Crapola...The Mortgage Bailout Bill.

Have you read this thing? What's with section 8? No review? One guy, picked by Bush, gets to dole out a ton of money and he's not accountable to nobody? 2000 bucks a piece for every man woman and child in the country?

And section 9? Everything expires except the important parts?

You want to bail out mortgages, okay. Guarantee every flipping mortgage in the country held by owner-occupied housing. Save the little guys. For rental units, save the small holders who rent at reasonable rates. *then* if there's money left over, give some to the banks that screwed up in the first place.

And absolutely every company who gets bailed should have its stock frozen and no bonuses for any employee until the debt is paid back.

If you save smallholders, they should have to pay back the mortgages at one third of their income at a low interest rate till its paid off. And it goes down as bad credit, so they can't borrow more. I'm all for responsibility.

But this thing, this is a piece of malarky:

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

( why yes, I did write my senators, why do you ask? )

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
( Read more... )

Crapola...The Mortgage Bailout Bill.

Have you read this thing? What's with section 8? No review? One guy, picked by Bush, gets to dole out a ton of money and he's not accountable to nobody? 2000 bucks a piece for every man woman and child in the country?

And section 9? Everything expires except the important parts?

You want to bail out mortgages, okay. Guarantee every flipping mortgage in the country held by owner-occupied housing. Save the little guys. For rental units, save the small holders who rent at reasonable rates. *then* if there's money left over, give some to the banks that screwed up in the first place.

And absolutely every company who gets bailed should have its stock frozen and no bonuses for any employee until the debt is paid back.

If you save smallholders, they should have to pay back the mortgages at one third of their income at a low interest rate till its paid off. And it goes down as bad credit, so they can't borrow more. I'm all for responsibility.

But this thing, this is a piece of malarky:

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

( why yes, I did write my senators, why do you ask? )

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
( Read more... )