Democrats Reject 5% Down Payment Rule

[red states rule]

This happened a month ago, but it looks like Dems did not learn their lesson when they forced banks to give loans to people who cannot afford the house they want to buy

Why do Dems believe owning a home is a right and not something you bust your ass to EARN?





The Senate today rejected a proposal by Sen. Bob Corker, R-Tenn., to impose a minimum 5% down payment for virtually all home mortgages. The amendment to the broader financial regulatory overhaul bill, which failed 42-57, would have required income verification and an assessment of borrowers’ ability to repay as well.

Corker’s proposal also would have stripped out a provision that required financial firms securitizing loans to keep a 5% portfolio risk.

Democrats then passed their own amendment imposing some underwriting standards, but no minimum down payment.

Regarding Corker’s bill, Democrats argued that a 5% down payment would hurt minorities and the poor.

But if you can’t scrape together a 5% payment, maybe you should remain a renter.

It wasn’t that long ago that a 20% down payment was standard and 10% was deemed risky. A sizeable down payment gives homeowners a strong incentive to make their payments and gives them a cushion against home prices fluctuations. Now 5% is too restrictive?


http://blogs.investors.com/capitalhill/index.php/home/35-politicsinvesting/1752-democrats-reject-5-down-payment-rule

[Binky]

This happened a month ago, but it looks like Dems did not learn their lesson when they forced banks to give loans to people who cannot afford the house they want to buy

Why do Dems believe owning a home is a right and not something you bust your ass to EARN?



In answer to your question.....it's called votes. Those poorer people vote as well. So the dems want to push them along in their direction by making it easier for them to get a home. That way they'll remember which party did it.....Or so they hope.... However, something tells me that people don't give a crapola as to which party helped them out so long as they got the help. They prob'ly wouldn't even remember it was the dems....

[red states rule]

In answer to your question.....it's called votes. Those poorer people vote as well. So the dems want to push them along in their direction by making it easier for them to get a home. That way they'll remember which party did it.....Or so they hope.... However, something tells me that people don't give a crapola as to which party helped them out so long as they got the help. They prob'ly wouldn't even remember it was the dems....

I can see Eems reason for this. Why restrict new buyers of home to those who can afford to buy them?

When these people default on the loan the Dems will come out in the open and blame the greedy bank for actually wanting to collect on the loan they made

[Binky]

I can see Eems reason for this. Why restrict new buyers of home to those who can afford to buy them?

When these people default on the loan the Dems will come out in the open and blame the greedy bank for actually wanting to collect on the loan they made



While at the same time helping them get a handout.....:laugh2: Wouldn't it be sweet if we could get someone to scratch our butts like that? :coffee:

[red states rule]

While at the same time helping them get a handout.....:laugh2: Wouldn't it be sweet if we could get someone to scratch our butts like that? :coffee:

Dems right now do not know if they should scrath their watch or wind their ass. They are in BAD shape

[Binky]

Dems right now do not know if they should scrath their watch or wind their ass. They are in BAD shape




:laugh2::laugh2::laugh2: So you're saying they are in a quandry? :laugh2:

[red states rule]

:laugh2::laugh2::laugh2: So you're saying they are in a quandry? :laugh2:

Libs are so disorganized and disoriented Binky, they could not find their butts with their hands

Or find their way out of a phone booth without a GPS device

[Binky]

Libs are so disorganized and disoriented Binky, they could not find their butts with their hands

Or find their way out of a phone booth without a GPS device


Do you think giving them a compass would help steer then in the right direction? :coffee:

[red states rule]

Do you think giving them a compass would help steer then in the right direction? :coffee:

Not really. What they will want is more funding added to another stimulus bill where they will be trained by a government employee (union member of course) to find their way out of the phone booth and back to halls of Congress

What better answer then another government program to help the wayward lost souls who vote Democrat in every election?

[Binky]

Not really. What they will want is more funding added to another stimulus bill where they will be trained by a government employee (union member of course) to find their way out of the phone booth and back to halls of Congress

What better answer then another government program to help the wayward lost souls who vote Democrat in every election?


