The Conservative Cave
Current Events => General Discussion => Topic started by: Ballygrl on June 07, 2010, 01:52:40 PM
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You have to read it 1st:
http://blogs.forbes.com/beltway/2010/06/06/financial-reform-ready-fire-aim/?boxes=businesschanneltopstories
Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.*
. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we never ever ever never ever never again experience a housing crisis again which EXCLUDES HUD, Fannie Mae, Freddie Mac, GMAC, Car Dealers, Chrysler Credit and R/E attorneys. Instead we are to believe we need 3,000 pages that attack credit card transaction fees, derivatives trading, profits and banker compensation as a means to promote no future housing frivolity.
So, here comes the good intending Bob Croker (R-TN) of the Senate Banking Committee offering-up a simple piece of legislation this past week which would require at least a 5% down payment on a mortgage to be acceptable to Fannie and Freddie.
So, here comes the Democrats and shoot it DOWN on a straight party line vote 57-42.
Senate Banking Committee Chairman Chris Dodd explained the universally accepted Democrats rationale for voting against down payments on taxpayer-backed mortgages.
Chris Dodd (D-Conn) explained: “. . . passage of such a requirement would restrict home ownership to only those who can afford it.â€
Homeownership should only be intended for people who can afford it and are serious about it. Hubby and I had to put 20% down, was it easy? no, but when people had to put 20% down you knew they were serious about the purchase because it was their money being used, but when you hand a house to someone then there's no pride in ownership because they didn't have to work for it.
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Homeownership should only be intended for people who can afford it and are serious about it. Hubby and I had to put 20% down, was it easy? no, but when people had to put 20% down you knew they were serious about the purchase because it was their money being used, but when you hand a house to someone then there's no pride in ownership because they didn't have to work for it.
I think MOST people who are buying homes are very serious. We just see the stories of idiocy...the morons who just walk away from a mortgage are the ones who make the headlines, not those of us who pay our mortgage every month without fail.
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I didn't think anything would really change yet. I wonder what it will take?