Dems Want To Make Your House Payment

Discussion in 'Politics' started by red states rule, Apr 15, 2007.

  1. red states rule
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    red states rule Senior Member

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    Dems never seem to run out of new ways to spend your money. Since Dems want to increase your taxes by $400 billion, they are coming up with ways to spend it. After all it is not your money - it is theirs

    And Dems can spend the money better then you stupid taxpayers



    WASHINGTON (Reuters) - The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.

    "The federal government can send in an infusion of (money) to prevent foreclosure," said Charles Schumer, a New York Democrat.

    The cash infusion is needed right away and should go to both help fund community groups aiding troubled borrowers and to directly fund bailouts, Schumer said.

    Schumer spoke as chairman of the Joint Economic Committee, a joint committee of Congress, and appeared with Democratic senators Robert Menendez of New Jersey and Sherrod Brown of Ohio.

    "All three of us are on the banking committee ... We will be proposing significant amounts of dollars to go here and do this. Could not tell you how much, but in the hundreds of millions of dollars for sure. Maybe more than that," Schumer said.

    A report released by the Joint Economic Committee Wednesday pointed out that foreclosures can have a "contagion effect" and spread through a community.

    Subprime borrowers with damaged credit have recorded higher delinquencies and foreclosures in recent months. Those foreclosures are expected to climb as the low, early payments on those loans give way to higher interest rates.

    Schumer said a bailout was needed immediately because many borrowers in arrears could soon lose their homes.

    "We have to move quickly because the trend line goes way up in terms of the number of foreclosures," he said.

    Schumer said he planned to introduce legislation soon.

    Foreclosures will increase this year and next as interest rates on 1.8 million mortgages popular among subprime borrowers reset, the lawmakers said in a statement.

    Each foreclosure can drain $80,000 from lenders, homeowners and local governments, the senators said.

    Lawmakers need to remember how homeowners suffer but also what foreclosure does "to the entire neighborhood and depressing the value of every home within miles of there," said Brown.

    Christopher Dodd, chairman of the Senate Banking Committee, said in a statement Wednesday he hoped to incorporate the senators' views as he considers how best to aid borrowers in trouble.

    Dodd said in the statement he will soon hold a subprime summit with mortgage stakeholders to discuss how to aid borrowers. The meeting will aim to "try to work out a process for providing relief to homeowners," he said in the statement.


    http://www.freerepublic.com/focus/f-news/1816016/posts
     
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  2. Shattered
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    Gee. Here's a clue..

    A) Don't buy a house you can't afford.

    B) Stop spending your money on stupid shit.

    C) Pay your fucking bills.

    I waited to buy a house until I was sure I could afford one. That money isn't "budgeted in"; much like a car payment, it's just "gone".. Doesn't exist. What's left AFTER the house payment, and the car payment is what's "budgeted"

    Tho, if someone else wants to pay for it, that's fine by me, too.. I'm sure there's a reasonable amount of stupid shit I can by to make the money disappear.
     
  3. red states rule
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    red states rule Senior Member

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    How true

    It seem Dems want to bail out those who cannot live by the common sense rules you just listed

    Right now I am paying for someones elses retirement - now they want me to pay for their home
     
  4. William Joyce
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    William Joyce Chemotherapy for PC

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    Stats show the defaulters are black and Hispanic. So, yet another tax on whites they won't notice.
     
  5. red states rule
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    red states rule Senior Member

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    Since Dems voted for a $400 billion tax increase - they have to fnd ways to spend the money

    Seems they are out to buy votes of people who want the government to take care of them
     
  6. Creek_George
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    Creek_George Member

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    Hahahaha..:)

    It sure as hell feels like that...and most likely is the case.

    As I said earlier in another post..My best friend filed jointly with his better half...They have 3 kids..house payment etc...He told me his girlfriend is getting back more than she paid in etc....What could I say to him.."That's Bullshit"..hahahaha..:)

    I'm not for raising taxes in the least...I think they get enough money in revenue as it is..

    I think they make promises to pay everybodies bills for a vote..then tax us to do so....

    Creek
     
  7. red states rule
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    red states rule Senior Member

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    The amount of taxes we pay never seems to be enough for the left.

    By the time you add them up, Federal income taxes, state and local taxes, property taxes, sales taxes, excise taxes, and capital gains taxes; some people pay over 50% of their income in taxes
     
  8. DiogenesDog
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    DiogenesDog Zen Bonobo

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    It seems that ultimate ownership of the mortgage is separated from the servicing companies that you may think are your mortgage company.

    Many routine foreclosures are now found to be legally complicated by the process of shaky "holder in due course" connections. Those who have initiated foreclosures may even be guilty of "conversion".

    Sloppy and near criminal acts of foreclosure will be affected by this ruling. The problem is not predatory borrowing, it is predatory lending. Make it easy to get a mortgage, roll the fixed dice on an ARM and then get nothing but 6s and 7s. The undergirding of this scam was premised on - "Get the house you want and sell it before the rate is adjusted."

    You self righteous dolts, it was an act of the neophyte entrepreneur, egged on by a lender's agents with deep pockets and a long range plan that included foreclosure. It was a criminal act on the part of the lender. It was a sucker punch to the home "buyer".

    I do believe that I was a bit generous when I took a jab at a particular poster in this thread and his law school bona fides. I do not believe that it was not Universidad Pinochet after all, but rather the Elbonian School of Law.

    I AM
     
  9. Detmurds
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    Detmurds VIP Member

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    We simply need less taxes, which would put more money in our pockets. Too many are crying for higher pay, and the Dems are feeding off of that,..but it is the Dems who want to tax more,...another dirty way to keep the "more pay cry" alive to continue the "look" as if they are against the rich.
     

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