The world is full of lost souls Red.....and you're doing your best to steer them in the proper direction....It's that first step that's the most difficult. You know.....the one where you have to reach out and pull a stimulas package out of their asses so they can manuever thru life under their own steam...:laugh2:

[red states rule]

The world is full of lost souls Red.....and you're doing your best to steer them in the proper direction....It's that first step that's the most difficult. You know.....the one where you have to reach out and pull a stimulas package out of their asses so they can manuever thru life under their own steam...:laugh2:

Who the hell needs a stimulus bill? There is a free education available to any liberal who wants to go into rehab

Three hours of Rush, and three hours of Sean Hannity five days a week for three months will get any liberal back into the real world

And it will not cost the US taxpayers once cent

As a kind hearted, caring, and compassonate Reagan conservative - I will be glad to help anyway I can

[Binky]

Who the hell needs a stimulus bill. There is a free education available to any liberal who wants to go into rehab

Three hours of Rush, and three hours of Sean Hannity five days a week for three months will get any liberal back into the real world

And it wil not cost the US taxpayers once cent

As a kind hearted, caring, and compassonate Reagan conservative - I will be glad to help anyway I can


That's right. Why do you think so many libs hate Rush, Hannity and Beck? Because THEY TELL IT LIKE IT IS, and they don't want to believe them. They are full of hate and don't want to hear how it all came about or that we can work together to fix it......They just want whatever freebies they can get. And they want to flaunt their lifestyles and such in our faces and the faces of our young....:eek:

[red states rule]

That's right. Why do you think so many libs hate Rush, Hannity and Beck? Because THEY TELL IT LIKE IT IS, and they don't want to believe them. They are full of hate and don't want to hear how it all came about or that we can work together to fix it......They just want whatever freebies they can get. And they want to flaunt their lifestyles and such in our faces and the faces of our young....:eek:

Like Palin they are a threat to their power. Becuase so many people CHOOSE to listen to what they have to say, and they present facts to back up what they say - they are a serious and constant risk to Dems holding on to their power

Take a minute and think where Obama poll numbers would be if there was no Fox news and talk radio to report what the liberal meida ignores

Nobody would know about the massive deficts, the insane amount of pork, the fake job numbers, and the blatant bribes Dems handed out to secure Dem votes for Obamacare

Just to name a few things

[KarlMarx]

A bit off topic, but somewhat salient.

I was talking to a banker about some investments a few days ago (yes, I'm one of those people who actually save and invest money.. I'm fortunate actually, blessed would be a better term... but I digress)... I asked him what would happen if say, the Congress were to simply cut the rate of the capital gains tax.

He told me that "the effect would be enormous" (the very words he used)

I'm paraphrasing, but his words went something like, "there are a lot of people out there who are holding back (i.e., investing their money in the stock market) because they know that if they put their money there they would be hit with an enormous tax burden". So right now, everyone is putting their money in bonds, treasuries, and other non-equity forms of investment.

So, I asked, if Congress simply has to do this one thing to help get the economy back on track, and it's obvious to me, a lay person, why don't they just do it? After all, it would be a simple matter to draft a bill and get it to Obama's desk for his approval.

Again paraphrasing "It's silly, but it's all political, that's why it's not going to happen with this Congress".

"Oh, so if Congress were to change hands, would the new Congress do such a thing?", I asked

"Probably, it's only speculation at this point, but a good bet"

[avatar4321]

How about we don't impose a rule at all, let banks decide the risk and rates, and then not bail them out if they fail?

[Silver]

How about we don't impose a rule at all, let banks decide the risk and rates, and then not bail them out if they fail?

Regarding Corker’s bill, Democrats argued that a 5% down payment would hurt minorities and the poor.

Now ain't that something.....after months of the Dem. Liberal pinhead peckerheads trying with all their might to blame the latest banking feasco on Republicans and their policys, here we have more proof positive that it was, is, and always has been the liberal Dem. policys that got us into the mess...
And they haven't learned a thing from their mistakes.....the Conservatives try to pass regulations to prevent screwups and the dims just get in the way....


http://blogs.investors.com/capitalhill/index.php/home/35-politicsinvesting/1752-democrats-reject-5-down-payment-rule

[red states rule]

A bit off topic, but somewhat salient.

