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No, Hillary, No!

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javero
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No, Hillary, No!#1
Posted: 3/24/08 at 9:51am
Why is Hillary set to suggest that the federal government should buy homes with mortgages in foreclosure?

This will only strengthen the case from those on the right and some centrists like me that she aims to socialize the US economy. Those speculators got what they deserved those that attempted to scoop up property by leveraging on top on their already leveraged assets. And many subprime lenders simply lent money to applicants that wouldn't have ordinarly qualified.

Just this morning some talking head on Fox News remarked that no American has an entitlement to a home. It sounds somewhat draconian in the current political climate, but perhaps we should let the market weed out those folks who aren't ready to be homeowners for lack of savings.

I saved for nearly two doggone years to come up with a downpayment for a townhouse years ago. And when I took out a student loan to partly finance grad school, I spent the money on tuition and books not plasma screen tv's.
Hillary, Please Go Easy on the Gov't Bailouts
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Go, Hillary, Go!#2
Posted: 3/24/08 at 10:33am
Stop being melodramatic and misrepresenting her...AGAIN.

===

ASSOCIATED PRESS

Clinton Calls for Expert Panel on Housing Crisis

CHARLES BABINGTON
AP News

Mar 24, 2008 09:07 EST

Democrat Hillary Rodham Clinton called on President Bush on Monday to appoint "an emergency working group on foreclosures" to recommend new ways to confront the nation's housing finance troubles.

The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

Such a panel would recommend legislation and other steps to "help re-establish confidence in our economy," Clinton said in prepared remarks for a speech on the economy in Philadelphia. She and Sen. Barack Obama are campaigning heavily in Pennsylvania, which holds its presidential primary April 22.

Clinton also proposed greater protections for lenders from possible lawsuits by investors, a version of so-called tort reform more often associated with Republicans than Democrats.

Many lenders are unwilling to undertake "far-reaching restructuring efforts" for fear of being sued by investors who buy mortgages, she said. She said she would introduce legislation to limit the lenders' legal exposure.

Clinton said she supports proposed legislation to establish a federally backed auction system for hundreds of thousands mortgages in default. Under the Democratic-drafted plan, lenders "could sell mortgages in bulk to banks and other buyers," she said, who in turn would "restructure them to make them affordable for families, because they know the government will guarantee them once they're reworked."

But more steps are needed, Clinton said. The Federal Housing Administration, she said, "should also stand ready to be a temporary buyer to purchase, restructure, and resell underwater mortgages."

Clinton said a recently enacted $168 billion stimulus package "did next to nothing to help homeowners and communities struggling with foreclosure."

"If the Fed can extend $30 billion to help Bear Stearns address their financial crisis," she said, "the federal government should provide at least that much emergency help to families and communities to address theirs."
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javero
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Go, Hillary, Go!#2
Posted: 3/24/08 at 11:49am
"The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker."

More retreads from hubby Bill's administration!
#FactsMatter...your feelings not so much.
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Go, Hillary, Go!#3
Posted: 3/24/08 at 11:56am
What an idiotic comment. Paul Volcker is an Obama supporter.
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Go, Hillary, Go!#4
Posted: 3/24/08 at 11:58am
So, does the fact that some of them worked for the Clinton Administration mean that they are not qualified?

Clinton hired for competency, Bush hired for loyalty.

Who would you rather have them consult, experts from Bush I or Reagan?

If Obama came up with the same proposal you would be touting is as evidence of his leadership.

Your extreme bias is showing.
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Go, Hillary, Go!#5
Posted: 3/24/08 at 12:14pm
"What an idiotic comment."

I'll signal when we're even. You still have a few on me.

"If Obama came up with the same proposal you would be touting is as evidence of his leadership."

Conjecture on your part.
#FactsMatter...your feelings not so much.
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Go, Hillary, Go!#6
Posted: 3/24/08 at 12:17pm
Yes, conjecture on my part - but I am not a betting woman, and I would bet on it.
Updated On: 3/24/08 at 12:17 PM
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yes, hillary, yeeeeeessssssss, oh god yes!#7
Posted: 3/24/08 at 12:32pm
ywiw, i disagree with javy on a regular basis, and he loves bammy more than i love single malt scotch, but i think that given his borderline libertarian views on fiscal policy that he would have been just as up in arms about bammy making such a proposal. perhaps even more so as it would slap a big divide between him and his - or if you listen to besty, my - lover, bammy. i think you'd lose your bet.

pj, c'mon, she wants the gov't to buy out the freakin' failed loans if they gurus say so - and who here thinks they won't say exactly that? - so it's not a misrepresentation at all.
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Go, Hillary, Go!#8
Posted: 3/24/08 at 12:32pm
YouWantitWhen????--

I'm trying to maintain some objectively. I simply cannot march in lock-step with the Clintons on everything they put out there just to get Hillary elected.

