Up the pressure on this shyster mortherfucker.

Is there anything illegal here? Mr. Cantor promises to be a real Republican SOB. Be nice if we could nip the Cantor(s) in the bud.

Cool.

Taxpayers will be funding Representative Cantor’s alimony pendente Lite.

quickly read that intro as: Minority Wimp Eric Cantor…

Thanks Julia.

digg is open

disagree. that is not a fresh young face anymore than Mr. Ed’s was.

really

Fresh young fuckface.

This clown needs some serious heat.

-G

ot – obama up now on cspan. in az to talk about a plan to help homeowners facing forclosure.

Ya and hear the cheers….. we are NOT all Repugs here……

like a rockstar.

hey katymine, always good to see you on the threads. hugs to you today and every day.

Pack yer bags. The ownership society means that you’ve been pwned.

Did you see Yahoo front page this am? Our Dick Cheney non-negotiable lifestyles are destined for the suck.

All his other depravities aside, Cantor is just plain creepy, one of those people that make you want to go take a shower…

willburrrr

I’m on my two week drug holiday so feeling GREAT…..

Housing effect – furniture stores are closing faster than those liquidation companies can sign a contract…… cities are hitting budget crisis because of declining property taxes….. even chain restaurants are closing here…..

Elmore who travels all over the country says that my area looks the worse…… strip malls with closed units…. some small business went down…..

re yahoo. no, just checked. what should i be looking at?

so glad you are feeling good today.

Might be better to leave Cantor where he is than to replace him with someone who would presumably be less detrimental to the GOP… if such a person exists.

obama is making a good case today for the changes he is outlining. of course the devil is in details, but so far sounding much better than anything i’ve heard so far on stimulus, bank bailout, etc.

What a lot of people don’t understand is that many small business owners have used their homes as the equity to start their business through loans. So as the housing market goes into the toilet, small business owners cannot survive unless they hit on the latest think that hit it big…….

Watching Barack on c-span. Where’s the beef, dude? Please explain to me how refinancing at a lower rate will help homeowners whose mortgage is under water wrt home value? If your home is valued at 100 k, bit you have a mortgage for 200k, how exactly is getting a lower interest rate supposed to help you stay in your home?? Even if you’re not being forced out by foreclosure due to job loss or other catastrophe, you’d be smarter to walk away from a home that you owe more on than it is worth. Seems like financial suicide to continue to pay more than your house is worth, regardless of how many guarantees or lower interest rates you get. Isn’t this just throwing a sheet over the problem and hoping no one ever looks under it?

Prequel on cnbc said it is too little and some of the provisions won’t work. Obama distributed fact sheet in advance and that was what they were working from. Bigtime real estate broker (only does high end so why they had him on is a mystery) sounded just like the old R wurlitzer, though, said it is great, just what’s needed, etc. However, just because cnbc sorts say it doesn’t make it so.

It’s being costed at $75 billion which seems small, but there could be an important confidence building influence.

(((katymine)))

There is some provision in the package for renegotiating the size of the mortgage down. Don’t know how much. The talking points that cnbc was working from are probably posted somewhere on .gov.

Here is a link to the whitehouse.gov page on the plan and an accompanying pdf.

eweee look at that Phoenix brown cloud…..
Saw a lot of the big wigs of the party….. the back of AG Terry Goddard’s head…. and a couple activist friends….

Speculation was a Huge problem here…. this included regular people who would buy these homes for $100K, flip them for double and then buy up….. me…. the idea of moving every 6-12 months just makes me nauseated…..

Nice thing about moving regularly is it helps keep your material possessions pared down to a minimum. Spend too much time in one place and you end up like me, unwilling to move because I’m too lazy to sort all my stuff.

Thanks. Bernanke’s coming up. Will read it later.

The WH fact sheet on the mortgage program can be found here:

http://graphics8.nytimes.com/p…..tsheet.pdf

Glancing through it quickly:

There are no cramdowns.

Does nothing for upside down mortgages.

Would use a rate probably over 5%, instead the 3 1/2 – 4 % needed.

Increases from $200 billion to $400 billion the amount that Fannie and Freddie can buy in crap assets from banks (Note: this is much larger than the $75 billion plan he is currently promoting and continues the government’s favoring the paper economy over the real one even in an initiative to help the real economy.)

It does through a subsidy to banks lower payments from a max of 38% down to 31% for 5 years but then allows payments to increase.

This was a quick first pass through. Corrections and additions are requested.

The Virginia Private Bank & Trust, a satellite opened this spring, is still getting off the ground. On Thursday, when ProPublica visited its small Richmond office in an office park not far from the Cantors’ home, a sheet of white paper taped to the door served as its sign. One of the two employees there said the office had yet to serve a client since it opened last spring.

So after nine months of operation this operation has yet to service its first client. This is a profitable venture how? And it can’t even invest in a real sign. A serious venture my ass.

Yup. Paying on something that’s underwater (and likely to stay underwater for years) seems like renting to me…except for the Schedule A qualification, of course. If lots of people just decided to walk, maybe there might be more accommodations made for rewriting the loans to realistic market values. Of course, the bankers are going to bitch that they’re getting reamed in the deal, but what’s the difference? Pay now or pay later. Besides, aren’t these the same geniuses who are already getting a shitload of taxpayer money?

