Political Trade Offs

[luv2read]

This is a trade-off for adding drilling in off-limits areas to 2009 DOI funding bill or energy bill currently being worked. Watch for it.

"The House" Wednesday "easily approved legislation that seeks to slow the steepest slide in house prices in a generation, rescue hundreds of thousands of homeowners at risk of foreclosure and reassure global markets that mortgage-finance giants Fannie Mae and Freddie Mac will not be allowed to fail," the Washington Post reports. "The Senate plans to vote on the bill within days and send it to President Bush. The White House announced that Bush would sign the measure."

Not happy about the tax break provision for developers/speculators. Why not give that to people who are being foreclosed so they can KEEP their homes?

OMG it looks like they are abolishing part of HUD and creating a NEW agency...

SEC. 397. TRANSFER AND RIGHTS OF EMPLOYEES OF DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
(a) Transfer-
(1) IN GENERAL- Except as provided in paragraph (2), each enterprise-related employee of the Department shall be transferred to the Federal Housing Finance Agency for employment not later than the termination date under section 395(a) and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5, United States Code.

 

[alevin]

OMG it looks like they are abolishing part of HUD and creating a NEW agency...

L2R, from what I've been reading, the new agency being established is to take over all the Fannies and Freddie foreclosures that will be handed off. Too many for the market to absorb, the way they are playing this out. Taxpayer $ up in smoke.

 

[Silverbird]

New Agency - bwahaha, are we going to call it FredFran Security (along the lines of Homeland you know what)? How about some legislation to put the teeth back into the laws for non-bank securities? Don't listen to the whines from Wall Street that it will bring down the system, they've already broken it.

 

[luv2read]

the new agency is the "strong" regulator Congress feels is required. It won't take over anything, just provide "oversight."

BWHAHAHAHAHA!:laugh:

 

[Gumby]

Taxpayer $ up in smoke.

Oh, its only $25 Billion.....and they may not use it. Yeah, right!
How many pea shooters and bozookas can be purchased for this paltry sum?

 

[Frixxxx]

New Agency - bwahaha, are we going to call it FredFran Security (along the lines of Homeland you know what)? How about some legislation to put the teeth back into the laws for non-bank securities? Don't listen to the whines from Wall Street that it will bring down the system, they've already broken it.

Why not the name "YourHomeandLand Security?"

 

[Gumby]

Why not the name "YourHomeandLand Security?"

or maybe "YourHomeandLand InSecurity?"

 

[Silverbird]

Don't even go there, if they think "Homeland" they'll just stick it under Chertoff like they did with FEMA. He'll get a new title, "Homeland Czar".

 

[rokid]

The Subprime Primer

I saw this a while back. Instructive and funny. Strong language, not PG! However, I think most of you guys and gals can handle it.
------Jim

http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1