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Bailout

Lacker: The Fed?s Fletcher Christian
2008-06-07 03:51:00
Captain Bligh: I wonder why an alleged gentleman should give his first loyalty to ordinary seamen. Fletcher Christian: Instead of to other alleged gentlemen? Captain Bligh: Impertinence noted. It shall be logged. Do you care to enlarge the entry? Fletcher Christian: Yes, only with this observation, which I will report to the Admiralty in any case: ...
So What Do The Experts Think Of The Housing Bailout?
2008-06-06 17:29:00
Interesting article on Bloomberg today discussing the proposed FHA backed "voluntary" housing bailout proposed by Congressman Butt Pirate Barney Frank (D-MA) and Sentaor Shit Eater Christopher Dodd (D-CT).As you know I am against it. But it passed the House 266-154 and would consist of FHA (meaning you and me) insuring 300B worth of already toxic and unaffordable mortgages in the hopes that this will save the housing market and, by extension, the economy.As usual Congress doesn't have a clue. Here is what some of the people in the mortgage / finance industry had to say about it.Part of the plan is changing the terms of the loan so it is more affordable. But what happens if the borrower still defaults?``Clearly, if you recast the mortgage lower and it still goes bad, you're just prolonging the agony and making the loss severity worse than it is now,'' said Frank Castro, formerly chief credit officer at GSC Group and managing director of structured finance research at Merrill Lync...
Standard Pacific gets private equity bailout
2008-05-29 03:25:00
Struggling home builder Standard Pacific got a big-time private equity bailout today by investors who will gobble up a bunch of equity in exchange for a nice cash infusion.  They’ve also been able to restructure about $13 billion worth of debt through MaitlinPatterson. We’ve seen this with the banks taking on huge amounts of cash from ...
Ailing O.C. builder gets half-billion-buck bailout
2008-05-27 15:58:00
Standard Pacific of Irvine, the ailing builder, said this morning it found a financial savior in a complex deal that would apparently ease the company’s cash crunch. The magic potion is a complicated arrangement with investor MatlinPatterson that sees $530 million in fresh capital boosting Standard Pacific. MatlinPatterson, founded by former Wall Street traders of distressed debt, invests in troubled companies. Among its well-known bets was aiding what’s now known as the MCI communications company out of bankruptcy. If nothing else, MatlinPatterson must see long-term value in homebuilding. MatlinPatterson’s deal with Standard Pacific will need approval of the builder’s stockholders, who’ve seen their shares loses 90% of their value in the real estate downturn. Once the news came out, Standard Pacific’s stock soared. Traders bid up Standard Pacific’s bonds, too. Standard Pacific got into a financial pickle by, among other things, losing $216 ...
White House Still Opposed to Bailout Plan
2008-05-26 16:01:00
Ever since the subprime mess started, the White House has been quite firm in its resolve to address the issue but not in the form of a bailout for mortgage lenders. President Bush believes that even though the economic situation is worsening, as a result of the housing and credit crisis, it is still not right to help these lenders and speculators who were responsible for the current problems in the first place.
New mortgage bailout plan
2008-05-21 20:18:00
A plan approved by the Senate Committee yesterday would rescue up to 500,000 borrowers likely to face foreclosures. The idea is to use the profits from the government mortgage giants Fannie Mae and Freddie Mac, instead of rising taxes to the population. If you liked that post, then try these...Homes in ForeclosureSenate Majority Leader Reid Promises ...
New twist advances home loan bailout
2008-05-21 13:16:00
Foreclosure-haunted homeowners may find they have an FHA-guaranteed pathway to relief under a multibillion-dollar home loan bailout plan now being hammered out between the House and the Senate. The Senate Banking Committee on Tuesday was promoting a tweaked version of a House bill passed earlier this month, one that eliminates direct taxpayer funding, removing a potential reason ...
Bailout Helps Only Lenders Not Borrowers
2008-05-16 16:13:00
Foreclosures in Bay Area stand in rapid variations according to a database of 2007 Bay Area Foreclosures. The defaults seem to be on the rise during the current year. Consumers now decry vituperatively the Bear Stearns project to bail out lenders, while foreclosures seem to rise up with every passing day.The government ought to take heed that it is consumers who need help and not the Wall Street finance companies lending money! Most consumers are kept in the dark regarding their real estate and housing project deals. In trying to make a sale, what the market of the herd is interested in, is making fast money. However, with this, they are neither making enough profits but also getting corrupt in their work policies and losing consumers’ faith altogether. Jim Carr, the chief financial head of the National Community Reinvestment Coalition, has stated that nothing substantial has been ever done to empower consumers regarding their real situation. The Bear Sterns deal with the high en...
