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I guess I'm just tripping on how equally screwed folks with such disparate views are, and how oblivious to that fact some can seem...
If only the world understood that if you want the freedom to get what you want you have to give others the freedom to get what they want... without them having to give to you in the process.
If only the world understood that if you want the freedom to get what you want you have to give others the freedom to get what they want... without them having to give to you in the process.
Could you please articulate this in terms of the bailout? I'm not the one asking for it, are you?
When we're all being robbed blind of our earnings and freedoms?
No, we argue with each other because it's the ONLY time our voices are heard. The politicians (and those controlling them) won't listen and don't care what we taxpayers think or say. It's a harmless way to vent and, in some cases, very informative and creative.
Could you please articulate this in terms of the bailout?
Sure. Consider Barney Frank. I'm not familiar with the depth of his involvement, but my understanding is that he's the big proponent of giving broke cockroaches loans. Let's assume that he was, to at least a minimal extent, effective.
First, with the entry of down-payment assistance programs sponsored by the government, an artificial demand by the entry of unqualified borrowers pressured prices up.
If people like Barney Frank would have let people keep their money rather than using force to take it from them in the form of taxes, then the artificial house values would be closer to their actual values and the mortgage crisis wouldn't be so severe. That's one way.
Down Payment Assistance programs sponsored by the Government have qualifications that had to be met by borrowers particularly if they were going to use an FHA loan. Keep in mind the majority of toxic loans involved in the current mess were not FHA mortgage products, the subprime loan exposure for Fannie & Freddie was minimal. As late as 2006 the GSE's overall mortgage's was only 42% vs. a rapid climb to over 70% as Wall Street began to fail and the conventional banks began to encounter problems. An objective view shows Fannie and Freddie had to be saved in order to save Wall Street and the rest of us. "As Paul Krugman points out, a “subprime borrower is basically someone whose credit wasn’t good enough to qualify for a Fannie- or Freddie-backed mortgage”. The subprime market&the really toxic stuff—was always dominated by Wall Street and Wall Street-backed lenders."[1] Homes purchased by investors had a large impact on keeping pressures elevated as well as the impact of low interest rates, an expectation that homes would continue to appreciate faster than inflation, incomes rose, high credit availability and a proliferation of exotic mortgage products that included the now infamous interest only loans. Many of the more exotic mortgage products were truthfully - simply not geared towards a stable lower income borrower and so an FHA mortgage product would not have been involved.
(http://www.getdownpayment.com/lenders/guidelines.asp - broken link)What Is The Nehemiah Program? The Nehemiah Program is the nation's largest privately funded downpayment assistance program, helping thousands of people achieve their dream of homeownership. Nehemiah Corporation of America (Nehemiah), one of the nation's largest and most respected community development corporations, administers The Nehemiah Program. The Nehemiah Program provides gift funds to qualified homebuyers who purchase participating homes using an eligible loan program, such as a Federal Housing Administration (FHA) loan. The Nehemiah Program is approved to provide gift funds by the FHA, which allows charitable organizations to provide gift funds toward downpayment and closing costs (HUD Handbook 4155.1 Rev. 4, Chg. 1).
Ameridream
AmeriDream, established in 1999, is a 501(c)(3) charitable organization creating opportunities for qualified low to moderate income individuals and families to purchase affordable homes, improve their financial lives, begin a family legacy, and strengthen their communities. AmeriDream provides a wide range of programs to benefit the individuals and families it serves, including homebuyer education, foreclosure prevention, building affordable homes, and providing financial support through privately-funded down payment gift assistance.
Down Payment Assistance programs work in conjunction with a qualifying loan product and must meet eligibility requirements which often include required new homeownership courses to educate the borrower.
Newsflash: Bush (with a primarily Republican Congress) has been deeply busy with "wealth redistribution" for the last 8 years--of which you, perhaps, have greatly benefitted. At the expense of others, I might add. If so, it's time to pay up. No more free rides for the wealthy.
What about the welfare free rides and the free rides of illegals or how about the free rides of politicians?? We're taking that on the chin too....yet no one seems to care about that.
What is a welfare free ride? For instance - If a State receives funds from the Federal Government, but issues surplus payments to it's citizens, is this Welfare? Since Welfare is run by the individual States, which State's welfare program do you have a problem with? Do you disagree with the guidelines established during the Clinton Administration? Since Welfare is designed to help families, children in particular and Society as a whole has agreed to help children, what part of the program should be eliminated?
"Clinton defined himself as a centrist Democrat in his 1992 campaign in part by promising to "end welfare as we know it." After the Republican takeover of Congress, he fended off certain GOP welfare provisions but ultimately signed a bill that liberal members of Congress considered much too cruel to the poor.
In another notable reversal, it is generally liberals who champion social engineering – and conservatives who scoff at the idea that government should try to change individual behavior. Now it is conservatives who most strongly support certain welfare rules, including the family cap and a requirement that most teenage parents live with their own parents in order to receive benefits.
When Clinton signed the welfare legislation, critics from the left berated him in particular for the provision that stripped disability and health benefits from legal immigrants. Clinton vowed to "change what is wrong" about the bill and, defying the skeptics, ultimately got Congress to restore those benefits during the balanced-budget negotiations in July 1997." [1]
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