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COMMUNITY PUNDITS
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FoonTheElder 01:39 PM on 02/07/2013
DeMarco is only doing his assigned job to help people believe that he is helping homeowners while actually dishing out more big corporate welfare.


Every bill over the past 15 years has been little more than intentially ineffective methods to help the average Americans with large amounts of big corporate welfare.  Even if a bill helps Americans, like the Medicare drug bill, it also must  Read More...
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HUFFPOST SUPER USER
Julie Baker Morse
Mostly harmless
06:05 PM on 02/07/2013
Instead, he set up a program to allow the wealthy to purchase large lots of foreclosed homes; to qualify, your income must be at least $1 million annually [according to the program's application]. There is a simple solution: Reduce the interest rates of ALL current mortgages to 0% for 10 years and recalculate payments. This would save homeowners hundreds of dollars per month, which would then be available for discretionary spending, helping not just homeowners but the local, state and national economies. The cost of paying investors would be borne by the banks, who caused the economic crisis in the first place.
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MS Ind
My micro-bio was empty.
06:09 PM on 02/07/2013
So the banks make no money for 10 years.

If you think that's good for the economy, then I want to try what you're smoking.
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Neenerpuss
If you cant laugh at yourself...someone else will
06:23 PM on 02/07/2013
For 20+ years they were averaging 8%....they were hogs at the trough. Hogs eventually get slaughtered.
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HUFFPOST SUPER USER
Julie Baker Morse
Mostly harmless
06:23 PM on 02/07/2013
The amount of money most banks are making from mortgages is negligible. That's because most lenders are merely servicing loans, rather than owning them. MBS are still being sold, which means that loans are still being packaged, sliced and sold to investors. Banks have very little "skin in the game", as they sell loans to investors immediately after making them, and often, the loans are fraudulentsly sold and packaged before they are even made. Banks also have plenty of cash and assets on hand. So please, explain how this measure would be harmful to the economy, and explain how that harm would be more significant than the economic stimulus of hundreds of dollars per month per homeowner being injected into the economy.
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HUFFPOST SUPER USER
katydid579
I plan to live forever. So far, so good.
06:47 PM on 02/07/2013
Lower the interest rates to 0%??? And how does that help people who are trying to save money for college, medical bills, or retirement?
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Julie Baker Morse
Mostly harmless
07:23 PM on 02/07/2013
What are you talking about? What does reducing mortgage interest rates have to do with college, medical bills or retirement?
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hazmatlang
I support myself
06:05 PM on 02/07/2013
Rewarding speculators who have benefitted by taking risk, by removing that risk, will just encourage more of the same in the future and reward unsound financial investment. It will add to inflation in the long run and delay the recovery.

If the prospect of principle forgiveness was replaced by a no interest loan/lien and was granted for property loss values on homeowners who have lived in their homes for say, seven years, it could then be applied as a lien to the property so that the money could be recovered when the property transfers.

Speculation would not have been rewarded. People who are hurt through no fault of their own could get relief, and underwater homeowners would see relief but not reward.

This would reduce mortage payments, free up more money to enter the economy and help advance the recovery by increasing money flow. The only losses suffered would be to the mortage industries projected interest revenues and they are surely as responsible as are the speculators and so derseve a penalty. This would help victimized underwater homeowners as well as advance the recovery.

Call this proposal, "Help YES, forgiveness, NO!!" Problematically, it would not be a political win for anyone. so such thinking has no chance in this self centered polarized political environment.
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HipsterCorgi
Just keep swimming, swimming, swimming ...
06:03 PM on 02/07/2013
I have an idea! Let's make Wall Street and the banks get those homeowners back out of the water by sharing some of their grotesque profits they don't deserve, since the banks and the homeowners TOGETHER caused the mess. Then the rest of us can be left out of it, and our economy will take another step toward being healthier.
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HipsterCorgi
Just keep swimming, swimming, swimming ...
06:00 PM on 02/07/2013
So DeMarco is there because "the president’s nominee to head the agency was blocked from confirmation by the U.S. Senate"? And now Congress doesn't like DeMarco because he's obstructing them.
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06:03 PM on 02/07/2013
Democrats want solutions not obstructionism...
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hazmatlang
I support myself
06:07 PM on 02/07/2013
Democrats want to spend, thats not a solution, thats the problem.
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06:29 PM on 02/07/2013
the solution is to foreclose , that been happening and resell the homes
LeeVing
No good deed will go unpunished.
05:58 PM on 02/07/2013
This guy needs to be replaced, just because he's creepy looking as all get out. He certainly looks the part of a worm-like bureaucrat with no heart or soul.
05:57 PM on 02/07/2013
Dear O:

Dump DeMarco
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Walter Lampton
05:55 PM on 02/07/2013
Whatever Obama does will be wrong in the eyes of the GOP.

They pray for his failure .

Dont they ?
06:03 PM on 02/07/2013
Yes they do. But they have not realized yet that praying does not work...
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Walter Lampton
06:08 PM on 02/07/2013
Lying is not a virtue either .

What will they do ?
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hazmatlang
I support myself
06:11 PM on 02/07/2013
His failures are apparent everywhere, what we pray for is the courage to deal with those failures.
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Walter Lampton
06:28 PM on 02/07/2013
Name one thing good republicans have ever done for this nation.

Your turn.

Republicans have opposed SS MEDICARE WELFARE FEMA and Obamacare .
They have mongered war and offered VOODOO ECONOMICS .
BFD .
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Walter Lampton
06:31 PM on 02/07/2013
Courage ? Draft dodgers dont have courage .

Who hired G Liddy and L Tripp?

Who killed JACK ?