U.S. Senator Mocks The System
2008-05-16 14:30:00
I don?t know about you, but I?m starting to get this feeling that our Senate is evolving into that ?legislative? body from the Roman Empire (not Republic, mind you) and from whom they derive their name. Well, at least they?re not assassinating each other in the hallways of the Dirksen Building (at least, not ...
FHA Chief Shoots Down Housing Bailout Bill
2008-05-14 23:08:00
Here?s another great piece that was suggested to me. As you may have heard already, the U.S. House of Representatives passed a bill last week that would enable struggling mortgage holders to refinance into more affordable loans guaranteed by Uncle Sam. The legislation, spearheaded by House Financial Services Chairman Barney Frank, would require ...
Poll Results Show Americans Split on Bailout Program
2008-05-14 19:29:00
In a research poll conducted by CNN, it was revealed that the American public is split on whether troubled homeowners deserve special treatment. About 1,008 adults were interviewed via the telephone from the period of April 28 to 30.
Housing Bailout Latest
2008-05-12 21:32:00
This morning I received an e-mail from the powers-that-be behind Stop The Housing Bailout! According to STHB: ? Readers against a housing bailout should contact U.S. Senator Richard C. Shelby. He can be reached by telephone at (202)224-5744, and by e-mail at Senator@shelby.senate.gov. STHB stated, ?He is going to run the show from ...
Anti-Housing-Gambler-Bailout Quote of the Day
2008-05-09 14:20:00
"The American people don't want to make their neighbor's payment when they're having trouble making their own"- Rep. Randy Neugebauer, R-Texas, May 2008
Please call the White House and tell Bush to veto the housing bailout bill
2008-05-09 13:04:00
Bailout Alert! According to this article, Bush says he will veto the Frank-Dodd bailout bill. Please call or email the White House to voice your support of a veto of any housing bailout bills: Ph: 202-456-1414 or 202-456-1111 Just say, “I am calling to ask you to veto any housing bailout that comes out of Congress.”
Latest On Housing Bailout
2008-05-08 20:48:00
Even though I am still on hiatus, I just wanted to pass this along to you from Stop The Housing Bailout!: Bailout Alert! According to this article, Bush says he will veto the Frank-Dodd bailout bill. Please call or email the White House to voice your support of a veto of the any housing bailout ...
Bush ready to veto the housing bailout bill
2008-05-07 18:27:00
This is one of the few times when I actually agree with Bush. It looks like the president is going to let the housing market correct itself, which is the right thing to do. According to Reuters: WASHINGTON (Reuters) - President George W. Bush warned that he would veto legislation aimed at shoring up the housing ...
Bernanke keeps pushing for a housing bailout
2008-05-06 12:24:00
This is what Bernanke said at the Columbia Business School’s 32nd Annual Dinner in New York: Chairman Ben S. Bernanke At the Columbia Business School’s 32nd Annual Dinner, New York, New York May 5, 2008 Mortgage Delinquencies and Foreclosures President Bollinger, Dean Hubbard, Co-Chairman Kravis, and distinguished guests, I am very pleased to be here and especially honored to receive ...
Explaining the massive derivatives market and why the Bear Stearns bailout
2008-05-04 17:36:00
With the markets looking a little more rosier these days, we can only remind ourselves of the ghost of Bear Stearns' bail out only 48 days ago. It's still being interpreted. On Saturday, Warren Buffett talked about the bailout, the problems with the derivatives market, and the declining risk of a financial meltdown, and mentioned an incredible statistic that I thought was a typo: If Bear had failed, one or two other investment banks would probably have collapsed within a few days, he said, adding that Bear had roughly $14.5 trillion of derivative contracts outstanding the day after it was bailed out. "The parties that had those contracts would have had to establish the damages that they could claim against that estate very quickly," he said. "Imagine the damage of everyone trying to unwind those contracts," Buffett said. "That would have been a spectacle of unprecedented proportions. It would have resulted in another one or two investment banks going down in a few days." ...
When Juries Actually Work
2008-04-28 22:13:00
Ever serve on a jury? I have, and didn?t enjoy one particular experience that took place in 1996. That year, I was picked to serve on a traffic court jury for Cook County, Illinois. The case was about a man who was arrested for drunk driving when he was stopped at a ...