I was talking to a banker about some investments a few days ago (yes, I'm one of those people who actually save and invest money.. I'm fortunate actually, blessed would be a better term... but I digress)... I asked him what would happen if say, the Congress were to simply cut the rate of the capital gains tax.

He told me that "the effect would be enormous" (the very words he used)

I'm paraphrasing, but his words went something like, "there are a lot of people out there who are holding back (i.e., investing their money in the stock market) because they know that if they put their money there they would be hit with an enormous tax burden". So right now, everyone is putting their money in bonds, treasuries, and other non-equity forms of investment.

So, I asked, if Congress simply has to do this one thing to help get the economy back on track, and it's obvious to me, a lay person, why don't they just do it? After all, it would be a simple matter to draft a bill and get it to Obama's desk for his approval.

Again paraphrasing "It's silly, but it's all political, that's why it's not going to happen with this Congress".

"Oh, so if Congress were to change hands, would the new Congress do such a thing?", I asked

"Probably, it's only speculation at this point, but a good bet"

You hot the nail on the head. Remember how the libs got pissed oer the one of the Dem debates when Obama was hit with logical questions about the loss of revenue when the capital gains tax is increased?

Obama wants to raise it out of "fairness" despite the fact when the tax in increased revenues DECREASE!!!!!

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[KarlMarx]

Get ready for an increase in not only your federal tax rate in January, but an increase in the captial gains tax, the estate tax, and the imposition of a new bunch of taxes to help pay for Obamacare.

Economists are divided... some say that we will have a recession next year, the rest say we will have a slower economic recovery than we had this year....

Yes, that's what I said... economic recovery...

Some economists actually claim we are in the midst of one... it's hard to believe.

The more I think about this, the angrier I get... That idiot and the idiots in Congress are going to do things to make the economy worse, they know they will and they're going to do it anyway!

Obama said that he wanted to know the facts about the BP oil spil so he would know whose ass to kick....

Aint it obvious Mr "President"? YOURS!!!!!!!!! That's whose ass should be kicked! By every unemployed American, by every hard working American who is trying to make ends meet and get a future for himself and for his family!

The day you stop being President will be a good day in America. Ignorance like yours, Mr President, should be made a crime. Your adminstration is a crime against the American people.

[red states rule]

Get ready for an increase in not only your federal tax rate in January, but an increase in the captial gains tax, the estate tax, and the imposition of a new bunch of taxes to help pay for Obamacare.

Economists are divided... some say that we will have a recession next year, the rest say we will have a slower economic recovery than we had this year....

Yes, that's what I said... economic recovery...

Some economists actually claim we are in the midst of one... it's hard to believe.

The more I think about this, the angrier I get... That idiot and the idiots in Congress are going to do things to make the economy worse, they know they will and they're going to do it anyway!

Obama said that he wanted to know the facts about the BP oil spil so he would know whose ass to kick....

Aint it obvious Mr "President"? YOURS!!!!!!!!! That's whose ass should be kicked! By every unemployed American, by every hard working American who is trying to make ends meet and get a future for himself and for his family!

The day you stop being President will be a good day in America. Ignorance like yours, Mr President, should be made a crime. Your adminstration is a crime against the American people.

Meanwhile take a look at what the government is spending our tax dollars on. There should be tax CUTS and not one cent of our tax dollars should be spent on crap like this








102: Protecting a Michigan insect collection from other insects ($187,632)

101: Highway beautified by fish art in Washington ($10,000) Fish art?

100: University studying hookup behavior of female college coeds in New York ($219,000)

99: Police department getting 92 blackberries for supervisors in Rhode Island ($95,000)

98: Upgrades to seldom-used river cruise boat in Oklahoma ($1.8 million)

97: Precast concrete toilet buildings for Mark Twain National Forest in Montana ($462,000)

96: University studying whether mice become disoriented when they consume alcohol in Florida ($8,408)

95: Foreign bus wheel polishers for California ($259,000) Huh?

94: Recovering crab pots lost at sea in Oregon ($700,000)

93: Developing a program to develop "machine-generated humor" in Illinois ($712,883) Another Huh?

92: Colorado museum where stimulus was signed (and already has $90 million in the bank) gets geothermal stimulus grant ($2.6 million) Why are we paying more for this.

