red states rule
Senior Member
- May 30, 2006
- 16,011
- 573
- 48
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
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
