Thread: Unbelievable!! Congress has done it again!

Unconscionable use of taxpayer dollars. We've GOT to throw these bums OUT!! Check out especially the ones in RED! Guess I'll go back to paying for everything with cash or check.

The Ten Most Controversial Provisions of the Housing Bill
by Donny Shaw

Congress has officially cleaned its hands of the landmark Housing and Economic Recovery Act of 2008 and sent it to President Bush for his signature. The bill is about 694 pages long, but you don’t need to read any of it to find out about the parts you’ll probably hate the most. Here are my picks for the bill’s ten most controversial and suspect provisions:

1. Fannie and Freddie Bailout – The bill gives broad new authority to the Treasury Department to spend a limitless amount of taxpayer money in order to safeguard government-sponsored enterprises Fanie Mae and Freddie Mac. The bailout’s Estimated to cost $25 billion in over the next two years, but there’s no way to predict the future and estimates on this are really just wild guesses. Peter Orszag, Congressional Budget Office director, admits the actual cost is uncertain and could be as much as $100 billion.

2. Mortgage Bailout – The Federal Housing Administration will have new authority to buy up to $300 billion in at-risk mortgages and refinance them at more affordable, fixed rate mortgages. The potential problem here is that homeowners that use the program could then default on their new government-backed mortgages, which would put taxpayers on the hook. The Congressional Budget Office predicts the total cost to the government for this program to be about $2.7 billion, but again, this is a wild guess and it could easily end up costing a lot more.

3. Fannie and Freddie Lobbying – Okay, this isn’t something in the bill; it’s something that isnt’t in it, but probably should be. Even though Fannie Mae and Freddie Mac will be taking in huge amounts of taxpayer money, they won’t be banned from lobbying and other political activities. In a press release, Sen. Jim DeMint (R-SC) said, “Currently, the Department of Treasury cannot retain high-powered lobbyists or make political contributions to candidates, and the same rules should apply to Fannie and Freddie. If we plan to use taxpayer dollars to buy shares of these troubled companies, they should be treated like other federal entities. Any legislation exposing taxpayers to this risk should include a serious debate on long-term reforms, and a ban on lobbying must be included.â€

Wasn’t there a provision for LaRaza in the Housing Billmor am I confused?

God only knows. There was so much garbage in that bill that it would take days to wade through it all, and I did try until I saw how much was there! It sure wouldn't surprise me if there's La Raza money in there. Congress will do anything to slip stuff past us!

Originally Posted by dragonfire

Wasn’t there a provision for LaRaza in the Housing Billmor am I confused?

To the best of my recollection, there was nothing which specifically mentioned any group, including LaRaza.

The concern was that the way it is written, groups like LaRaza could conceivably benefit under the provision which allows funds for organizations that offer foreclosure counseling and other related services.

However, the good news about all of this is that I have been told by several people I know in the industry, including the branch manager of my bank, that illegals ARE formally prohibited from receiving any type of assistance from anything to do with the housing rescue effort.

Proof of citzenship will be required or you are SOL.

Update: What happened to the La Raza/The Race earmark?
By Michelle Malkin • May 9, 2008 01:04 PM

http://michellemalkin.com/2008/05/09/up ... e-earmark/

Here’s an update on the La Raza/The Race $25 million earmark that had been tucked into Barney Frank’s massive housing bailout bill. (Previous coverage here and here.)

It was stripped out of the final version of the bill that passed the House yesterday. But that doesn’t mean they won’t get their money:

The original bill directed $100 million to four community groups, including $25 million each for housing programs run by the National Council of La Raza and the Urban League. Republicans balked, saying the money was meant to help Democrats in an election year.

The language was stripped out before the bill came to the floor. But La Raza, the Urban League and scores of community organizations are still in line for housing-development money, plus $230 million for the remainder of this year and another $230 million for fiscal 2009 for mortgage counseling.

“It’s a political-ally slush fund,â€

So let me see if I have it right, we only bailout certain corporation

Interesting Americans don't you think

Who picks what taxpayers money bails out?

The American people are not doing the picking of who to help.

Isn't it the elitist who pick and choose who they will or will not?

So let me see if I have it right, we only bailout certain corporation

Interesting Americans don't you think

Who picks what taxpayers money bails out?

The American people are not doing the picking of who to help.

Isn't it the elitist who pick and choose who they will or will not?

*The National Council of La Raza scooped up more than $1.3 million.

FOR WHAT? I PAID MY TAXES AND I DIDNT INTEND TO GIVE IT AWAY TO SOME RACIST ORGANIZATION.

THIS HOUSING BILL IS SOOOOOOOO WRONG. IT STINKS. Fannie Mae and Freddie Mac are NOT government lending agencies like many people are led to believe. THEY ARE CORRUPT. THIS IS A NOTHING BUT A BAILOUT.

Here’s an update on the La Raza/The Race $25 million earmark that had been tucked into Barney Frank’s massive housing bailout bill

MORE! STOP THE MADNESS!

Originally Posted by butterbean

FOR WHAT? I PAID MY TAXES AND I DIDNT INTEND TO GIVE IT AWAY TO SOME RACIST ORGANIZATION.

THIS HOUSING BILL IS SOOOOOOOO WRONG. IT STINKS. Fannie Mae and Freddie Mac are NOT government lending agencies like many people are led to believe. THEY ARE CORRUPT. THIS IS A NOTHING BUT A BAILOUT.

You are so right, Butterbean! And they sneaked in that stuff about the IRS getting access to every electronic transaction we make, too! The government should keep our tax money out of racist groups and failing corporations, and keep their greasy mitts out of our business!!