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Stocks fall as Obama releases housing plan details

 
 
Woiyo9
 
Reply Wed 18 Feb, 2009 09:46 am
NEW YORK (AP) -- Wall Street extended its decline Wednesday after President Barack Obama released details of his $75 billion mortgage relief plan.

The plan is designed to help stabilize the housing market and reduce foreclosures. Sharp drops in housing prices and sales, coupled with rising foreclosures since the middle of 2007, have been a primary cause of the toughest recession in decades.

The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.

Obama's announcement of the plan comes a day after he signed into law a $787 billion economic stimulus plan he hopes will help revive the economy.

http://finance.yahoo.com/news/Stocks-fall-as-Obama-releases-apf-14398978.html

Are you starting to get the feeling.................................

To all the good people, who work hard, pay their taxes, live within their means, pay their bill on time.........


SCREW YOU - TAKE YOUR $13.00 AND YOU WILL LIKE IT!!!!!!

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Type: Discussion • Score: 3 • Views: 877 • Replies: 16
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dyslexia
 
  1  
Reply Wed 18 Feb, 2009 10:29 am
it's 9;28 my time, Obama has not yet spoken on the housing plan" and the DOW is up 32 points.
0 Replies
 
parados
 
  1  
Reply Wed 18 Feb, 2009 10:40 am
@Woiyo9,
Quote:
SCREW YOU - TAKE YOUR $13.00 AND YOU WILL LIKE IT!!!!!!

I got that feeling 7 years ago under Bush. Are you just slow to get feelings Woiyo?
kickycan
 
  1  
Reply Wed 18 Feb, 2009 11:06 am
Yes, it's sad that Bush put Obama in such a horrible position. I think that any of these stimulus packages and bailouts that Obama is signing into law should be accepted without criticism, since they are only being enacted to try to dig ourselves out of the giant crater that the idiot Bush and his minions created. They are all ******* douche bags and if these measures don't completely fix this mess, I don't count any of this against Obama at all. It all goes down as another big **** smear on Bush and his douche bag followers.
0 Replies
 
Woiyo9
 
  0  
Reply Wed 18 Feb, 2009 11:21 am
@parados,
Well, maybe. Yet, when I look at the so called stimulus, the only people who will benefit are the scumbags like you who do not contribute to this society or get rewarded for being stupid.
0 Replies
 
dyslexia
 
  1  
Reply Wed 18 Feb, 2009 12:01 pm
@Woiyo9,
at 8:46 a.m. this morning (my time) Woiyo9 posted
Quote:
Wall Street extended its decline Wednesday after President Barack Obama released details of his $75 billion mortgage relief plan.
The DOW is up 20 points. Obama just finished his talk re the mortgage relief plan, It is 10:56 a.m.my time.
0 Replies
 
Woiyo9
 
  1  
Reply Wed 18 Feb, 2009 12:18 pm
MESA, Arizona (Reuters) - President Barack Obama on Wednesday pledged up to $275 billion to help stem a wave of home foreclosures that sparked the U.S. financial meltdown, the next phase in a multi-pronged effort to lift the country out of recession.

Obama, who on Tuesday signed a landmark $787 billion economic stimulus bill mixing government spending and tax cuts, was to lay out details of the plan at 12:15 p.m. EST/1715 GMT in Arizona, a state especially hard hit by the housing crisis.

Sorry folks, make that a cool 275B plus 787B and there is your trillion and we have not yet heard from Treasury re: Bankers.

Dow plus 8.
0 Replies
 
farmerman
 
  1  
Reply Wed 18 Feb, 2009 01:27 pm
How dare the GOP take this "hands off" attitude for a situation that is mainly due to them???

Well, win or lose, the GOP will suffer the PR war cause they cant decide whether its fish or fowl. DOUCHE BAGS!!
Woiyo9
 
  1  
Reply Wed 18 Feb, 2009 01:53 pm
@farmerman,
Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing

Only the GOP???????
0 Replies
 
Woiyo9
 
  1  
Reply Wed 18 Feb, 2009 01:57 pm
Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) " all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk. Frank’s office has been unresponsive to efforts by the Business & Media Institute to comment on these potential conflicts of interest.



While the relationship reportedly ended 10 years ago, Frank was serving on the House Banking Committee the entire 10 years they were together. The committee is the primary House body which along with the Office of Federal Housing Enterprise Oversight (OFHEO) has jurisdiction over the government-sponsored enterprises.



He has served on the committee since becoming a congressman in 1981 and became the ranking Democrat on the committee in 2003. He became chairman of the committee, now called the House Financial Services Committee, in 2007.



Moses was the assistant director for product initiatives at Fannie Mae and had been at the forefront of relaxing lending restrictions at the company for rural customers, according to the Feb. 23, 1998, issue of National Mortgage News (NMN).



“Herb Moses, who helped develop many of Fannie Mae’s affordable housing and home improvement lending programs, has left the mortgage industry,” Darryl Hicks wrote for NMN. “Mr. Moses - whose last day was Feb. 13 - spent the past seven years at Fannie Mae, most recently as director of housing initiatives. Over the course of time, he played an instrumental role in developing the company’s Title One and 203(k) home improvement lending programs.”



Hicks explained in his story how Moses orchestrated a collaborative effort between Fannie Mae and the Department of Agriculture.

“The Dartmouth grad also played a crucial role in brokering a relationship between Fannie Mae and the Department of Agriculture,” Hicks wrote. “This led to the creation of Fannie Mae’s rural housing program where the secondary marketing agency agreed to purchase small farm loans insured through the department.”



While Moses served at Fannie Mae and was Frank’s partner, Frank was actively working to support GSEs, according to several news outlets.



