable from the Carter years: “America the Ungovernable.” So declared Newsweek. “Is America Ungovernable?” coyly asked the New Republic. Guess the answer….

The leadership of the Democratic Party still does not get it.

The lamestream journOlists are trying to spin the departure of Bayh as a sign the ‘system doesn’t work’ i.e. government is broken.

Huh funny that, I remember Dubyah getting Medicare Part D, two wars, No Child Left Behind and tax cuts passed with far less of a majority and the same system of governance. Big Dawg got NAFTA, SCHIP, FMLA, balanced the budget. Both created millions of jobs.

The system is not broken, the leadership is weak. OWN YOUR CANDIDATE.

And that’s the view from here in ‘The Middle’ 🙂

I read posts from the ‘left’-  BTD at TalkLeft, and the journOlists – the Politico hit piece on Evan Bayh today and I think, wow they are So Far Away From Me. I think they will continue to be shocked! and amazed! and astounded! as the Dems are swept out of power. It is clear to everyone but those in the bubble or on the left that the country is saying N-O to the Obama Agenda all down the line.

The Democratic Party is So Far Away from the Middle. Since America IS The Middle we will have to remove them at the ballot box again. My Generation’s  (X)turn to be a ‘Reagan Democrat’ is it, and save the country from the worst proclivities of the farleft neoprogressive agenda? Okay I’m down with that.

I get so tired when I have to explain
When you’re so far away from me
See you’ve been in the sun and I’ve been in the rain
And you’re so far away from me

-Dire Straits

(more…)

February 16, 2010. Tags: , , , , , , , , , , , . Politics. Comments off.

For Mr MiM: Thank you

Thank you baby.

Vodpod videos no longer available.

Glee version by request:


more about “For Mr MiM: Thank you“, posted with vodpod

November 23, 2009. Tags: , . Entertainment, Music. Comments off.

Joint Cmte on Taxation sends Ensign written confirmation Americans who do not pay the IRS fine for failing to get health insurance under Obamacare will GO TO JAIL

Document here

Carrie Budoff Brown at Politico has it:

Sen. John Ensign (R-Nev.) received a handwritten note Thursday from Joint Committee on Taxation Chief of Staff Tom Barthold confirming the penalty for failing to pay the up to $1,900 fee for not buying health insurance.

Violators could be charged with a misdemeanor and could face up to a year in jail or a $25,000 penalty, Barthold wrote on JCT letterhead. He signed it “Sincerely, Thomas A. Barthold.”

The note was a follow-up to Ensign’s questioning at the markup.

*The Pretenders courtesy of javipy

September 25, 2009. Tags: , , , , , . Healthcare, Politics. 2 comments.

Ode to the middle class on the new Obama Budget….

February 26, 2009. Tags: , , , , , , , . Economy, Entertainment, Finance, Healthcare, Housing, Music, Obama Administration, Politics, Popular Culture, Unemployment Statistics. 1 comment.

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