Who Voted for the $700 Billion Bailout Bill
Just moments ago, both houses of Congress passed HR1474, which is the $700 billion bailout of mortgage companies and savings & loans. T...
http://www.menifee247.com/2008/10/who-voted-for-700-billion-bailout-bill.htm
Just moments ago, both houses of Congress passed HR1474, which is the $700 billion bailout of mortgage companies and savings & loans. The bill gives that much money to the White House to buy up bad loans, effectively giving those companies strength to issue more loans to consumers.
So how did our congress members vote?
Senate
Barbara Boxer (D) - Yes
Dianne Feinstein (D) - Yes
House
Mary Bono Mack, 45th District (R) - Yes
Darrell Issa, 49th District (R) - No
Bono Mack represents the area east of the I-215, with the exception of a few carved-out neighborhoods.
Issa represents the area west of I-215.
Below are congressional district maps for Menifee...
(click on the maps to get a larger size)
So how did our congress members vote?
Senate
Barbara Boxer (D) - Yes
Dianne Feinstein (D) - Yes
House
Mary Bono Mack, 45th District (R) - Yes
Darrell Issa, 49th District (R) - No
Bono Mack represents the area east of the I-215, with the exception of a few carved-out neighborhoods.
Issa represents the area west of I-215.
Below are congressional district maps for Menifee...
(click on the maps to get a larger size)
Does not make me think any less of Issa he has a core belief and stuck with it. The other two Dems they are a joke and Bono I thought she would it is a hard bill i don't agree with it but maybe I could be wrong. We will see what happens. Besides Dems are the ones who got us in this mess but you wont see much about how Obama is in bed with most of them because he has a D behind his name. What a shame the media has come to.
ReplyDeleteYou have to be joking Dems got us in. R are the ones who deregulated the market. And Imsorry if you live in Menifee you are not a rich republican so what makes you think there looking out for you.
ReplyDeleteEven if the problem started in the Clinton adm. George Bush shouldn't have sat on his butt and watch it happen. Bush will go down as the worst president in history. I'm sick I voted for him in 2000 and I'm a total idiot for voting for him again in 2004.
ReplyDeleteI will not vote for John McCain as long as Sarah Palin is on the ticket. I like her, but not for my possible president.
Dems created the act that bullyed banks to loan this bad paper to people who couldnt't pay. Look it up. All the banks that wrote bad loans sold them to fannie or fred due to congressinal pressure to " help" poor people get a house. Fred/Fan now own 70 % not a conservative principle but liberal all the way.
ReplyDeleteI don't know that bailing out the lenders will help them loan more money to Americans. It'll only work if Americans have good credit and plenty of capital to secure that loan. Those are two things many Americans don't have these days.
ReplyDeleteI think what was needed is a $700 billion bailout of Americans. Identify those people in danger of forclosing on their home, and allow the feds to help make their mortgage payments for a limited period of time. That would have allowed families to stay in their homes, protected their credit, and still let lien holders collect their mortgage payments.
as someone that has worked in the mortgage business for 9 years I have seen a lot happen.
ReplyDeleteIt was not a specific political party that was "forcing" these mortgage companies to lend out on crazy terms. It was those that run the mortgage companies telling their employees to approve loans that we knew were not good terms and that the borrowers would be on shaky ground come 2, 3, or 4 years. I know this because the companies I have been with all did this. They were all about the numbers, number of loans funded, dollar amount funded, money in, Money out...you get the picture?
So for someone to say that it was a specific political party is insane. Try the money hungry board members of those now defunct companies, even those that are minutes from shutting down.
I do agree that Bush sat on his rear too long and is trying some really stupid antics to see if he can turn 8 years of swirling around the drain into something positive. With a little over 30 days left. I highly doubt it. He will go down in history as the worst president that got us into so many messes. All I know is that I feel for whoever ends up in the white house next. They have a huge mess to clean up and I dont think there is an easy button for this one.
Only other thing I have to say is that I still cant seem to understand how bailing out the banks is going to build the economy. I have seen so many banks come and go, if they wanted to save homes, then give the american people the money and let those that are struggling get caught up on their mortgages. A stimulus check can go so much farther. Hello Politicians!!! We, the citizens of this country are suffering more than the banks, you should be helping us.
If they divided up the bailout money to the population over the age of 18 and remove all illegals we would only see about $3500.00 each. That wouldn't go very far!
ReplyDeleteAs I understand it, this goes back to the seventies under Carter, when these banks were forced by the democrats in congress then to start make loans to people who couldn't pay them (minorities, etc) in the name of 'fairness'. Unfortunately, it's not really the job of the government to play God in our free market system, regardless of what the Dems say. This problem had been addressed by numerous people including, most recently I think, John McCain back in 2005 or 06 when he presented a bill to address it, but it went nowhere for whatever reason. Obama is part of the problem, recieving millions of dolllars in campaign contributions from these firms in only 3 years as a Senator, second only to Chris Dodd who has been in the senate a lot longer. Follow the money, people! The MSM (Main Stream Media, NBC, CBS, ABC, CNN, MSNBC, etc) is a joke, the mask is off, and they cannot be trusted for 'fairness' when it comes to politics. Try another source for your news, they don't give the whole story.
ReplyDeleteThank You Darryl Issa for standing on your principles, this bill is so filled with pork I could eat it for breakfast with some scrambled eggs! Shame on our Senators and Representatives who voted for this monstrosity without even knowing what was in it!! It's time to drain the swamp in Washington DC in the House and Sentate. I think we have a better chance of that with McCain • Palin. Barack Obama is an empty suit at best, and a cunning, deceptive liar at worst.
ReplyDeleteDems created the act that bullyed banks to loan this bad paper to people who couldnt't pay. Look it up. All the banks that wrote bad loans sold them to fannie or fred due to congressinal pressure to " help" poor people get a house. Fred/Fan now own 70 % not a conservative principle but liberal all the way.
ReplyDeleteIf Freddie/Fannie owned all the loans, banks and other major financial institutions would be in fine shape. Some of the loans were passed to Freddie/Fannie and some weren’t.
The fact is that normally conservative bankers simply didn’t see the perils. Watching house prices go up 20 or so percent year-over-year for several years should have caused them to be more selective in who got loans, but they went on lending sprees. Rating agencies should have seen the perils, too. Unfortunately, everyone seems to have been lulled into the false belief that “property values always rise.”
I used to regularly get offers to refinance or take out lines of credit against my home. Those offers had nothing to do with helping a poor person get a house and the lenders weren’t bullied into making them. If I had done like so many others (take equity out of the house and use it to build a pool, buy an RV, etc.), I might be worried about my future address the way others are.
This problem had been addressed by numerous people including, most recently I think, John McCain back in 2005 or 06 when he presented a bill to address it, but it went nowhere for whatever reason.
ReplyDeleteThe whatever reason is that the party in control of congress and the administration didn’t want to do anything that could derail an economy that appeared healthy. The problem arose because the administration took a hands-off approach to regulating any aspect of the lending community.