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Ear to the Ground

Fed Steps Into Mortgage Mess

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Posted on Dec 18, 2007

The term “subprime mortgage” has certainly been in heavy rotation in recent months, and economic panic has spread as a result of lenders playing fast and loose with their home-lending criteria, causing chaos in the mortgage market.  Enter the Federal Reserve to try to undo some of the damage and prevent a recurrence.


The New York Times:

By a 5-to-0 vote, the Fed approved a plan that would tighten provisions meant to protect borrowers and apply them to a far larger share of home loans—whether from banks, mortgage companies or other lenders—than under current regulations.

Late [Tuesday] afternoon, the House passed legislation to spare homeowners who restructure their mortgages to avoid foreclosure from having to pay taxes on the forgiven debt. The legislation, approved by voice vote, may have to be reconciled with a Senate version. President Bush has said he will sign the bill that emerges from Congress.

The proposed Fed rules underscore the more assertive role the agency is now prepared to take in regulating lending, in a big shift from the central bank’s approach in the past.

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By David Earl, December 20, 2007 at 1:43 am #
(Unregistered commenter)

This was a War to benifit the Companies Close to the White house
The Constitution of the United States says, WE as Americans are of the United States shall be defended against invasions and no other shall be state given pillage over another state. And that the President will defend against invaders of our land with the Army, Navy and all of our forces. He took an Oath of office to do this, He swore to defend our country and our people from harm, against all that is not of the United States of America.
We dieing from murders and suffer loses of life and limb and fiances from these invaders from our South that are in no way legally to be in our country. Our own Government is using our TAX Dollars to Support and Enable these invaders. Has invited them in a White House Party in his first term Without Approval or Vote from Congress to make Treaty with and Support them with our jobs and our Tax Dollars.
I ask for the Congress to forthwith Start An IMPEACHMENT against George W. Bush to be executed immediately.
He should be tried for high crimes and misdemeanor’s in that he has used our Tax dollars without the American consent in a devious means to threaten the Well being of it Citizens and the safety of the citizens Of The United States with lose of lives of our citizens and using our valuable resource’s and putting our Citizens in harms way of Criminals, Killers.Thieves, Thug’s, Robbers, Rapists, Child Molester’s, and untold scam artiste, unlicensed workers and un screened disease’s.
Depriving Americans of the safety and Well Being and jobs that our Constitution With his swearing in Granted each American from the Start of this Great Country.
I call on Congress and all its members to go forth and save our country from being hijacked before we are penniless, homeless and secure our Homeland before WE the People Loose our way of life or our very lives from these invader’s.
12/0707
David Brian Earl
755 Espanola Ave. # 44
Ormond Bch. Florida 32174
P>S> I will pass this all over the Internet will not let my wife move here because I am disabled and poor do not meat $ amount.  So when you become disabled after 37 years of work you lose your right to have your wife here beside you over the fact I do not make enough money, but allow illegals and give them reason to stay.
Please copy the above and send to your Congressman
He swore to protect America from all invaders, The Constitution does not say Friend or foe but invaders and this is what we have from the South (Every Country south of Texas). Many from there come to our country and drive drunk, injuring, maiming and killing U.S. Citizens by Crime and by Drunk driving wrong way on our highways, It is a Culture of Macho in their countries to drink and drive. They many times have no form of I.D. 18% of drunk drivers in N.C alone. Add in all the other States. The toll is staggering.
The border States are over run with crimes from these foreigner’s.
When many of these intruders and invaders are caught after a crime, Tax dollars are spent to house trial and convict than house these people in Jails and prisons at American expense when they should have been stopped at the border and turned back before their crimes could be commit ed saving life and liberty and well being of our Citizens. It cost over $50,000 a year to house one invader who has committed criminal act in this country, and many commit many crimes before they are caught. There are currently 3.4 Million people in our prisons and jails. Higher than any country on earth.

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By waxman, December 20, 2007 at 1:00 am #

YOU PEOPLE JUST DON’T GET IT…IF YOU WOULD LISTEN TO SEAN HANNITY, LIMBURGER(SUPERSIZE), MICHAEL REAGAN,GALLIGER,AND MARK LEVINE YOU WOULD KNOW IF WE TOOK CARE OF OUR OWN PEOPLE, WE WOULDN’T BE ABLE TO NATION BUILD,MAKE EVERYONE A CHRISTIAN, AND SET EVERYONE FREE…GET WITH THE PROGRAM AND CONTINUE TO VOTE REPUBLICAN ........I ALSO GET A LOT OF JOY OUT THESE TALKING HEADS THAT MAYBE HAVE DRIVEN BY A MILITARY BASE AT 70MPH DECIDE HOW TO FIGHT A WAR….

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By David Earl, December 19, 2007 at 4:08 pm #
(Unregistered commenter)

America. you have been used.
Government, Congress and the President Setting up finical institution’s that will be abuse by so many greedy people is criminal in that is was foreseeable after what we saw in the .com bust. Millions were giving their dream only to have the rates go up so were they could not hold out while millions of others are spending their savings and the children’s Collage funds to try to hold on. It is a transfer of wealth and has hurt Country’s or to stump a country’s wealth that were not warned of the true risk. The country that allow our grow by buying our loans. This Housing crisis has effected the world, while Bush has Parties in the Whorehouse and thinks not of the people who need a hand to give so many false hope by saying he will help ans giving so little aid that only so few will qualify for. Then to hurt the financial structure of a country that buys much of our Loans. Bu$h could not work with China on the Exchange rate or the Deficits of China & USA so what better way then to sucker them into buying loans they knew would not hold up. It has caused extreme hardships in China’s people as here. My wife is a Teacher, a Government worker for the Republic and there salaries have been cut by a third all Government workers. AS the price of all thing skyrocket. It breaks down to Hot water or food, No TV no heat. This is my Wife Mr Bu$h. Now they try to blame the Loaner’s for cheating and Fraud. Has anyone seen anybody arrested yet ? BIG PAPER TRAIL HERE ! The bill passed in Congress yesterday writes in laws that are already in force in this country. Fraud Thief Misrepresentations, Bribery, the list goes on. The Fanny May and Freddy are backed and made by our Government, Congress and the President. What happen is like in the early 1900 here when the banks made money easy to obtain then raise rates and empty pockets. this happen 2 times then the President then signed over the free money market to the banks. He even admitted later a terrible mistake. STORY HERE! > http://en.wikipedia.org/wiki/Federal_Reserve The fed is the Banks of America and else where, that control the Money, has nothing to do with our gov. other than our Gov. borrows from them and the Tax payer pays it back at a higher rate. Sorta like a credit card, at a high %. I will have my credit cards paid off in 37 years :(. The rush on to pay back debts then worked and did again. Just like a well organized plan as before to gain control of the money and the people. To say it this way, The American people have been used as soldiers from enough to poverty and homeless or close too homelessness to settle a score with a country who’s economy was booming faster than our own. Double digit, and I would not have put it past someone in office to make sure they got nothing but paint with lead in them from wherever they ordered from. So they could tip over that economy also. Containers with undisclosed lead in them. Double Punch!

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By DennisD, December 19, 2007 at 12:28 am #
(Unregistered commenter)

The “Fed” is and has been the problem since its creation. Greenspan most recently got us to where we are and now Bernanke is “fixing” it by bailing out Wall St.? WTF !

Who the hell wrote this article. More importantly who’s going to wind up paying for all this “fixing” that’s supposed to occur once the Fed sprinkles its fairy dust around. Guess who.

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