Bush To Mortgage Holders: No Federal Bail Out

AP:

President George W. Bush today will announce steps the administration says will help people with subprime mortgages keep their homes.

Bush will let the Federal Housing Administration, which insures mortgages for low-and middle-income borrowers, guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates, according to an administration official.

Read the whole story: AP

Comments

[Merrysunshine]

05:53 PM on 08/31/2007

In Matthew 7: 15-20, Jesus Christ says: "Beware of false prophets, who come to you in sheep's clothing, but inwardly are ravening wolves. By their fruits ye shall know them. Do men gather grapes of thorns, or figs of thistles Even so every good tree bringeth forth good fruit; but the corrupt tree bringeth forth evil fruit. A good tree cannot bring forth evil fruit, neither can a corrupt tree bring forth good fruit. Every tree that bringeth not forth good fruit is hewn down, and cast into the fire. Therefore by their fruits ye shall know them."

[getoffmedz]

06:21 PM on 08/31/2007

Merrysunshine - what if they come dressed as a Turdblossom?

Where is that written?

[reece5309]

05:50 PM on 08/31/2007

starting with you

[reece5309]

05:50 PM on 08/31/2007

they should go home

[reece5309]

05:17 PM on 08/31/2007

get ready to be dodging mexican semis and bilingual road signs

[squareyellowpaper]

05:29 PM on 08/31/2007

California?

[getoffmedz]

06:19 PM on 08/31/2007

squareyellowpaper - yep. Coming up I-5 and I-10 and spreading out from there.

Folks in Texas are really in deep shit where these trucks can take the Number One lane.

The question should be, does the CHP have authority to pull these rigs over if they drive like they do in Mexico?

Thank the Bush/Cheney swine herd for this and it starts tomorrow!

[squareyellowpaper]

05:30 PM on 08/31/2007

When it rains lemons make lemonade.

Set up a Mexican cantina on the side of the road and make some money.

[squareyellowpaper]

05:31 PM on 08/31/2007

where have you people been? We have Canadian trucks coming down our interstates, constantly, and no one has complained about them!

[squareyellowpaper]

04:48 PM on 08/31/2007

Who ever thought there would come a time in America when we would be borrowing from a Communist country: China?

Think about it!

[squareyellowpaper]

04:46 PM on 08/31/2007

Can you afford:

To pay off your student debts?

To pay the rising co-pays at the doctors and for drugs?

To pay the increasing cost of groceries?

To pay the telephone bill?

To pay the car payment, insurance, gas, and maintainance?

To pay the taxes on your personal and real property?

To pay the downpayment on a house?

To pay the electric and or gas/oil bill?

To buy clothes for the kids and yourself?

People in this country are really beginning to feel the effects of Bush's economic decisions.

Are you better off under Bush than you were under Clinton? Hell, no! Not unless you are a CEO of a mortgage company.

[ownsthepodium]

04:38 PM on 08/31/2007

Enron, Worldcom et al were used to coming to the White House and getting everything they wanted. Once a Republican administration was in place the corporations were very surprised to find out not only was the public purse now closed to them, but they were actively being investigated and charged.
But of course in the lib bizzaro world it's the Republicans (who prosecuted) that are in league with the corporations, not the Dems (who enabled them).

[getoffmedz]

06:14 PM on 08/31/2007

ownsthepodium - everything was OK until the last paragraph, then you lost it.

Prosecution that is effective? I think not.

Ask ex-ENRON employees who lost virtually everything?

Nice try, tho.

[pahpah25]

03:50 PM on 08/31/2007

hey, iwould like to have a lexus.....but i can't afford it.........can i please have a 'bail-out' so that i may live beyond my means? thank you. tax -payers...gotcha again!

[javagirl322]

03:34 PM on 08/31/2007

Smoke and mirrors...smoke and mirrors, will we EVER learn???

[jjimmyboy21]

03:28 PM on 08/31/2007

Is this another classic Bush administration "emergency" solution via a politically expedient, trickle-down bailout of well-connected GOPers. Betcha Carlysle Group is holding a huge, potentially worthless portfolio of high-risk 'junk' CDOs! Goldman Sachs, too! By 'injecting' hundreds of billion$ into this Fed-induced fiscal morass, Bushco can ensure the neo-con crony network's liquidity is adequate to prevent a long-overdue state/federal investigation of corrupt (cooked books) accounting practices and tax fraud.

[smartstuart]

03:20 PM on 08/31/2007

This IS a bailout of sorts-more cash going to the suckers who got screwed the first time around-will now owe EVEN MORE, even though the rate is lower a scosh! Bend over, homeoners...Uncle Chimpy has a big surprise for you!!

[jerrypenguin]

03:27 PM on 08/31/2007

Least we forget... The personal bankruptcy laws were "adjusted" a few years ago.

[jerrypenguin]

04:04 PM on 08/31/2007

"Uncle Chimpy has a big surprise for you!!"

A few centuries ago, Great Britain, had debtors prisons, work houses, and indentured servitude. As society "progressed" these social structures were eliminated.

Now we in the US have revised bankruptcy laws, elimination of habeas corpus, high personal debt, faith based initiatives, the patriot act, war debt, a grand over-class, social Darwinism, etc.

Former "middle class" whitey better learn some hymns before they slip on the chains.

[squareyellowpaper]

04:40 PM on 08/31/2007

I am afraid that you are not far from the truth!

We have all become peons to the corporate elite.

The middle class is made up of those households who make (not net worth) between $500,000 and $2 million a year.

The rest of us are poor.

Don't take it too hard.

The Fortune 500 list of richest Americans was made up of millionaires. Now they are all multi-billionaires!

[theroc5156]

03:17 PM on 08/31/2007

You're overlooking one thing liberals....Hillary wants to bail these people out as well by setting up a "fund".

What do you hypocrites think about that????

[abbiehoffmansghost]

03:17 PM on 08/31/2007

Exactly why would or should anyone help out anyone else who borrowed money for a house or anything else that they could not afford? I'm a Yankee and I don't believe in buying something that you can't afford. Got thousands of dollars in credit card debt? Had to have that overpriced, oversized luxury home? Had to have a BMW instead of a Corolla? Too fucking bad. It sucks to be you. Hey overspent, overfed America there are millions of starving people in the world having all their natural resources exploited or stolen from them by first world nations so fuck you.

[jerrypenguin]

03:40 PM on 08/31/2007

No worry, be happy, rejoice... The Bush faith based initiatives will save us all.

http://www.whitehouse.gov/government/fbci/

[clumberfeet]

03:01 PM on 08/31/2007

Bush’s, “Non Federal bailout of mortgage sharks”
He says he will help American families by letting delinquent borrowers get a refinance loan from the FHA with Government underwritten mortgage protection insurance. With the bundled back payments, penalties, mortgage protection insurance premiums, and interest now in the new loan the homeowner still can’t make the monthly payments and defaults.
The homeowner is kicked out, FHA mortgage protection insurance kicks in, and the mortgage sharks are paid.

[Abycat]

02:48 PM on 08/31/2007

HEY! HOLD ON THERE 'w'. These money guys are
some of our biggest campaign contributers.
Are you sure you want to bankrupt them.
Jeeesh!! Get Rove back NOW!