Who wanted to jail the Clintons ?
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rjohns3
6 P's
05:50 PM on 02/07/2013
It is amazing how people blame homeowners for what the banks did.
LeeVing
No good deed will go unpunished.
05:55 PM on 02/07/2013
Ain't that the truth. If you listened to them you would think that the banks were the ones who had been taken for a ride.
06:03 PM on 02/07/2013
It's even more amazing that they blame the banks and the homeowners for what the Dem politicians did!
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Chubbster
Partisanship is a mental illness
05:43 PM on 02/07/2013
I don't want to be responsible for my stupid mistakes either...nevertheless people who loose money through "investing" whether in real estate or stocks and bonds should never be rescued. The only point of National Debt increasing giveaways is vote buying.
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05:40 PM on 02/07/2013
In November 2010, President Obama nominated Joseph A. Smith Jr., then North Carolina’s longtime Commissioner of Banks, to head the independent FHFA.

Though the Senate Banking Committee overwhelmingly endorsed his nomination, on a 16-6 vote, Senate Republicans blocked a confirmation vote and scuttled his nomination by running out the clock.

Sen. Richard Shelby’s (R-AL), fearing Smith might help underwater homeowners with mortgage principal reductions, opposed him and called him “a tool of the administration, cutting mortgages, throwing the bill to the taxpayers.”

As a result of this obstruction, FHFA Acting Director Edward DeMarco — the deputy to President George W. Bush’s director — continues to run the agency and has single-handedly blocked White House mortgage debt relief efforts.

Recap

One of their own (DeMarco) R blocked what the WH wanted which ( to implement a principal reduction and debt forgiveness program for certain underwater homeowners),they want someone who is aggressive and then Sen. Richard Shelby’s (R-AL), fearing Smith ( Presidents nominee) might help underwater homeowners with mortgage principal reductions, opposed him and called him “a tool of the administration, cutting mortgages, throwing the bill to the taxpayers.”

What is wrong with this picture?
05:39 PM on 02/07/2013
THE democrat message - no one deserves to be underwater, all deals should be peachy, and everyone should live equally regardless of - their work level and ethics.
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rnorthro14
This micro-bio is just begging to be updated
05:54 PM on 02/07/2013
THE republican message: bail out the 1% who gambled with middle class pensions and 401ks, don't hold them accountable for their irresponsible behavior, defend low tax rates for these very same banksters and their 1% cronies, call for cuts to social services that help the middle and working classes, the ultra wealthy are above the law and should be allowed to continue their unethical ways, completely opaque to the rest of us, rich is a dirty word - call them job creators and make it a talking point even though the jobs they create are overseas to save cost and increase the value of their own shares as well as those of their wealthy shareholders at the expense of the American manufacturing base.
LeeVing
No good deed will go unpunished.
05:57 PM on 02/07/2013
Having fun absorbing abuse here?
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clearasmud
Needed... One Real Democrat President
05:37 PM on 02/07/2013
A Moral Issue to Help Home Owners?

Not a Moral Issue to Bail Out the Banks?
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accmiller
05:33 PM on 02/07/2013
If you continue to pay your mortgage you will one day get it paid off. Why should I be forced to help pay off your mortgage?
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clearasmud
Needed... One Real Democrat President
05:38 PM on 02/07/2013
Why were you forced to bail out the banks and 1% bond holders in this country?
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accmiller
09:14 PM on 02/07/2013
well the banks paid back the money with interest.
05:41 PM on 02/07/2013
democrat message - have a ton of kids, collect welfare, live beyond means, buy a home you cannot afford, and the govt will help save you rather than tell you to be mentally healthy.
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05:52 PM on 02/07/2013
That is the distorted message people like you have been brain-washed to spew. Big difference between that and actual reality.
These people from the article didn't purchase homes they couldn't afford, they purchased homes that were over-priced. Get a clue. They were ripped off by people yet to be held accountable.
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mike242
05:55 PM on 02/07/2013
Sorry the message is so hard for you to understand, you are way off in your interpretation. We do believe that people should earn their wealth, not steal it. We are also very aware that in this present oligarchy, the wealthy are making the rules to benefit themselves at the cost of our country. Rony Ray-gun created the me, me, me country that can not sustain itself against the greed. We believe what the country stood for up until ronnie, that we are a society, united we stand divided we fall, so cons are all about me and I, and we are for we and us.
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Amanda Matthews
05:32 PM on 02/07/2013
Okay, besides the fact that this is obscene and insane, this is the MOST EXTREME AND IRREVOCABLE thing our government can do to us with absolutely no justification whatsoever.

Want to hear what the least intrusive thing that they say they do is? It's going up in front of the Supreme (?) - and not for spelling - Court later this month:

--
Can the Government Collect Your DNA Without a Warrant? SCOTUS WILL DECIDE

http://www.alternet.org/news-amp-politics/can-government-collect-your-dna-without-warrant-scotus-will-decide?akid=10022.221277.ZO1f3c&rd=1&src=newsletter790882&t=3

--------

We have gone down the Rabbit Hole.
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Amanda Matthews
03:06 PM on 02/08/2013
AUGHHHHHH! This was posted in the wrong place.

Have a new computer. I can do stuff I don't even know I'm doing with this thing and it's magic keys. In this case I went to a previous page or something.

I better learn how to work this damn thing or give up my career on the intertubes. I can see that now.
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longear
05:28 PM on 02/07/2013
DeMarco stands for fiscal integrity. He won't give away taxpayer money to people who have made bad business decisions.
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rnorthro14
This micro-bio is just begging to be updated
05:33 PM on 02/07/2013
I don't like him because he resembles Herr Toht, the Gestapo agent from "Raiders of the Lost Ark".
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clearasmud
Needed... One Real Democrat President
05:39 PM on 02/07/2013
US Fiscal Integrity = Corporate Welfare and Screw The People