I’ve always said that the bank bailout should have been (and still should be) handled from the bottom up, not the top down. This ain’t exactly brain surgery…

Speculation was a Huge problem here…. this included regular people who would buy these homes for $100K, flip them for double and then buy up….. me…. the idea of moving every 6-12 months just makes me nauseated…..

Hey, katymine, good to see you. Hope you’re well?

Lots of those types of homes here. Dread to think what the recovery will be like. Wonder what’s happening to house prices in CA?!! So far, at first blush I like the plan and hope it helps to put a floor into this market.

Oh…and did I mention that Cantor creeps me out? No? Must have slipped my mind.

What Obama said in his speech was that Fannie and Freddie would restructure loans that it currently owns and this would cost zero because it would avoid the higher costs of foreclosure.

Here’s some pocket lining.

November 13, 2008
Saudi Arabia buys $3.5bn of gold in two weeks

….

News about the Saudi gold rush is bound to fuel speculation about the alleged large physical gold transactions that have been taking place at prices will above the spot price set in the futures market. It is very unlikely that such a large hoard of physical gold could have been bought for the depressed current price.

Market analysts such as the legendary gold bug Jim Sinclair have pointed out that if less than two thousand millionaires insisted on delivery of physical gold at the end of their futures contracts, as is their legal right, then the spot gold market would jump to new highs.

Saudi Arabian investors have spotted a bargain, and it may be a much better one than they think.

http://arabianmoney.net/2008/1…..two-weeks/

Hugh, why is what you are saying directly in opposition to what I just heard on TV even from Governor Kaine. Also, from what I gleaned from the President’s speech. That includes both cramdowns and upside down mortgages.

This is what the WH fact sheet says:

3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie
Mac:
• Ensuring Strength and Security of the Mortgage Market: Today, using funds already
authorized in 2008 by Congress for this purpose, the Treasury Department is increasing its
funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of
the mortgage market and to help maintain mortgage affordability.
o Provide Forward-Looking Confidence: The increased funding will enable Fannie
Mae and Freddie Mac to carry out ambitious efforts to ensure mortgage affordability
for responsible homeowners, and provide forward-looking confidence in the
mortgage market.
o Treasury is increasing its Preferred Stock Purchase Agreements to $200 billion each
from their original level of $100 billion each.
• Promoting Stability and Liquidity: In addition, the Treasury Department will continue to
purchase Fannie Mae and Freddie Mac mortgage-backed securities to promote stability and
liquidity in the marketplace.
• Increasing The Size of Mortgage Portfolios: To ensure that Fannie Mae and Freddie Mac
can continue to provide assistance in addressing problems in the housing market, Treasury
will also be increasing the size of the GSEs’ retained mortgage portfolios allowed under the
agreements – by $50 billion to $900 billion – along with corresponding increases in the
allowable debt outstanding.
• Support State Housing Finance Agencies: The Administration will work with Fannie Mae
and Freddie Mac to support state housing finance agencies in serving homebuyers.
• No EESA or Financial Stability Plan Money: The $200 billion in funding commitments are
being made under the Housing and Economic Recovery Act and do not use any money from
the Financial Stability Plan or Emergency Economic Stabilization Act/TARP.

It makes no mention of spending less by avoiding foreclosure costs. I think that argument is more a part of the restructuring of loan through the banks. Now it is possible even likely that Obama will let the banks pass those mortgages on to Fannie and Freddie, which is a plus for the banks but I am not sure for anyone else.

All I can say is that this is what I got off of the White House’s own fact sheet. You can go and read it to see if I missed something or got it wrong.

But I would think that if cramdowns and upside down mortgages were covered in the program, the fact sheet might at least mention them. The one example that was given on this was on a house that was close to upside down but still had positive equity: $200,000 owing on a house worth $221,000.

So I can’t answer your question.

Hey,
This wiki entry is a fun read.

just got back to this thread. thanks to all for the links…

Just thinking…Individuals holding public office in the US government should not be allowed to hold dual citizenship, and I might include spouses in that thought.

Close your eyes and listen to Cantor. He sounds like a young Lieberman.

“Emigrant” is an interesting name for a holding bank…

Good grief! Is this a laugh line!

“I think most American taxpayers now are sort of scratching their head,” Cantor told CNN in December, “wondering when all this bailout stuff is going to end.

Gee, I don’t know. Maybe uh, when the economic crisis ends?!?!?!

In this case, ‘Emigrant’ refers to the Irish emigrants (to the US) who started the bank in 1850. I am rather upset to hear about it in this context, since I was thinking of starting a savings account there.

I am aware of the bank’s history. As far as the wealth-management fund in VA and serving investors (like the NY branch) of those wanting to invest 50 mil or more while the bank is getting “bailout” funds…Gives the name an interesting rebranding of the bank’s history. Thus, my comment as “interesting” name for a holding bank…

Gives the name an interesting rebranding of the bank’s history.

Yes, it surely does!

” One of the two employees there said the office had yet to serve a client since it opened last spring.”

Nonsense. She has attracted one very rich client. Uncle Sam.

Amalgamated is the bomb. Just saying.