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The bailout bill: Emergency Economic Stabilization Act of 2008. Entire text

| 7 Comments

7 Comments

When I download the bill, every page is completely blank. This has happened on every site I've visited. It might be Mac/Firefox related. Can someone please create a new PDF & proof it on a Mac? Thanks.

So much for homeowner protection.

Since Congressman Barney Frank couldn't get agreement to stop the mortgage foreclosures here's a simple amendment:

"From December 1, 2008 until December 30, 2010 mortgage interest rates shall be 2% for all owner-occupied homes."

You want this?

conflicts-of-interest provision:

"(a) STANDARDS REQUIRED.— The Secretary shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under this Act, including—

(1) conflicts arising in the selection or hiring of 18 contractors or advisors, including asset managers;

(2) the purchase of troubled assets;

(3) the management of the troubled assets held;

(4) post-employment restrictions on employees; and

(5) any other potential conflict of interest, as the Secretary deems necessary or appropriate in the public interest."

Talk about foxes guarding the hen house!

or this

Section 135. Preservation of Authority.
Clarifies that nothing in this Act shall limit the authority of the Secretary or the Federal Reserve under any other provision of law.

Whose wings do they need to clip if not this guy?

Check the details

So, now they want those stimulus checks back with wicked interest, huh?

I say screw Wall Street! Let them take their losses like the adults they have vainly proported themselves to be while they were stealing from us. According the the Constitution of the United States of America, the risk of debt is to reside with the lender, not the debtor. It was the intent of the founding fathers to weed out fiduciary deviance to bring an end to debtors prisons. That these greedy heathens have sold their toxic dept over and over so many times they will never in a million years know the real value of that debt is on them, not the people on whom the industry stealthly legislated the repeal of the usury laws in every state to initiate their predatory lending schemes. The industry rewrote bankruptsy laws to ensure they could take unfair and relentless advantage of people with whom they were anything but forthcoming about terms of their loan repayments. So, screw Wall Street! Let the frankensteins of Wallstreet burn up in the castles of their shoddy building with the monsters of economic failure they created.

THE GOP IS GOING TO NEED A BAILOUT AFTER PALIN
DEBATES THIS WEEK, SHE IS MENTALLY CHALLENGED!


This is a "bail-out" bill for all of those fine individuals who took mortgage money without re-
payment, who filed false mortgage applications,
walked away from homes that lost value, and did't choose to close on speculative home buys they never intended to occupy, but "flip." That
s the bail out, not institutions and individuals who purchased securities issues by a US government agency

�Save the U.S. Plan�


The purpose of this plan is to stabilize the housing market, slow foreclosures by allowing home owners more affordable monthly notes and help banks and companies from writing down assets.


The Plan
Allow the banks to refinance existing loans regardless of the current value of the house to one of the following mortgage types: Note: This is for only loans that are 12 months or older only.
� At fed rate +1 for 30 years with a 3 year call.
� At fed rate +2 for 30 years with a 5 year call.
� The current prime rate for 40 years.

I feel the banks are in the best position to decide which loans should be refinanced. If they think the loan is going to be good they would want to keep it for future profits and if they think it�s going to be bad they would lose potential profits, but that�s better than taking back the property.

This plan simply fixes what we already have in place in conjunction with the first bail out plan of $600 to $800 billion. I feel the banks need to keep their troubled loans instead of the Fed�s current plan of buying the loans from the banks. Let the banks manage the loans; they will do a better job than the government.

Over time if the any of homeowners participating in this plan did fail, then they would fail over time instead of all of the homeowners failing at once, which is our current problem.

This is only part of the solution. The credit score system has failed and is the core problem to our housing market. We need to change the laws to allow business to run more efficient.

Ray Porter

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Admin published on September 28, 2008 5:26 PM.

Obama's David Axelrod, McCain's Steve Schmidt, Bill Clinton on NBC's "Meet the Press" Transcript was the previous entry in this blog.

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