April 12, 2007

As predicted, our gutless, incompetent and brain dead congressmen are now talking about bailing out the failed housing flippers

I thought April Fools was a few days ago. My only question is - WHAT THE F*CK IS GOING ON IN AMERICA WHEN CONGRESS TALKS ABOUT BAILING OUT FAILED HOUSING FLIPPERS AND GAMBLERS?


Good god people, we're run by monkeys.

Schumer calls for subprime bailout - New York Democrat wants funds to help subprime borrowers.

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.

He said he planned to introduce legislation soon.

77 comments:

downinoz said...

Got to love it. Flippers and lenders make a killing and keep the money, now things go against them and we have to bail them out. The issue is--what can they be bailed out with? Think of the longer term effects of infusing "cash" into the system. What about people who have lost their houses in the last year or so--do they get a bag o cash? What morons.......Why not just give everybody and house and car--todays version of a chicken in every pot?

* * Just Lost My Job * * said...

Gee, maybe I should go apply for an over-priced, zero-down new home loan now!

Afterall, if I fall behind on my payments, I'll get an emergency bail-out loan from the tax payers for FREE!

Weeeeeeeeeeeeeeeeeeeeeeeee!!!!!!

Anonymous said...

typical *** calling to inflate away housing debt. Surprise surprise

Anonymous said...

absolute scum. can the blog send a mass email to them?

Anonymous said...

Stop the $7 Billion Dollar Subprime Bailout

Doktaire said...

Absolutely not! If this happens, every person of intellect, creativity, drive, hard work and motivation should immediately emmigrate, and lets just see how America survives without the real creators of Wealth, (yes with a capital "W", not that wealth crap they talk about on the infomercials.

ignant said...

Yeah, I more closely align with the Democrats than the Republicans, although stupid stuff like this makes me wonder why.... What freakin' nonsense!

Many here remember Hillary Clinton's solution offered here a week ago: give the FHA MORE money to allow the poor to get trapped into homedebtorship. NO!! The problem was created by a CREDIT BUBBLE, with Government and private industry offering TOO EASY ACCESS TO MONEY to any idiot who asked!!

Gawd, the rampant idiocy from FB's is one thing, but when coming from our government officials? This is too much to bear; are we living in Mike Judge's movie, "Idiocracy"?

Worth a watch, if you haven't seen it...

Bitter Renter said...

It's CRAP. The media like NPR is making it sound like the people in trouble are somehow victims when in fact they're greedbags. The New Yorker reported this week that the percentage of borrowers not making their first payment tripled while in the last 2 years the percentage of people missing a payment in their first 90 days quadrupled. Like the article said, these people didn't run into financial difficulty, they were flippers hoping to sell quickly.

I already wrote the three idiot Senators who are floating this idea, expressing outrage at bailing out the greedy FBs. I suggest others do the same.

serindippity e said...

Everybody remember, in reality, this isn't going to be a bailout of subprime borrowers, those poor George Bailey's....

Think: who REALLY benefits from the bailout?

Just figure out who would really LOSE from a free-market realignment back to reality.

Yes, you're getting closer!

It's going to be a bailout of subprime BOND AND MORTGAGE holders! The F@CKED-@P lenders whose greed and idiocy is 100% to blame and the bond owners who fellate them.

Your tax dollars straight to the bottom-of-the-bell curve Wall Street banks and hedge funds who stuffed themselves with toxic waste, and, of course, none other than the Central Bank of China.

The subprime borrowers only need to mail in the keys. If they had lots of assets they wouldn't have needed a subprime loan.

Heads stateless Big Money wins, tails US taxpayers lose.

There's little who's Chuck Schumer's biggest constituency, which of course is isomorphic to campaign contributors."

The little old lady in Rochester ain't part of it.

Fleecing the taxpayer for benefit of the the rich while saying you're doing it for the poor?

Classic latin american banana republic strategy.

Subprime borrowers don't need a bailout!

They, and the rest of the country, needs economic systems with normal JOBS and PAYCHECKS to let us be normal homeowners.

But that gets in the way of Wallstreet hypercapitalism which is making a fierce commission selling out the national wealth to China.




OMG, I just googled Charles Schumer campaign donors.