If she's the nominee, I'll charge into the voting booth holding my nose and click on the block for Hillary Rodham Clinton as POTUS. That, however, is the full extent of my loyalty to the Clinton co-presidency.
#FactsMatter...your feelings not so much.
Updated On: 3/24/08 at 12:32 PM
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yes, hillary, yeeeeeessssssss, oh god yes!#9
Posted: 3/24/08 at 12:34pm
fortunately, his vote will register as two votes for mccain and one for me.
r.i.p. marco, my guardian angel.

...global warming can manifest itself as heat, cool, precipitation, storms, drought, wind, or any other phenomenon, much like a shapeshifter. -- jim geraghty

pray to st. jude

i'm a sonic reducer

he was the gimmicky sort

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yes, hillary, yeeeeeessssssss, oh god yes!#10
Posted: 3/24/08 at 12:48pm
"If the Fed can extend $30 billion to help Bear Stearns address their financial crisis," she said, "the federal government should provide at least that much emergency help to families and communities to address theirs."

I agree why is Corp. welfare ok, but any money to help the average person a waste of taxpayers money. I blame the banks, the people that got the loans were SUB-prime meaning not PRIME, banks were greedy and now they and unfortunately millions of home owners are paying the price.
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yes, hillary, yeeeeeessssssss, oh god yes!#12
Posted: 3/24/08 at 1:03pm
"I agree why is Corp. welfare ok, but any money to help the average person a waste of taxpayers money."

Because CEO's who contribute to campaign funds, don't want to give up their multi Million dollar Bonuses.
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yes, hillary, yeeeeeessssssss, oh god yes!#13
Posted: 3/24/08 at 1:12pm
Javero,

And, my comment was more directed at the impression I had that you felt that just because they were in Bill's Administration, that they were by default bad, or could not have good ideas.

But, I do doubt you would have the same negativity in your post if Obama had put together the same group. If I am wrong, then I would lose the bet.

I want someone to try and figure out a solution to the housing mess that will prevent further deterioration of the housing markets. And, if Clinton's team can come up with something, then I am all for it. If Obama can put a team together and figure out the mess, I am all for it. Better yet, if the two of them would get together and find a solution, then I am all for it.

I don't have a great amount of sympathy for some of the home owners who bet on a continued upswing in the market and were speculating for profit. Other homeowners bought houses clearly beyond their means, and while the mortgage brokers and banks have responsibility, so do those who make 50,000 a year, yet thought they could afford a 500,000 house.

I worked hard, was careful with my money, and live well beneath my means, so I somewhat resent having to clean up for others who have not been careful. But, I realize that the economic consequences of not trying to fix this mess will be terribly for anyone.

And to answer the Bear Sterns question - the last thing you want is a major bank/investment house to fail - that would cause more chaos in an already chaotic environment. I do, however, thing that there should be an examination into the representations and actions of its managers and offices, and to the extent there is negligence, or worse, monies paid by Bear Sterns needs to be recouped. Those making bad decisions should face consequences, and, if there was intentional misconduct or gross negligence, prison.
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The title of this thread would make a great sitcom.
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Inevitably starring Ms. Duff or Ms. Swank as a lovable, but always in a jam lesbian.
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And Gilbert Gottfried as the voice of the clenis?
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no, hillary, hell no!#17
Posted: 3/24/08 at 5:55pm
Just to keep things fair and balanced, below is the content of a letter Obama sent to the Ben Bernanke a year ago addressing this very issue. To his credit, he suggested no where that the federal government should sweep down and buy out those bad loans or worst still the actual seized properties.

"March 22, 2007

The Honorable Ben Bernanke
Chairman
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551

The Honorable Henry Paulson
Secretary
U.S. Department of Treasury
1500 Pennsylvania Ave, NW
Washington, D.C. 20220


Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.

Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody's interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.

The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators' Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:

* What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.

* How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.

* How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.

* How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.

* How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.

* How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.

Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don't let this opportunity pass us by.


Sincerely,


Barack Obama
United States Senator"


#FactsMatter...your feelings not so much.
Updated On: 3/24/08 at 05:55 PM
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no, hillary, hell no!#18
Posted: 3/24/08 at 6:03pm
Thanks, Calvy. Now I've got Gilbert Gottfried stuck in my head.
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no, hillary, hell no!#19
Posted: 3/24/08 at 6:09pm
The people are also @ fault. Many knew they could not afford to pay a mortgage went ahead anyway & basically said if I cannot pay it that's life. Not everyone who wants a house can afford one .

Many bought their homes & honestly thought they could afford them but many knew they couldn't & did anyway. If Bear Stearns would not have been saved, Wall St & the rest of America goes down the crapper.

Hillary like most libs say let someone who produces pay thru the nose for those who cannot. I cannot afford a house but I should pay so someone else can. Not quite fair if you think about it.

It is Greed from all directions.
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