Obama Travels To Phoenix To Pitch Mortgage Reform

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    Aug 06, 2013 9:38 PM GMT
    http://www.huffingtonpost.com/2013/08/06/obama-phoenix_n_3712334.html

    Thoughts? Lots of bipartisan support for this one I would think.
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    Aug 06, 2013 10:40 PM GMT
    freedomisntfree saidhttp://www.huffingtonpost.com/2013/08/06/obama-phoenix_n_3712334.html

    Thoughts? Lots of bipartisan support for this one I would think.



    Bipartisan support for what? A second CRA? So we can watch another real estate bubble grow and crash, just so we can go through this all over again in 10 or 12 years? What good does it do to get rid of Freddie and Fanny, only to replace them with another Quasi-government agency to serve the same purpose? So, we force private institutions to back this and give practically the same kind of loans to people that should never qualify for them in the first place and in turn force the same practices that led to the last crash, once again, and hope for a different outcome? How does forcing lending institutions to loan money at terms near those of the subprime loans to virtually the same people who entered into subprime loans not end up the same way? We did this before, it was called the Comminity Reinvestment Act.
    Are you suggesting I and people like me should take on more expense to cover those who default again, as we've already done this time? How would you suggest those of us left working should cover the losses? Pass on more bank fees to those of us who have been responsible, again?
    Who would you suggest we sell these houses to? The people who have dropped out of the workforce because they can't find a job? Do we count welfare and SNAP payments as income, once again? Maybe this time around we can count unemployment benefits as income ?
    Again I ask, bipartisan support for what? Another five years in the future where the economy limps along at less than 2% growth ? Another five years where the only way to decrease the unemployment rate is for people to drop out of the workforce? Another 5 years where the second largest employer in the nation is Kelly Temporaries, second only to Walmart and just ahead of McDonalds? Or, maybe, just a another five years where nearly 90% of the new jobs added are part time jobs?
    We've already been here and seen where it leads. Why don't we learn from our past mistakes and not do the same thing again?


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    Aug 06, 2013 11:59 PM GMT
    I thought he already "reformed" mortgages in his first term.
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    Aug 07, 2013 12:14 AM GMT
    shybuffguy said
    freedomisntfree saidhttp://www.huffingtonpost.com/2013/08/06/obama-phoenix_n_3712334.html

    Thoughts? Lots of bipartisan support for this one I would think.



    Bipartisan support for what? A second CRA? So we can watch another real estate bubble grow and crash, just so we can go through this all over again in 10 or 12 years? What good does it do to get rid of Freddie and Fanny, only to replace them with another Quasi-government agency to serve the same purpose? So, we force private institutions to back this and give practically the same kind of loans to people that should never qualify for them in the first place and in turn force the same practices that led to the last crash, once again, and hope for a different outcome? How does forcing lending institutions to loan money at terms near those of the subprime loans to virtually the same people who entered into subprime loans not end up the same way? We did this before, it was called the Comminity Reinvestment Act.
    Are you suggesting I and people like me should take on more expense to cover those who default again, as we've already done this time? How would you suggest those of us left working should cover the losses? Pass on more bank fees to those of us who have been responsible, again?
    Who would you suggest we sell these houses to? The people who have dropped out of the workforce because they can't find a job? Do we count welfare and SNAP payments as income, once again? Maybe this time around we can count unemployment benefits as income ?
    Again I ask, bipartisan support for what? Another five years in the future where the economy limps along at less than 2% growth ? Another five years where the only way to decrease the unemployment rate is for people to drop out of the workforce? Another 5 years where the second largest employer in the nation is Kelly Temporaries, second only to Walmart and just ahead of McDonalds? Or, maybe, just a another five years where nearly 90% of the new jobs added are part time jobs?
    We've already been here and seen where it leads. Why don't we learn from our past mistakes and not do the same thing again?




    Read it dude and I'll do the same

    "The White House has previously lauded efforts to achieve that goal spearheaded by Sen. Bob Corker, R-Tenn., and Sen. Mark Warner, D-Va. While Obama will outline his own proposals Tuesday, his plans are largely in line with the bipartisan Senate overhaul."

    " Are you suggesting I and people like me should take on more expense to cover those who default again"

    I'm not suggesting shit because I haven't looked at this yet. I put this up just as I was walking out the door.

    I didn't write this piece. The author is By JULIE PACE, THE ASSOCIATED PRESS. Email link at the bottom so ask the author.
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    Aug 07, 2013 12:40 AM GMT
    http://www.corker.senate.gov/public/index.cfm/news?ContentRecord_id=08b62b4b-4ffe-4a88-a051-ea7bed333e84

    "WASHINGTON—U.S. Senators Bob Corker, R-Tenn., Mark Warner, D-Va., Mike Johanns, R-Neb., Jon Tester, D-Mont., Dean Heller, R-Nev., Heidi Heitkamp, D-N.D., Jerry Moran, R-Kan., and Kay Hagan, D-N.C., all members of the Senate Banking, Housing and Urban Affairs Committee, are introducing legislation today to strengthen America’s housing finance system by replacing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac with a privately capitalized system that preserves market liquidity and protects taxpayers from future economic downturns. The bill is drawing broad support from stakeholders and industry experts:"

    Again, I'm not the author or one of the sitting senators. I don't know what I think yet.