YCMTSU

http://www.opensecrets.org/politicians/contrib.asp?cycle=2004&CID=N00001093

1 Goldman Sachs
2 Citigroup
3 Morgan Stanley
4 Credit Suisse First Boston
5 Merrill Lynch
6 Bear Stearns
7 UBS Americas
8 JP Morgan Chase & Co
9 Lehman Brothers
10 Metropolitan Life Insurance
11 Ernst & Young
12 Kasowitz, Benson et al
13 Deloitte Touche Tohmatsu
14 KPMG LLP
15 Paul, Weiss et al
16 Viacom
17 New York Life Insurance
18 Bank of America
20 Sullivan and Cromwell

KitchenStove said...

I still don't buy this bailout nonsense. Until some legislation is actually passed and implemented it's all just talk. Some new goverment official comes forward every day screaming "Bailout, Bailout!" But so far nothing has happened. I still believe that if there are any kinds of bailouts, and that is a big if, they will be handled individually by each state.

I also have to ask how these people think they can manage a nationwide bailout when they couldn't even manage all the fallout from Hurricaine Katrina. You think Katrina and mortgage fraud was a huge issue...wait until you meat Mr. Bailout Fraud.

Of course I could be totally wrong and of course there could be a nationwide bailout any minute now that is executed to perfection, but until it actually happens this is all talk and bluster and bluff to me.

Anonymous said...

should fund it only from fines placed on those who lied on mortage apps or taxes owned by those how declared their investment properties as owner occupied.

Anonymous said...

Just exactly how is this bailout going to be carried out? A one time payment for the first month's mortgage reset? What about the subsequent months? We are talking about trillions of dollars of ARM resets and we know the subprime fiasco will spill over into the ALT-A disaster. The bottom line is that politicians can't even begin to talk about a cure until it pans out just how severe and widespread the delinquencies become. No, the REIC disease is so severe and widespread that this unprecedented scenario really has no quick fix solutions that really make any sense!

Anonymous said...

As long as they then turn around and extract the costs of this proposed program from banks, NAR, mortgage brokers who caused this and buyer's who participate in the program no problem, i.e. self funded!! Sub-prime was allowed to supplant FHA and now we see what happens when wall street greed run amok gets involved. If nothing is done the results will be disastrous for the greater economy overall:

http://www.usatoday.com/money/economy/housing/2007-04-12-foreclose-cover-usat_N.htm

Chiquita Banana Co. said...

That's right...this banana republic is run by monkeys!

The Chiquita Banana company will be selling lots of bananas to these chimps.

Buy silver, oil, and uranium! AND BANANA GROVES to sell to the chimps!

Anonymous said...

Me. I sold my gig at the very pickety peak, made Panic my home page, and have been a renter ever since.

garyk said...

The fact that this crap is even considered makes me nauseous. I'm starting to feel like the stupid one for not spending more than I take in day after day, month after month, year after year. Staying debt free and saving is really starting to look foolish.

Anonymous said...

How's that voting for Democrats in 2006 working out for everyone?

Waaa I don't like Bush so I will vote in a bunch of socialists instead.

OK there you go, live with it now.

FlyingMonkeyWarrior said...

New York again, what a surprise. Hillary's new political platform is run amok in New York and if America votes her into office, then the one two punch of another bush Clinton regime is what the monkeys deserve.

Sorry about the name, I do not mean to insult good monkeys everywhere.

Anonymous said...

Contrast and compare:

Democrat View:

Democrats said they were still working out details of the plan but said their aim was to help borrowers who have not yet entered foreclosure. The federal money would be used to help subsidize their monthly payments or help them spread out payments over a longer time, Sen. Charles E. Schumer (D-N.Y.) said.

Republican View:

Alabama Sen. Richard C. Shelby, senior Republican on the Senate Banking Committee, says taxpayers shouldn't have to bail out homeowners who got in over their heads. "Sen. Shelby believes we have a lot more work to do on this issue and that we're still uncovering the causes and that we need to continue to work with regulators before subscribing to any particular remedy," spokesman Jonathan Graffeo said.

and

White House spokesman Tony Fratto said the administration did not support the Schumer plan and was looking for ways to help sub-prime borrowers without intervening in the market. "We have enormous sympathy for homeowners who are going through difficulties in keeping their mortgages," Fratto said, but, "individuals need to make smart decisions in taking on debt, and there has to be some responsibility for making those decisions."


