2009-01-15 — bloomberg.com
Lawmakers in both parties want more of the funds to be used to help homeowners at risk of defaulting on their mortgages. The House will vote today on legislation that would require Obama’s Treasury Department to set up a foreclosure-relief program and require participating banks to report how they use the money.
That measure is sponsored by House Financial Services Chairman Barney Frank, who along with other lawmakers faults President George W. Bush’s administration for failing to set limits on banks including Citigroup Inc. and JPMorgan Chase & Co. that got cash from the initial $350 billion last year.
Frank has said Jan. 13 he doesn’t expect his proposal to pass the Senate.
Pretty distressing to see that homeowner help is basically completely off the table. Does Frank just think the Senate is malicious, or did he just construct a law he knew would not pass so he could say he "tried"?
This whole "second half request" process seems like a non-issue to us (which is what we expected in the first place). If you can say one thing about Congress, it is that it certainly doesn't betray expectations.
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michaelblomquist at 22:37 2009-01-15 said:
Call Congress NOW to voice your opinion 800-828-0498 or if you don't know your rep http://www.congress.org/congressorg/home/ What we need is Cspan and congress to conduct their sessions/votes during prime-time and all schools across the Nation to require their student to view the process. People can call in to vote for their favorite representative of the night based on their arguments. In addition, they could vote up or down different packages and blog about amendments. Viewers could also vote on different posts. It would be a great way to send messages to congress and wake up the sheeple to let them know how are Nation is being destroyed. Call your Congressperson NOW! to voice your opinion. Hopefully, it is opposition to any form of bail outs and encouragement of defaulting homeowners to pursue legal action against their fiduciaries if possible. Those with unclean hands who committed fraud will NOT be allowed to stay in a 5/3 3,400 sf home, but could be provided assistance to move into one of the numerous, vacant 2/1 condos. Just think of all the jobs that could be created for moving companies : | Demand disgorgement and indictments for the executives at the lenders, i-banks and NRSROs/credit rating agencies. 800-828-0498 or if you don't know your rep http://www.congress.org/congressorg/home/ Permalinkadd a comment | go to forum thread
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