On Sep 29, 10:54 am, VT Sean Lewis <[EMAIL PROTECTED]> wrote:
> So as Banks continue to go down, what solution do YOU
> have?
Remove the pork, i.e., the maintenance, expansion, and perpetuation of
all "affordable housing" stipulations. As currently constituted, the
plan is weighted down with welfare - and an accounting system that
defies common sense and common practices. Also with patronage
regarding oversight, a shift in power to and between the treasury
secretary and the director of HUD. And virtually excludes the
executive and judicial branches from the process.
In the real world, only a nincompoop like Pelosi would vote for such
socialist fiasco.
A few references from the "plan":
"Federal Housing Finance Agency, in its capacity as conservator of the
Federal
National Mortgage Association and the Federal Home Loan Mortgage
Corporation" [welfare agencies -ed]
"(1) IN GENERAL.—To the extent that the Federal property manager
holds, owns, or controls mort
gages, mortgage backed securities, and other assets secured by
residential real estate, including multi-
family housing, the Federal property manager shall implement a plan
that seeks to maximize assistance
for homeowners and use its authority to encourage the servicers of the
underlying mortgages, and considering net present value to the
taxpayer, to take advantage of the HOPE for Homeowners Program under
section 257 of the National Housing Act or other available programs to
minimize foreclosures." [welfare enforcement -ed]
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