Explain to me why all of you love Democrats again please....

Anonymous said...

They launch a bailout and the dollar will take a massive groin shot

Flagg707 said...

Yeah, they can send an infusion of money alright.

It'll do about as much good as the "infusion of money" that rolled in after Katrina/Rita. It will sink into thousands of ratholes of corruption, save a few crooks and liars and in the end just ratchet up the National Debt that the post-Baby Boomer generation will be saddled with.

House of Pain Videos said...

FBR Late to the Ballgame

http://www.paperdinero.com/BNN.aspx?id=143

Paul Miller, analyst for Friedman, Billings and Ramsey discusses today’s late in coming downgrade of American Home Mortgage after they announced that they will miss profit expectations after having trouble finding buyers for their loans. Watch as Miller continues to miss the point when faced with unacceptable bearish sentiment.

Originally aired on: 4/10/2007 on Bloomberg

Running Time: 5 minutes 56 seconds

Anonymous said...

But that is what democrats do - redistribute the wealth for votes. And it has worked since FDR.

“Liberalism is just Communism sold by the drink.”
P.J.O’Rourke


Marky Mark

Mort said...

Schumer is a pig.

Mark said...

Wow! If I go to Vegas and lose $20,000 will congress send me a compensation check? We tried a new restaurant the other night and the food was disgusting so now I'm out $80 for an inedible meal. Maybe I should send Schumer the bill for reimbursment. It's official, no one has to take personal responsibility for anything anymore.

Anonymous said...

This is the letter I sent to Schumer:

I have been trying to save for my 20% down payment for a home since the late 90s. The more I save, the higher homes prices go and the more I need to save to get to the 20%.

Now you want to use my tax dollars to bail out all those borrowers who took out all these toxic loans to get into a house they really couldn't afford with traditional financing. This is insulting to me. These are the same folks who help drive home prices up, keeping me from my dreams. These borrowers have driven the home prices beyond the reach of the next generation of buyers. If you bail out all these financially irresponsible borrowers, are you going to bail out the savers who got priced out by these fools?

I believe in market forces. The loosening of lending standards have led to people who shouldn't own homes, be in these homes. Maybe home ownership should be back at 65% and not 69%. You need to let the free markets make the adjustments that are necessary.

Some of these borrowers were subjected to predatory lending. But if the deal is too good to be true, then it probably isn't a good deal. If I am offered a deal to pay $1,000/month for a $500k mortgage, I would ask 'what is the catch' and read the fine print. It seems like these borrowers would just do anything to own a home or keep the home. Many of these "victims" lied about their incomes on their mortgage applications. But if they can't afford the home without traditional financing, they shouldn't be in it.

In addition, by bailing out these victims/liars, you are also bailing out realtors, mortgage brokers, banks, Wall Street, and mortgage investors who all created this mess in the first place. Some of these folks committed crimes such as fraud and should be prosecuted not bailed out.

Lee Harvey's Clone said...

Our "Leaders" know how to do one thing very well. Look out for themselves. I suggest you do the same.

bickerer said...

How dare Schumer steal Hillary and Chris Dodd's thunder.

Veronica Lodge said...

.
.
.
.
My only question is - WHAT THE F*CK IS GOING ON IN AMERICA WHEN CONGRESS TALKS ABOUT BAILING OUT FAILED HOUSING FLIPPERS AND GAMBLERS?

Nobody in government cares about failed housing flippers and gamblers.

Congress is only interested in bailing out failed housing LENDERS.

Stuck in So Pa said...

Keith, this made me so mad that I fired off letters to both my senators (one Demcrap, one Rethug) to let them know how absolutely appalled I was that this was even being considered.

As much as I despise Bush, I hope that he has the balls to follow thru on his promise of no housing bailouts. I cross paths with a lot of people in my everyday work life, liberals and conservatives, Reps and Dems, and NOBODY that I have talked to favors these giveaways to the FB's.

