Shelby & Dodd claim this particular bailout plan won't be paid for by taxpayers. However, FHA insured mortgages are ultimately backed by the federal government. Aka taxpayers. And Freddie Mac and Fannie Mae, the anointed financiers of the bailout, are Government Sponsored Enterprises (GSEs). Though owned by public stockholders, the working assumption is that should disaster strike, GSE losses would be covered by taxpayers. The "housing rescue" simply transfers the risk that choked Wall Street, off onto taxpayers.
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Carola Von Hoffmannstahl-Solomonoff
of NY
@
May 20, 2008 07:35:20 AM
Housing Bill 3
The credit proposed in the bill is simply PORK spending to help an overbuilt industry. Once prices fall enough, first-time home buyers will still be there, ready to buy. In fact, the decline in home prices and the glut of inventory will eventually be that incentive. THE GOVERNMENT SHOULD NOT BE USING TAXPAYERS HARD EARNED CASH TO SUBSIDIZE THE INDUSTRY.
Jim
of DC
@
May 19, 2008 18:36:07 PM
To: Lou of California
With so many people in jeapordy of losing their homes and the rest of us in dire straights due to gas prices, increased food prices, banks experiencing some difficulties and the Stock Market's reaction I would think we are in a crisis...not just a little correction! I do agree with you in regard to inflated home prices and very loose underwirting guidelines. Irresponsible borrowing is right. Too many people want what they want, when they want it.. I seriously oppose a gov't bailout that could potentially land on the laps of us who have been a bit more prudent. That certainly would not be fair! I am glad to see that there will be stricter guidleines for Fannie and Freddie.
Cindy in PA
of PA
@
May 17, 2008 10:24:25 AM
I agree 100% with the above poster
I've lost all faith in America. I've been screwed on the way up...I waited and did not buy...now I'm being screwed on the way down. I used to be a patriot now I care less about this country - I only care about my family and making money any way I can - screw this government.
Mad Man
of CA
@
May 17, 2008 01:37:02 AM
This Housing "Crisis" is made up and cheap politics
Anyone who took a basic Macro class freshman year in college can figure out that there is no crisis. What's going on is called a correction. Since when are people entitled to high home prices. I'm not entitled to have a stock at it's 52 week high. The logic of people who support a bailout is incredibly idiotic. They say that everyone hurts when home values fall. Well I guess if that home in Compton was really worth $400,000 and that home in the desert outside LA is really worth $500,000, then they are right, Why can't people figure out that these prices were phantom and inflated by loose underwriting and irresponsible borrowing?
Invexixheli of AL @ Apr 17, 2009 07:08:55 AM
Carola Von Hoffmannstahl-Solomonoff of NY @ May 20, 2008 07:35:20 AM
Jim of DC @ May 19, 2008 18:36:07 PM
Cindy in PA of PA @ May 17, 2008 10:24:25 AM
Mad Man of CA @ May 17, 2008 01:37:02 AM
Lou of CA @ May 16, 2008 17:30:57 PM
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