Bush might veto the housing bailout bill
2008-04-27 18:10:00
This is great news!!! CNNMoney reports that the White House is against the current housing bailout plan sponsored by Barney Frank in Congress. Remember that we need to stop these bailout plans. Please, take a minute and contact your representatives in Congress. We’re having an impact on the political system and it seem like the bailout proposals are currently in trouble. WASHINGTON (AP) — A top housing official said Thursday that the Bush administration “strongly opposes” a Democratic housing rescue package, calling it a bailout that would expose taxpayers to excessive risk. Deputy Secretary of Housing and Urban Development Roy A. Bernardi also indicated that President Bush would veto a bill sending $15 billion to states for the purchase and rehabilitation of foreclosed properties. (more…)
Voter anger might stop the housing bailout plans
2008-04-27 17:12:00
It looks like millions of angry voters opposed to the current housing bailout plans are having an impact. According to the LA Times: WASHINGTON — Nine months into the worst housing crisis in a generation, Congress this week took up the most aggressive government plan so far to break spiraling home foreclosures and tumbling house prices that threaten to pull the economy down. But even as a key House committee began to mark up the bill Wednesday, there were signs that the measure could be caught up in a crippling political crossfire. Mortgage industry intransigence, voter anger over possible government aid for speculators and economists’ fear that thousands of homeowners might just walk away from troubled loans are contributing to a potential stalemate. (more…)
Democrats keep pushing their bailout plans
2008-04-24 19:22:00
This from CNNMoney.com: House panel OKs $15 billion housing bill WASHINGTON (AP) — Democrats pushed a $15 billion housing bill through a House committee Wednesday over the objections of Republicans who called it a government bailout. The measure would send federal loans and grants to cities and counties hit hardest by the housing crisis so they could ...
House Panel Ok's Similar Bill Passed by Senate: Government Bailout Program
2008-04-24 04:42:00
Democrats (go figure) pushed a $15B bailout plan through today. The program will provide money to cities and counties in the form of grants and loans (suspect mostly grants).  The intent is so the local governments hit hardest by the housing crisis can become the new "flipping houses" investor, maybe even become landlords.Democrats argue that the bill is needed, along with other bills they want to pass, in order to prevent blight in distressed neighborhoods.  Have they been to South Florida lately?  Who is this really helping?The bill's sponsor, Rep. Maxine Waters (D-California), says there is a pressing need for economic stimulus that the bill would provide.  She goes on to mention that the abandoned houses and foreclosed properties are a drag on property values of those still occupied by working families.  Let's see...the solution to our problems is to have the local government buyout the foreclosed properties, fix them up and then what, ...
House Panel Ok?s Similar Bill Passed by Senate: Government Bailout Program
2008-04-24 04:37:00
Democrats (go figure) pushed a $15B bailout plan through today. The program will provide money to cities and counties in the form of grants and loans (suspect mostly grants).  The intent is so the local governments hit hardest by the housing crisis can become the new “flipping houses” investor, maybe even become landlords. Democrats argue that ...
Backlash grows against the housing bailout
2008-04-24 03:15:00
Many Americans who rent their housing want no part of a government-funded bailout for troubled mortgage borrowers.read more | digg storyLiberty Central- Conservatism's Blog of Choice
Financial Services Minister urges public bailout in U.S. credit crisis
2008-04-24 00:00:00
{mosgoogle right}TOKYO (AP) -- Likening the U.S. credit crisis to a broken bathtub draining water, Japan's financial services minister urged Washington on Wednesday to inject public money to fix the problem before it gets worse.Sounding almost alarmist in an interview with The Associated Press, Yoshimi Watanabe used unusually blunt language to warn that drastic action was needed to address the crisis that has battered global markets."If there is a big hole in the bottom ...
Housing bailout plans won?t work
2008-04-23 13:28:00
This from CNNMoney: NEW YORK (CNNMoney.com) — Congress appears eager to help more than a million homeowners facing foreclosure, but a proposal aimed at fixing the battered housing market could instead end up as the latest blow to a recovery. Backers say borrowers would get out from under unworkable debt and original lenders would get back more ...
Fannie And Freddie Meltdown Could Cost Up To $1.1 Trillion
2008-04-22 17:10:00
Here?s something to think about. According to CNN Money yesterday, credit rating agency Standard & Poor?s recently estimated that a financial meltdown at mortgage financing giants Fannie Mae and Freddie Mac could require a taxpayer bailout costing $420 billion to $1.1 trillion. CNN Money senior writer Chris Isidore noted that this staggering amount ...
The Trillion Dollar Bailout
2008-04-22 05:28:00
If Fannie and Freddie fail the price tag is somewhere between $400 billion and a shade over a trillion of taxpayer money to bail them out. How do you like them apples? A trillion bucks? Big enough to sink the government’s AAA rating. Big enough to make LTCM look like child’s ...