I wonder what the percentages of foreclosures are in these "bailout" politico's districts. The only one's favoring this legislation have to be the FB's. Nobody else IS!

Fergalicious said...

It's not really going to be used to bail out many homedebtors. It's going to go to "community groups." That's like when racial diversity funding goes to enrich Sharpton and Jackson. The money is never going to reach those it was intended to help, it'll all end up in the pockets of their "advocates."

Anonymous said...

Never believe anything a politician says. They are not trying to help homeowners and the communities. This money will go right to their buddies in the banking system. The homeowners will still crash, but this will just give the banks time to get a little more money from them. The stock market crashed until 2002 even though Greenshades kept infusing money into the economy. This housing crash will continue no matter what any politician does. It just gives them an excuse to transfer more of your tax money to the big boys.

Anonymous said...

The market is trying so hard to correct naturally. Like all other things in the universe, it seeks it's own level eventually.

We can do this the hard, prolonged,ugly way, such as enabling the people, the economic environment and the greedy culture that caused this, or we can let the forces correct naturally where, in the long run a few (relatively speaking) get burned for the good of the rest.

Like everything else, the politicians are disrupting the order of the universe, which in turn, will smoke us all out.

My God, not only do people such as myself hate the housing bubble, but, my god, I am starting to really hate these politicians, NAR, MSM, etc.

God bless the middle class in America.

Yooz a gonna need it biotch!

DM1976 said...

I've worked directly with homeowners in foreclosure. I've helped setup forebearance agreements, loan modifications, bailout loans and sales.

80% of the time when I go in to talk to a home owner it goes like this...

Me: How many months are you behind?

HO: Uhhh... 2 or 3, uhh oh wait it's 5, no...... it's like 6 or 7 months. (I later find out it's 11 months...)

Me: How much is your payment?

HO: Uhhh... like $800/mo with escrows... (I later find it's $975 without escrows)

Me: How much do you have saved to give to the bank for a workout? (My standard formula to see if they have even a snowballs chance in hell... 7 x $800 = $5,600 x 50% = $2,800)

HO: Uh.. Well next Friday after I get paid I'll have about $500.

Me: What happened that you got behind?

HO: Rant rant rant... The lender is screwing us... rant rant rant...


I used to pull out all kinds of tricks to save people from foreclosure and the only thing it did was buy more time. I get the courthouse list every week and it's an eye opener when you start seeing people you've helped back on the list.

I disagree with throwing money at this to fix it, but I know it's the knee jerk reaction. In PA they have an emergacy assistance loan available and most people never call about it. Maybe 2 out of 100 people will say they've applied for the loan.

Lenders got greedy and made the loans to people with piss poor credit and now they have to pay the piper. They charged higher rates because of the risk, now they're crying because they underestimated...

To hell with them I say, and the troubled homeowners. If you don't have at least 50% of your missed payments saved up and put aside then you need to sell. Let an investor come in and short the hell out of the loan, buy the place and make a few $$ on it (that's what I'm doing now. I just sent in an offer on a HSBC $20k second... I offered $500 :) ).

I heard this line about the stock market, but it also applies to real estate. Bears can make money, Bulls can make money, but Pigs get slaughtered... The sub-prime lenders got greedy and now they're paying.

I feel sorry for the people that bought a house and got caught up in it, but when you are looking to buy a house and you find that you're not going to be able to pay your mortgage and electric bill at the same time, you need to stop thinking about buying a house. I worked with a family that even before day one, they couldn't afford the house. They bought it because they thought things would change for the better and it would all work out... It didn't. Sadly it's a little hard to feel sorry for them.

GenX said...

This is an outrage that the government will step in and Bail out these flippers and people who were greedy and wanted an SUV and other material goods without working or saving..For the majority of us hardworking Americans who did not mortgage ourselves to the hilt and tried to build wealth the old fashion way by earning it are getting screwed. The government cant even lower property taxes and insurance but are willing to throw good money after bad. I just mailed my taxes and I think its gross that my money will be used to bail out the Goldmen Sacks and JP Morgans of the world not to mention the Casey's.

Anonymous said...

It's official. Risk-averse, forward thinking, responsible citizens are SUCKERS in modern day America.

Don't we all feel like fools. We are Bitter Renters indeed.

