Translation: The bill is FOR WALL STREET and THAT'S ALL!!!!
Which means NANCY PELOSI is a LIAR!!!
"This isn't about a bailout of Wall Street, it's a buy-in, so that we can turn our economy around," said House Speaker Nancy Pelosi, Democrat of California.... The bill helps ensure "the economic security of our country"
Also see: The Wall Street Bailout Bought America Nothing and Bailout Bill Gives Banks Tax Cut
"Federal bailout lacks control of home loans to aid owners" by Jenifer B. McKim, Globe Staff | October 5, 2008
The federal bailout may do little to help struggling homeowners because the US government will not have direct control of many of the home loans that need reworking to avoid foreclosure, economists and housing analysts say.
Under the plan, the government will buy troubled mortgages directly and rework them to the owners' benefit, or buy securities that are tied to large pools of home loans that were packaged as investments by Wall Street firms. Many industry analysts predict that the bulk of the $700 billion in the bailout will be spent on buying securities, not home loans.
However, the ownership interests in those pools of mortgages are split among dozens, sometimes hundreds, of investors, and the US government is unlikely to own a large-enough piece of a given pool of mortgages to be able to order the companies servicing the loans to change their terms. And it is also unlikely to get enough of the other security holders in the mortgage pool, or trust, as they are known, to agree to changes, say housing specialists.
Harvard law professor Howell Jackson said the federal government "probably won't have enough leverage to force change" because ownership of the mortgages is "broken up into too many pieces to reassemble." But Steve Adamske, spokesman for US Representative Barney Frank, who led the bailout legislation in the House, said Congress is expecting the government to own enough of some mortgage pools to be able to dictate changes to loan terms.
You know what? FUCK the LYING Barney Frank!!
Actually, I take that back!!!!! Looks like ALL the FUCKING was done to YOU, American homeowners!!!!!
And in those cases where the United States owns only a fraction of a mortgage pool, then the government's tactic will be "more a matter of pressure," Adamske said, to persuade loan servicers to rework terms to where borrowers can afford the payments.
"If the servicing industry continues to be an impediment to refinancing loans, we are going to look into this industry as a matter of policy," Adamske warned. "We will look into this to see what the impediments are to refinancing and if it comes down to the servicing industry, we could regulate if necessary."
FUCK YOU and your GOD-DAMN HEARINGS!!! Whatever happened to the CONTEMPT CITATIONS against, Rove, Meiers, Bolton, Rice?
Yeah, THAT'S WHAT I THOUGHT, dickshit DemocraP!!!!!!!!!!!!!!!
John Mechem, spokesman for the Mortgage Bankers Association said, the industry is waiting for more details of how the bailout plan will operate. The lengthy bailout legislation includes five pages intended to stem the tide of foreclosures sweeping the nation; more than 2 million foreclosure proceedings were brought against delinquent borrowers through August this year, according to real estate tracker RealtyTrac.com.
Sharon Price, director of policy for the National Housing Conference, an advocacy group based in Washington, D.C., noted how the wording of the legislation is squishy.
Yeah, because WALL STREET WROTE IT.
"There's lots of words, no 'musts' or 'shalls' but lots of 'shoulds' and 'mays,' " she said. "There will be some more leverage to help homeowners, but there are no requirements." --more--"
Did you ever get reamed but good, America. And it is JUST STARTING!