What Housing Bust?
2008-04-16 20:36:00
Lately, I?ve noticed the desperation permeating the U.S housing market has given way to a bit of optimism. Case in point, according to a Reuters/Zogby poll released yesterday, a majority of Americans think now is a good time to buy a home. The survey of 1,049 likely voters revealed that 53.8% thought that ...
Ron Paul on Congress and the Housing Bailout
2008-04-16 14:41:00
Luke Mullins has an excellent interview with former Presidential Gadfly Candidate Ron Paul on the housing crisis and the role Congress may play in it. I would have said fixing it but we all know that is smoke and mirrors. Paul is very libertarian and on economics we share many of the same principals, let ...
HousingPANIC joins the Stop the Mortgage Bailout effort
2008-04-14 11:48:00
A few folks have taken it upon themselves to organize against the housing gambler bailout plans being drafted in the House and Senate, and now stupidly pushed by all three major presidential candidates.I've been in touch with them to make sure everything is on the up and up, and they'll be getting their non-profit status paperwork this week. The group is led by a lawyer and was launched in tandem with Patrick.net and nationalbubble.Since they're taking donations, I've asked them to use their funding for organization - which seems is what's really needed right now. I see renters and responsible home 'buyers' who will have their tax dollars going to housing gamblers rising up. I see the bubble blog communities having a voice.And I see our corrrupt Congress not giving a sh*t, unless this thing starts to snowball against them. Kinda like the Terri Schiavo mess - they thought they had a winner, and in the end, they found out different.So, I encourage all of you to bookmark the Sto...
Who Pays for the Housing Bailout?
2008-04-12 15:00:00
How do the proposed Housing Bailouts affect taxpayers? There have been several ideas thrown out there so let’s cover a handful of them. The bailout proposals include: Reduction of property taxes. Assisting lenders in reducing the mortgage principal of at-risk homeowners. Subsidizing the same lenders who intentionally made subprime loans. Allowing homebuilders to carry losses up to 5 ...
Editorial: "Congress should just say no to housing bailout express"
2008-04-12 09:40:00
Special post - here's the column, in its entirety. Note that The Heritage Foundation is one of the most prominent conservative think tanks in the world, the hero of the GOP and Fox News. And any Republican who supports a housing gambler bailout (like McCain) is going to be in a spot of trouble with the conservative base.By J.D. FOSTERTHE HERITAGE FOUNDATIONBailouts, subsidies and slush funds: Such are the main ingredients of the housing bill now stewing in Congress.Bailouts to borrowers, many of whom bought homes at ridiculous prices hoping to flip them before the party ended. Tax credit subsidies to supplement the down payments of buyers looking for a steal on a foreclosed home. And a little slush fund for state and local governments to reward their favorite local builder or bank by taking empty properties off their hands at above-market prices.And that?s the good news. Why good? Because Congress would only temporarily reward bad behavior and waste a few more billions. Policies li...
McCain now supports a housing bailout
2008-04-11 17:23:00
This is what John McCain said about housing a couple of weeks ago. According to the NY Times, this is what McCain is now saying: McCain Shifts on Aid to Some Mortgage Holders Senator John McCain, who drew criticism last month after he warned against broad government intervention to solve the deepening mortgage crisis, pivoted Thursday and called ...
McCain mortgage bailout plan
2008-04-11 06:57:00
Yes, McCain is also proposing his own mortgage bailout plan. According to Reuters: McCain outlines plan to ease U.S. housing crisis NEW YORK (Reuters) - Republican presidential candidate John McCain outlined plans on Thursday to ease the burden on struggling American homeowners, drawing fire from Democratic rivals who accused him of a half-hearted effort. McCain, an Arizona senator ...
Proposed Bailout for Banks and New Home Builders
2008-04-10 23:57:00
The new bill being debated to help the slumping housing market is interesting to say the least and you can read a summary about it by clicking here. The only direct help in the measure to homeowners threatened with foreclosure is $100 million to provide counseling to people threatened with foreclosure and help them in negotiating ...
Bailout Bills Are Bad Policy And Won?t Work
2008-04-10 09:01:00
My apologies for the video quality, but Nicole Gelinas, a Senior Fellow at the Manhattan Institute makes some interesting points on bailout legislation:  
Shout About the Bailout
2008-04-09 15:00:00
Unless you live under a rock, it’s hard to live life without hearing something about the market bailout. Whether you get the news from the local paper, television, internet or at the office water cooler, you’re bound to come across conversations regarding the drowning housing market. The Feds have bailed out Bear Stearns and there’s ...