Home Buyers are smart said...

Now... don't you bubble heads feel mighty stupid right now?

The government will never let the housing market crash. Too many people will be affected.

kenduffelsniffenspotzen said...

LOL. Keith, its all been scripted. The wealthy Libertarians (opposed to gov't regulating anything)who allowed the housing mania to run amuck, will now bail out the banks. But it won't be called a "bank bail out." Instead they will phrase it so it sounds like it is the debtors who get the bail out.

In the end the tax payer will pick up the bill. Thanks Libertarians.

Steve the Dog said...

It's clear that he has had his staff do two things:

1) Calculate the potential number of votes he can buy in NY by bailing out flippers.

2) Calculate the number of votes he will need to beat a potential rival in the next election.

Simple math: if 1>2 go for bailout.

After all, it's not HIS money.

Steve the Dog

woof.

Anonymous said...

oh great, let the fed print up some more worthless bank notes to bail out all these failing institutions. sure, that should work for a while but for how long, that is the question? money is like anything else. it has its own physical laws and no amount of manipulation will change those laws. sooner or later, money will find its own levels and when it does, we are in a very sticky wicket. how many times does this sort of thing have to happen before we learn. fiat money and fractional reserve banking do not work.

Eman said...

Schumer is kinda alone with his perversions:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aC2vvj3s9w9A&refer=home

Just leak the concept to the older fiscally conservative segment that actually get out and vote...

Anonymous said...

He should be shot!!! This whole thing makes me sick, im going to go vomit right now!

Anonymous said...

Great, so now our tax dollars can go to pay for assholes houses who have no fucking sense. Now I wish I had bought so the feds would give me hundreds of thousands of dollars too. While they're at it, I could use a few car payments.

I wonder how hard it is to become a citizen of New Zealand...hopefully that's far enough away.

Anonymous said...

Dear Senator Kerry,
I understand Senator Schumer is proposing a bailout of Sub prime borrowers who no longer can afford their homes.I wish to express my displeasure over learning this news.
For years I have waited and saved money(which is punished by low interest rates)and waited for this obvious bubble to end and the market to correct.What kind of message does it send to responsible people when irresponsible people are rewarded with a bailout???? Does anyone understand that many people extracted phantom equity to buy TVs,cars and vacations etc and now we will in essence be asked to bail out these purchases with taxpayer dollars.I believe our country has to borrow 2 billion dollars a day for foreigners to support our deficit spending.Isn't insane to borrow money for this purpose????
I sent this to Senator Kerry today

Jay Methuen Ma

AMIGAUSER said...

Keith

What is wrong with ordinary people being bailed out by congress?
Did you honestly think that congress/senate will do nothing.
We are now in the begining of the next Presidential/congress elections and it is simple maths that their are far more voters who are in debt, than their are renters/elite who are not.
All we can really hope for is that some of the executives will do the perp walk for national TV.
If I where the CEO/excutives, I would be making huge donations (bribes) to the democrats/republicans so that they may decide that the actions may have been immoral, but they where legal.

Anonymous said...

PKK (grandma) here

YOU WISH WE WERE RUN BY MONKEYS!!!

At least monkeys:

Can't lie. Can't find ways to use/
"make up" more than they actually
have before them. What they see is
what they have, banana, tree-wise.

Can't spin, obfuscate.

If they are trying to *U, you know
it...

What a life/what a mess...No bail
out for any of us. There isn't
enough money. If we print our way
out of this one, nothing learned
and it WILL be a "day's wages for
a measure of grain".

Anonymous said...

I'm now regretting that I voted for Democrats in November. This is nothing more than black pandering.

Anonymous said...

I have not visited this blog in ages because of its highly political content. I was directed here via "hat tip" from another blog that stays away from poli (many) ticks (blood sucking creatures)!

With that said; this is simply out-fucking-rageous! And is the primary reason why I hate these scum sucking politicians.

Borksmybitch said...

Oh this is just bullshit. When are we going to teach people personal accountability. If you were stupid enough to sign the papers, then tough shit. It is not my job to bail your stupid ass out with my hard earned money.

Anonymous said...