In 1991, Frank and former Rep. Joe Kennedy, D-Mass., lobbied for Fannie to soften rules on multi-family home mortgages although those dwellings showed a default rate twice that of single-family homes, according to the Nov. 22, 1991, Boston Globe.



BusinessWeek reported in its Nov. 14, 1994, issue that Fannie Mae called on Frank to exert his influence against a Housing & Urban Development proposal that would force the GSE to focus on minority and low-income buyers and police bias by lenders regardless of their location. Fannie Mae opposed HUD on the issue because it claimed doing so would “ignore the urban middle class.”



Moses left Fannie in 1998 to start his own pottery business. National Mortgage News called Moses a “mortgage guru” and said he developed “many of Fannie Mae's affordable housing and home improvement lending programs. Moses ended his relationship with Frank just months after he left Fannie.



Even after the relationship ended, however, Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.



According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”



Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.



“These two entities " Fannie Mae and Freddie Mac " are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”



Frank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.



Frank is ranked 16th on a list that includes both houses of Congress and fifth among his colleagues in the House. According to data from the Center for Responsive Politics’ OpenSecrets.org, political action committees financed by both Freddie and Fannie have contributed $3,017,797 to members of Congress since 1989. And according to the July 16 issue of Politico, the two entities have spent a whopping $200 million to buy influence " including not only campaign donations to members of Congress, but also presidential campaigns and lobbying efforts.



In a July 23 op-ed, Wall Street Journal Editorial Page Editor Paul Gigot put the blame for the GSEs’ collapse firmly on the members of the liberal establishment who took money from Freddie and Fannie. “Fan and Fred also couldn't prosper for as long as they have without the support of the political left... This includes Mr. Frank and Sen. Chuck Schumer (D., N.Y.) on Capitol Hill, as well as Mr. [Paul] Krugman and the Washington Post's Steven Pearlstein in the press.”



Frank was asked by CNN’s John Roberts on the Sept. 22, 2008 “American Morning” about this and his opposition to reform Fannie Mae and Freddie Mac. Originally, he claimed he didn’t think the two GSEs were facing any problems when the issue first surfaced in 2003. He instead blamed the Republican-controlled Congress for their ultimate fall, failing to mention his friendly relationship with Fannie Mae and the contributions it had made to his campaign over the years.



“Yes, I did not think we were facing a crisis in 2003, but that didn't mean we didn't have to have reform,” an animated Frank said when confronted with the question. “Here’s the deal, the Republicans controlled Congress from 1995 through 2006. They did zero to reform Fannie Mae and Freddie Mac.”



However, on Sept. 17, 2008, former Bush administration Deputy Chief of Staff Karl Rove elaborated on the Bush administration’s efforts to curb abuses at the two GSEs in 2003. He told Fox News’ “Hannity & Colmes” that Frank was among the most aggressive opponents of White House attempts to reform Fannie Mae and Freddie Mac.



“All of this bad stuff on Wall Street happened because people got greedy and the greed started at Fannie Mae and Freddie Mac,” Rove said. “And I know this because five years ago, the administration was alerted by the regulator, James Lockhart, that there was insufficient authority and that these institutions " particularly Fannie " were out of control.”

http://www.businessandmedia.org/printer/2008/20080924145932.aspx

Give me a break. The DEMS are just as guilty for the current mess.

Are you that naive/partisan to think either party give a **** about anything but the power base?
kickycan
 
  1  
Reply Wed 18 Feb, 2009 02:11 pm
@Woiyo9,
Woiyo9 wrote:
Give me a break. The DEMS are just as guilty for the current mess.


And for the last 8 years, the Republicans have been in charge, so they should take the lion's share of blame for not doing a ******* thing about it. And now they are pissing all over any attempt to fix the ******* mess, because it's a safe bet that the economy will still be in a mess in two years. Then they can claim that Obama's plan didn't work (even if it does) and that they were all against it from the beginning, so that they can try to win back some political power. They are DOUCHE BAGS and should be held accountable for their ridiculously selfish DOUCHE BAG behavior.

What do you call 178 House Republicans going over a cliff in a runaway bus? A good start.
0 Replies
 
Cycloptichorn
 
  1  
Reply Wed 18 Feb, 2009 02:17 pm
@Woiyo9,
You're honestly posting Karl Rove as a defense of anything? Christ! Even you know that anything he says is likely to be a complete lie.

Cycloptichorn
farmerman
 
  1  
Reply Wed 18 Feb, 2009 02:17 pm
The web site for the Republican party???

http://www.douchebags.org.

I beleive the plaintiffs rest their case.
Woiyo9
 
  1  
Reply Wed 18 Feb, 2009 03:02 pm
@Cycloptichorn,
Laughing Laughing Laughing Laughing Laughing Laughing Laughing Laughing

Yea, whatever.
0 Replies
 
Woiyo9
 
  1  
Reply Wed 18 Feb, 2009 03:03 pm
@farmerman,
Good one. I bet you stay up all night thinking of stuff like this!!! Rolling Eyes
0 Replies
 
chai2
 
  1  
Reply Wed 18 Feb, 2009 03:52 pm
@Woiyo9,
You know what, I was the last poster on a similar thread a week or so ago, and I said at that time my personal portfolio went up that day.

The markets have closed, and my stocks overall are higher than when I made that last post.

Like I said before, give me your $13 and I won't complain.
Woiyo9
 
  1  
Reply Thu 19 Feb, 2009 07:10 am
@chai2,
What makes you think you are entitled to my $13.00?

You would need to perform a service for me in order for me to compensate you.

What do you have in mind?
0 Replies
 
 

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