As in the above video (2:00 ) and on several other occasions last evening, Gingrich sounded a little too much like a Progressive.
Very well done Bachmann.
It is called the “TARP for Main Street Act of 2009” which is all about spending the profits and repaid TARP money as it comes in Barney’s way and no, there is no mention of replacing the TARP money anytime soon from where it came.
TARP funds to bail out banks and other entities belong to American taxpayers and upon repayment of said funds were supposed to be repaid to taxpayers. However, the Democratic Party has now decided to recycle the TARP money elsewhere as they deem necessary.
In other words, the Democrats have their own agenda for our money.
“…Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers. Last Friday, Frank introduced the ‘TARP for Main Street Act of 2009,’ a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats.
In exchange for receiving TARP money, financial institutions were required to hand over shares of preferred stock that paid a dividend for the government. In theory, if a financial institution paid the dividend faithfully, and then repaid the TARP money, then the government would turn a profit. Last month, the General Accountability Office (GAO) reported that, through June 12, 2009, the government had received $6.2 billion in dividend payments. The original TARP legislation required that money made from the program ‘shall be paid into the general fund of the Treasury for reduction of the public debt.”
Obama is no different than a thug standing on the corners waiting for the perfect mark. The same goes for the rest of the Democratic Party. In this case, the American people are the mark and ripe for the picking.
The government has gone into the loan shark business. Once in debt to a loan shark, getting out is a problem since they would rather stay in your pocket forever. The same goes for government. In fact, several months ago, Frank admitted that he wanted to be in the pocket of every American. Hence, TARP money which belongs to the American taxpayer is no different.
“Frank, however, wants to spend the money before it can be used to pay down anything. First, the ‘TARP for Main Street’ proposal would take $1 billion ‘from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act’ and apply it to a trust fund that Frank has long wanted to create for low-income rental housing. (The measure, unfunded, was part of last year’s bailout of Fannie Mae and Freddie Mac.) Next, Frank would take $1.5 billion from TARP dividends for a so-called ‘neighborhood stabilization’ fund. Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.”
The ‘TARP for Main Street’ bill would also spend $2 billion, apparently from remaining TARP funds, to subsidize people who are delinquent on their mortgages, and another $2 billion to ‘stabilize multifamily properties that are in default or foreclosure.”
Government must not be allowed to PLAY WITH THE TARP MONEY AKA OUR TAXPAYER DOLLARS. That money must go back to the Treasury where it belongs. It is immoral for the Democrats to squander our money, create more debt and headaches for the country while sticking us with the tab.
How does any of this make any sense except to anyone but a Democrat? If the Democratic Party has its way, the TARP money will be gone forever.
Furthermore, why should we allow the Democrats to put this money towards housing projects related to the crisis that they are responsible for.
In my book, Barney Frank, the subprime disaster king spending $1 billion of TARP money for “trust fund for low income housing” and $1.5 billion of TARP money for “neighborhood stabilization” is not acceptable.
Nothing will change and the ghettos will still be ghettos. Who does Frank think he is kidding here? This is nothing more than another Democratic con job.
cross-posted on: http://viewpointsofasagittarian.blogspot.com
The acting chief financial officer of Freddie Mac was found dead at his home Wednesday morning in an apparent suicide.
David Kellermann, acting chief financial officer at the government-controlled mortgage company, was found dead at his home in Fairfax County, Va.
Kellermann was named acting CFO in late September, three weeks after the government took charge of Freddie Mac. He had previously been senior vice president and corporate controller there.
His death came as staff from the Securities and Exchange Commission and Justice Department were probing the home-finance company about issues including possible accounting violations.
Freddie Mac( FRE) disclosed the investigation in a March 11 filing, and the firm said it was “cooperating fully in these matters.”
Can’t help it, but with all the dirty playerss connected to Fannie Mae and Frddie Mac, the conspiracy theorist in me tells me that something stinks here. In time, it will hopefully be exposed.
Does it have anything to do with the fact that prime mortgage delinquencies for Fannie Mae and Freddie Mac doubled within one month? How bad is it? And what did he know?
Can’t wait to see the false outrage that comes from this one. Maybe this time around, Obama will be decent enough not to pretend and/or cough and joke about it. If he can control himself, he might be able to convince to most gullible that he actually gives a damn.
Last week mortgage giant Freddie Mac said it had lost $50 billion in 2008 alone. A look at the company’s books suggests the government will have to spend at least triple that much to save the financial firm from collapse. If the housing market worsens, the tab could be even larger.
“Freddie’s portfolio of [mortgage] insurance is more risky than the market was led to believe,” says Paul Miller, an analyst at FBR Capital Markets. Sister company Fannie Mae lost even more last year, with $58.7 billion of red ink. But Fannie was better capitalized than Freddie going into the credit crunch. So even though Freddie by many measures is smaller than Fannie, the problems at Freddie will probably end up costing more.
Citigroup and other banks have also lost money and will need more capital to survive. But in those cases it’s not clear who will take the hit – shareholders, bondholders or the government. In the cases of AIG, Freddie Mac and Fannie Mae, however, there is no question where the money will come from. Freddie and Fannie were taken over by the government and put into conservatorship last fall. AIG is currently 80% owned by the government. The losses at those companies are now taxpayer losses. (See 25 people to blame for the financial crisis.) And like AIG, Freddie has had to go back to the government a number of times with cup in hand. The mortgage giant has already received $14 billion in government aid. After a fourth-quarter loss of $24 billion, the company said it needed an additional $31 billion from the government to keep the lights on.
Many Michigan homeowners contacted the Free Press throughout the day today with word that lenders and loan servicing companies seemed to lack an understanding of what the Obama plan hoped to accomplish. Some were told they were not eligible when, under the guidelines, it appeared they might be; others were told that since they’d already gotten a loan modification earlier, they wouldn’t be able to get another – a premise the Treasury Department flatly denied to the Free Press on today.
Kenya Brown, a 39-year-old foster care worker for the state, got a previous modification through Countrywide and was told Wednesday she wouldn’t be eligible for another under the new program. Meanwhile, she’s spending about half her monthly income on a $115,000 home in Harper Woods with a $146,000 note on it.
The lender’s comment notwithstanding, she’s going to keep at it – calling regularly in hopes of getting her loan modified so she can pay less each month.
“It’s getting to the point where I’m getting desperate,” she said.
Countrywide’s owner – Bank of America – said Wednesday it intended to take part in the modification program – at least as much as its contractual obligations would allow it to do so. Many other loan servicing companies did so as well.
Everytime I hear this, I think of the telephone call I received from a neighbor one night. I was working late, doing a marathon and a neighbor called me and said “I need your opinion on something. I got a call today from this lady who told me that she could help me get a house. She said that all I needed to do was give her my social security number. What do you think?”
My response to my neighbor was this. “You do not work. You have never worked. How are you going to pay for this house? She then asked me again, “What do you think? Should I give her my social security number?” My response was a resounding “HELL NO!”
To be honest, it was not my neighbor but a very young, streetsmart yet stupid niece of mine. I just did not want to admit that I had someone with that mentality in my family, but decided to because we all have one. After all this is America. However, to her credit, this was the one time she actually listened. I found later that the caller was a woman who worked for….you guessed it….ACORN.
Clearly the woman in this article is in over her head and just as clear is the fact that she should never have purchased a home in the first place. I might be wrong, but I suspect ACORN had a hand in this sale somewhere along the line. I also suspect that she voted for Obama under the false premise that he was going to help her out of this dilemma. Another Obama lie.
Obama with all his promises will do nothing for people in this type of situation. It is unfortunate because this debt will not go away.