91: Grant to the Maine Indian Basketmakers Alliance to support the traditional arts apprenticeship program, gathering and festival ($30,000)

90: Studying methamphetamines and the female rat sex drive in Maryland ($30,000)

http://hannity.blogs.foxnews.com/2010/03/12/waste-102-the-final-list/

[KarlMarx]

I'm drafting a letter of congratulations to my new Congressman and two Senators... it goes something like this...

"Congratulations on your victory... You've been chosen to do a job, do it and do it well. If you revert to business as usual, I'll vote you out of office, too. This is what I want to see within the first 6 months of your tenure....

1. The complete repeal of Obamacare
2. The complete repeal of the Community Reinvestment Act
3. The complete repeal of the so called "stimulus" bill
4. The return of the Bush tax cuts and a further reduction of the capital gains tax.
5. The impeachment of Rep. Barney Frank, et al, for their role in the financial crisis we now are in

"

[red states rule]

I'm drafting a letter of congratulations to my new Congressman and two Senators... it goes something like this...

"Congratulations on your victory... You've been chosen to do a job, do it and do it well. If you revert to business as usual, I'll vote you out of office, too. This is what I want to see within the first 6 months of your tenure....

1. The complete repeal of Obamacare
2. The complete repeal of the Community Reinvestment Act
3. The complete repeal of the so called "stimulus" bill
4. The return of the Bush tax cuts and a further reduction of the capital gains tax.
5. The impeachment of Rep. Barney Frank, et al, for their role in the financial crisis we now are in

"


Looks great to me sir :salute:

Hold their feet to the fire, and turn up the heat when you have to

[namvet]

http://bonniehull.files.wordpress.com/2008/05/quonset.jpg

foreclosed. what's your bid????

[red states rule]

If you are honestly wondering why Obama's stimulus bill is not lowering the unemployment rate - watch this video of the top 25 wasteful projects funded with stimulus bill

Look at the total of the waste at the end of video

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[Insein]

Get ready for an increase in not only your federal tax rate in January, but an increase in the captial gains tax, the estate tax, and the imposition of a new bunch of taxes to help pay for Obamacare.

Economists are divided... some say that we will have a recession next year, the rest say we will have a slower economic recovery than we had this year....

Yes, that's what I said... economic recovery...

Some economists actually claim we are in the midst of one... it's hard to believe.

The more I think about this, the angrier I get... That idiot and the idiots in Congress are going to do things to make the economy worse, they know they will and they're going to do it anyway!

Obama said that he wanted to know the facts about the BP oil spil so he would know whose ass to kick....

Aint it obvious Mr "President"? YOURS!!!!!!!!! That's whose ass should be kicked! By every unemployed American, by every hard working American who is trying to make ends meet and get a future for himself and for his family!

The day you stop being President will be a good day in America. Ignorance like yours, Mr President, should be made a crime. Your adminstration is a crime against the American people.


Yes, the Bush tax cuts will be coming to an end. Some changes to look forward to. Highest tax bracket goes from 35% to 39.6%. Capital gains goes from 15% to 30%. Estate tax goes from nothing to 55%.

Here's the breakdown.

http://www.springfieldnewssun.com/news/nation-world-news/will-you-pay-more-when-bush-tax-cuts-expire--646402.html?imw=Y

[Little-Acorn]

A bit off topic, but somewhat salient.

I was talking to a banker about some investments a few days ago (yes, I'm one of those people who actually save and invest money.. I'm fortunate actually, blessed would be a better term... but I digress)... I asked him what would happen if say, the Congress were to simply cut the rate of the capital gains tax.

He told me that "the effect would be enormous" (the very words he used)


He wasn't guessing.

In 1994, after the last time Democrats tried to take over health care and got booted wholesale out of office, one of the first things the new Republican congress did, was lower the capital gains tax rate. Then-President Bill Clinton, desperate for votes for the 1996 election after the historic drubbing his party had taken in 1994, signed it into law.

Govt revenues soared, and resulted directly in the almost-balancing of the Federal budget in several ensuing years.

[PostmodernProphet]

Those poorer people vote as well.

but they may be in a different district now that they got forced out of their homes by foreclosure....