Bush is against the current version of the housing bailout
2008-04-08 21:07:00
This is great news!!!  Reuters just reported the following: White House says can’t support Senate housing bill WASHINGTON (Reuters) - President George W. Bush cannot support a homeowner rescue bill drafted by Senate lawmakers because it contains too many costly and extraneous elements, his spokeswoman said on Tuesday. Specifically, the White House rejects provisions that would give a ...
Stop The Housing Bailout
2008-04-04 22:05:00
Recently, you may have noticed a button on my sidebar which says ?Stop the Mortgage Bailout.? The button links to a website (hosted by NationalBubble.com) that is ?dedicated to stopping the government?s planned bailout of the housing market.? According to an e-mail I received from those spearheading the effort, the site was ?designed ...
Wall St. less deserving of bailout than Main St.?
2008-04-04 02:01:00
A new Zogby Interactive poll of 5,036 likely voters, conducted March 26-28, (margin of error of +/- 1.4%) found an interest gap in support for Wall Street bailouts vs. deals that would help the masses on Main Street… Most Americans have misgivings about the possibility of the federal government stepping in to help struggling investment companies and those facing foreclosure on their homes. Two in three Americans (68%) disagree with the idea of the federal government stepping in to help investment companies that are suffering because of their heavy investments in worthless mortgages — just 25% believe the government should take steps to help these companies. Most are also opposed to federal assistance for Americans who are facing foreclosure - 54% believe the government should not step in to help individual Americans who are facing foreclosure on their homes because they cannot afford to pay their mortgages while 43% believe the government should offer assistance. While ...
Cruel To Be Kind
2008-03-31 22:26:00
All the talk about ?bailouts? in the news lately reminds me of a weird episode in my life. It was the summer of 1994. I was back from college and was making ends meet by teaching tennis to children and adults at a park district in a suburb of Chicago. During one ...
Is the big bailout coming?
2008-03-31 19:28:00
According to CNBC: WASHINGTON (Reuters) - The Bush administration is finalizing a plan to rescue thousands of homeowners facing foreclosure by helping them refinance into more affordable loans, the Washington Post reported in its Saturday edition. The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth due to declining home ...
Stop the Housing Bailout
2008-03-30 16:20:00
A new web site (and organization) has launched to help spread awareness about (and their disdain for) the state-sponsored bail out of the housing and mortgage industries currently underway.  Stop the Housing Bailout is encouraging citizens to contact their congressmen and women to urge them to cease using public funds to prop up the housing asset bubble ...
Stop The Mortgage Bailout!!!
2008-03-30 06:24:00
As lawmakers return from their two-week spring recess, more a more voices are calling for a mortgage bailout. All those greedy people who profited from the housing bubble are now expecting the federal government to come to the rescue. That is why now is the best time to tell Congress that we oppose any type ...
Phoenix: Developers Want A Bailout Too
2008-03-29 14:27:00
"We paid too much, and now we need help!" This time the cry isn’t from "bamboozled" subprime borrowers, but from developers who bid too much for state land purchases: At least three developers who purchased land in northeast Phoenix’s Desert Ridge area when times were good are seeking relief from the terms of their purchase ...
Bear Stearns? Bailout by the Fed and J.P. Morgan a Century Old Conspiracy
2008-03-27 09:11:00
“The bold effort the present bank had made to control the Government, the distress it had wantonly produced … arc but premonitions of the fate that awaits the American people should they be deluded into a perpetuation of this institution, or the establishment of another like it.” - Andrew Jackson, referring to the Second Bank ...
Bush & his buds are saying "no bailout" for housing gamblers, and supposedl
2008-03-27 08:40:00
Talk is cheap. And just like so many other things with this crew, they say one thing and then do another.The Bush Administration has done and will do whatever they need to do to rescue the investment banks and toxic lenders, in addition to Fannie and Freddie. They're lying to the American people, again, and the taxpayer is gonna eat it again in the end.But if you read these quotes, even though their banker buddies will get billions, they're pretty clear - the housing gambler ain't getting anything (except for his $600 check in a few days). Let's see how long they can keep up that front."It is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.?- John McCain, March 2008, ending his presidential campaign"It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions."- Ben Bernanke, in a bald-faced lie...
Live video of Bear Stearns bailout protests
2008-03-26 19:55:00
Live video from CNBC of the protests going on at Bear Stearn's headquarters over their bailout by the Federal Reservce and US Government. read more digg story [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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