So does this mean that I should go get a 125% negative option loan for $800K? If I can't make my payments uncle Chucky will be there to help me out.

I love Democrats.

David said...

Where do these idiots come from?? A BAILOUT????? What???
Why bailout those that have been foolish and reckless with their financial future?? So do they have to return the equity that they sucked out of their homes, or do they get to keep the toys that that bought with that funny money?
This country is run by monkeys!!!

Hey Chuck, where is my money for being responsible???

Chgo Property Mgr said...

Holy shit, I never thought I'd vote repubilcan, but if democrats are the force behind this, and get it through congress...well, I'm going to look very hard at who voted and how reagrding this piece of legislation.

BOB1 said...

Boo! I'm a middle class guy who can't afford a house because the prices were driven up by crap loans. I'm not about to pay someone else to keep their house when I can't have one. I'm a life long Democrat and I hate it when they try my patience.

-social liberal / fiscal conservative

beebs said...

We mustn't let Congress do this. I actually wrote letters to all three of my representatives telling them why a bailout is unfair to those who bought using 20% down.

Hey, maybe they'll give me my down payment back! beebs

Concerned Citizen said...

I can't believe it. I've been holding off buying because I thought the market (I'm in Seattle) was overpriced. So I guess I get to pay for the other guys mistake.

That's the problem with bailouts - they create unintended consequenses. So why not engage in finanically unsound practices when the government will just step in and bail you out if it goes tits up?

I generally vote democrat, but this is over the line. Schumer needs to wise up - the people don't government to bail out bad behavior. This will back fire for him.

Meanwhile, I'll be writing my representatives.

Anonymous said...

Everyone here must send both of their Senators an email pointing out the insanity of this proposal. Politcians do listen to people if there is enough noise out there.

Anonymous said...

I'm left of liberal (LOL) and even I find this ridiculous -- my tax dollars bailing out greedy homeowners and their mortgage brokers.
The biggest repercussion of the past 5 years' worth of greed has been house prices that have doubled and tripled in value, now making it impossible for younger people to be able to buy. The concept of value for money has disappeared in this market. But I'll send my kids out to buy something today -- then they can get bailed out soon...........after all, they don't need to be fiscally responsible, do they?

Anonymous said...

Bail out does NOT mean loan forgiven, but rather renegotiate terms of your slavery, I mean loan. Sub Prime, as congress will find out later is only the tip of a very large iceberg. FANRON is down the line as well. Unless the Fed lowers rates, the party is over for real estate. Once Boomers start to retire 2010 and downsize, demographics dictate housing begins its slide no matter what Japan style interest rates are attempted. This boom was not because incomes were vastly improved over a ten year period but because interest rates were lowered to the Eisenhower era. This is the reason it is so different this time, from 65 to 75, incomes went up, from 75 to 85, incomes went up, from 85 to 95, incomes went up, but from 95 to 2005, incomes stagnated. Thus there is no income inflation to support these lofty house prices, as there was in the past. Without cheap credit, and without higher wages, housing will come down, way down.

Everyone just chill the f**k out said...

WHOA WHOA WHOA! Everybody take a deep breath. OK now that we're a little calmer, think about this.

The article says this plan is for hundreds of millions of dollars. As a % of all the subprime loans out there it's nothing. I don't have any figures but average home price is $250K. Assume they'll use a nice round number like $500 million for the bailout. This works out to 2000 homes.

Or divide $500 million by the number of people with subprime loans, which is in the millions and you're talking a few hundred dollars per person. What's that going to do...at best delay foreclosure for a month or two.

This is a photo-op bailout designed to get black and latino voters to think the Democrats "care" about them and nothing else. And it will backfire bigtime in 2008 when they will have no credibility as far as being fiscally sound.

Anonymous said...

"Explain to me why all of you love Democrats again please...."

I used to think of them as the lesser of two evils.

Republitards: Communism for the rich.
Democraps: Communism for the poor.

Ron Paul is looking better all the time.

Anonymous said...

"It's official. Risk-averse, forward thinking, responsible citizens are SUCKERS in modern day America."

Yep. Just like in Weimar Germany.

How'd that one work out?

Anonymous said...

