Federal Housing Finance Regulatory Reform Act of 2008

by **ohio county** Mon Jun 16, 2008 2:08 pm

or, Chris Dodd Repays His Loan to Countrywide Using Taxpayer Dollars:

http://banking.senate.gov/public/_files/FinalGSEBilll.pdf

This is a $300 Billion bill to back up huckster mortgage lenders, house flippers, and speculators.

by **Stephanie** Mon Jun 16, 2008 3:03 pm

They are utterly shameless.

by Aaron Mon Jun 16, 2008 3:52 pm

You agree with me completely Stephanie. I would be willing to bet that the vast majority of actual home owners this bill bails out should have never been given the load to purchase the house they did. So why should my tax money bail them out?

by **Stephanie** Mon Jun 16, 2008 9:07 pm

Aaron wrote:You agree with me completely Stephanie. I would be willing to bet that the vast majority of actual home owners this bill bails out should have never been given the load to purchase the house they did. So why should my tax money bail them out?

Bailing the resident homeowners out isn't as bad as bailing out the lenders. This is the Federal Reserve's doing and it is infuriating. They keep interest rates artificially low and printing more and more money.....they've screwed us all over. I have compassion for the individual homeowners.

I couldn't d/l that file Jimmy posted. It was over 400 pages long. I'm excited when I have a 24.0 connection.

by Aaron Mon Jun 16, 2008 9:13 pm

I don't believe either should be bailed out. While I feel for the legitimate individuals that got caught up in this mess (less then 5% imo), the ones that had no business buying a home or buying too much home for their income, I have no sympathy for.

by **Stephanie** Mon Jun 16, 2008 9:33 pm

In general I agree with you. I don't think the taxpayers should bail any of them out, although I do feel sorry for those that got suckered in. I think for those that were truly abused by predatory lenders, perhaps the only answer is the court system. That would be fine if our judicial system wasn't so dysfunctional. The way things stand now everybody would sue, jamming up the courts. I have little to no confidence our esteemed judges would quickly dismiss the frivilous suits.

by Aaron Tue Jun 17, 2008 7:16 am

And the only people that would make any money would be the lawyers.

I won't be suprised when a bunch of class action lawsuits are filed in the very near future.

by **Stephanie** Tue Jun 17, 2008 8:17 am

I can't disagree with you there. That's why I said if our judicial system wasn't so dysfunctional.

by Randall Wed Jun 18, 2008 7:03 pm

I would expect nothing less from Congress: A sham fix for a phony crisis.

by **ohio county** Thu Jun 19, 2008 2:46 pm

Now we fnd that Countrywide is being bought out by the Bank of America and Countrywide stockholders will be voting in two weeks. So we're really talking about the Bank of America Bailout of 2008 here. Maybe this is what the VIP program was buying. Maybe this is why two CEOs of Fannie Mae were considered "Friends of Angelo"...

by SamCogar Thu Jun 19, 2008 3:04 pm

The FBI said Thursday that it has arrested more than 400 real estate brokers since March -- including dozens over the last two days -- in its crackdown on incidents of mortgage fraud that have contributed to the country's housing crisis.

by Aaron Thu Jun 19, 2008 3:14 pm

They're going after everyone it seems.

Charges at Bear Stearns linked to subprime debacle By TOM HAYS, Associated Press Writer
Thu Jun 19, 12:26 PM ET

NEW YORK - Two former Bear Stearns managers were arrested Thursday on securities fraud and other charges linked to the collapse of a hedge fund that bet heavily on subprime mortgages before the market collapsed, federal authorities said.

Matthew Tannin was taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the FBI said. They became the first executives to be charged criminally in the wake of the subprime market debacle.

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Federal Housing Finance Regulatory Reform Act of 2008

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