ANON 4.08pm

New Zealand is not to far away, we have timber mills shutting because we can't sell you guys timber. we have crazy house price inflation (%100 gains in 5 years). When the S#%T hits the fan in the US we get covered too. where you lead we follow (thanks for that by the way).

But come on down, is a very nice place to visit and would love to see you. you can emigrate if you have skills or if you can get refugee status!

Kiwi renter (yes I am bitter too!)

Lisa said...

I wonder how many of these FB's really want a bail out?? Who wants the honor of paying 55% of their take home pay on a mortgage, property taxes, insurance, utilities, upkeep on a house that will never again be worth what they paid for it?? Talk about a financial black hole. Why not foreclose and be done with it?

For all the bailout talk, it never seems to be the borrowers screaming for it. It's a politician or community group, from what I've seen so far.

Who Knows said...

If this bullshit passes I'll never pay another nickel in taxes as long as i live.

Anonymous said...

i'm going out and refinancing my 30 year fixed to an io and sucking out all the equity. and then vote dem so i can get the bailout.

Anonymous said...

It is morally justifiable to slit the throat of any politician who votes for a bailout.

Anonymous said...

In the 1700's people violently rebelled because the newly formed government placed a tax on whiskey.

SeattleMoose said...

If that happens I will buy a gun and.....

Paul E. Math said...

I'm outraged enough about this that I feel like staging a demonstration or something. I feel like shouting someone down on the statehouse steps.

By all means submit an email to your senator's office but I don't think it's going to cut it. I think we need to scream long and loud and get the attention of the complacent sheep whose fickle votes sway elections.

We have to do something.

It's all about housing affordability. The way that you help people is to get prices to come down to a level where hard-working people can afford a decent standard of living. Bailing out imprudent and irresponsible subprime borrowers is wholly counterproductive to this aim.

Anonymous said...

8:35 Kiwi: Yeah, it sounds like you and the Aussies have gotten an even worse dose of this shit than we have. Hang in there, bubbles always end the same way.

Anonymous said...

MacNeil/Lehrer Newshour tonight:

The maimed Iraq vets get 3.5 billion more this year. Brain injuries, comas, limbs blown off, paralysis. I'm thinking they could use that billion dollars that some want to hand out to stupid FB's who drove the price of housing to unaffordable levels with their idiot liar loans.

If we've got extra cash laying around, give it to the injured Vets, not these stupid overpriced homebuyers.

God these politicians are sick.

-Democrat No More

Anonymous said...

Downinoz-

The people who lost their homes a couple years back are SOL.

They're gonna LOVE bailing out the newest boatload of FBs with their tax dollars.

These Dems are stupid beyond belief if they think this will get them anywhere but out of office.

schmuck schumer said...

Time to max out my credit cards and get a liar's loan option ARM to buy a second and third house so the Democrats can bail me out with someone else's money. Thanks Chuck the Schmuck.

Anonymous said...

Christmas for the FBs. We get to play Santa Claus and chip in for all the cars, flat panel TV's, gizmos they purchased with their HELOC money.

Feels good to give, doesn't it?!

That's the last straw for me. I am OUT of the Democratic Party.

- Not Santa

Anonymous said...

MacNeil/Lehrer Newshour tonight:

The maimed Iraq vets get 3.5 billion more this year. Brain injuries, comas, limbs blown off, paralysis. I'm thinking they could use that billion dollars that some want to hand out to stupid FB's who drove the price of housing to unaffordable levels with their idiot liar loans.

If we've got extra cash laying around, give it to the injured Vets, not these stupid overpriced homebuyers.

God these politicians are sick.

-Democrat No More

Anonymous said...

Anonymous said...
They launch a bailout and the dollar will take a massive groin shot

April 12, 2007 12:29 PM
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Maybe that is what they want. Bankers and Agents skate with the profit bags. The dollar takes a massive sh!t (where is that M3 anyway??) and they bring in the Amero. Unify N. America, and flush the real American Middle-Class once and for all.

Anonymous said...

Eman said...
Schumer is kinda alone with his perversions:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aC2vvj3s9w9A&refer=home

Just leak the concept to the older fiscally conservative segment that actually get out and vote...

April 12, 2007 3:36 PM
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YA, they what that cash for thier "golden years"