Bush Signs Latest Freedom From Personal Responsibility Legislation
July 30th, 2008 at 11:37 am by Preston Taylor HolmesIn yet another vulgar display of how our economic and social systems have collapsed and been replaced by the financial Federal Nanny State, President Junior and the layabouts in congress have teamed up to absolve banks and borrowers alike from responsibility for their actions.
Bush signed the broadest housing legislation in decades “to improve confidence and stability in markets, and to provide better oversight for (struggling US mortgage lenders) Fannie Mae and Freddie Mac,” White House spokesman Tony Fratto said in a statement announcing the signing.
“The Federal Housing Administration (FHA) will begin to implement new policies intended to keep more deserving American families in their homes,” Fratto added.
I mean, even if you can’t afford something, you deserve it, just merely by existing, don’t you? Well, just call President Junior’s Credit Counseling Services and not only will you pay NOTHING, you may even get MONEY BACK in a stimulus bonus so you can buy cigarettes for your 19 childrens!
And who’s going to foot the bill? Who cares, it’s not you!
Are you tired of harrassing calls
from creditors demanding you do things
like pay your mortgage or live up to other
financial agreements you might have made?
Are you tired of credit card companies calling and demanding that you pay for the goods and services you purchased via their unfair credit terms?
Then call one of President Junior’s Credit Counselors TODAY and get CASH. Cold, wet, hard, stinky cash.
Why should YOU have to do things like live
according to what you earn? Why should you
pay attention to confusing terms like interest rates,
down payments and credit agreements?
Those are probably just big words that
somebody made up anyway.
You DESERVE the big house, the big car and the
big plasma screen whether you’ve got a job or not.
Hell, I don’t live on a budget, and neither should you.
God bless America’s bottomless Federal Treasury.
Thank you and goodnight.
I’m Wesley Snipes and I approve this message.
Gee, thanks Mr. President.
I wasn’t interested in having a financial future anyway.
July 30th, 2008 at 12:07 pm
[...] Bush Signs Latest Freedom From Personal Responsibility Legislation. [...]
July 30th, 2008 at 5:10 pm
He signed it in the dead of night.
I guess that says it all.
July 30th, 2008 at 9:58 pm
What’s really effed up is the market rallied on the news.
July 30th, 2008 at 10:53 pm
That’s the trooof, Roooof.
July 30th, 2008 at 11:31 pm
Another outstanding job Mr. Holmes!
July 31st, 2008 at 1:20 am
That Damn Honky Bush signed it a little too late for me…
July 31st, 2008 at 7:29 am
Bush signs sweeping housing bill…
President Bush has signed a massive housing bill intended to provide mortgage relief for 400,000 str…
July 31st, 2008 at 6:38 pm
I’d like to frame this, Holmes. In full view of some of my relatives when they visit.
July 31st, 2008 at 7:33 pm
The moral ramifications of this shit are bad enough, (letting everyone off the hook for everything) but the monetary cost is gonna be e-frickin-normous. This will create a whole ‘nuther layer of bureaucratic pencil pushing ass-covering tax dollar wasting “oversight” worse than what we have now.
July 31st, 2008 at 10:42 pm
Damn straight Zank. And Donna, don’t give your relatives the President Junior Debt Consolidation Toll Free number or they’ll never get out from under it.
August 1st, 2008 at 1:33 pm
Sadly, my darling, many of these people would have refi’d out of their ARMs and been just fine, but the lending guidlines tightened up so much that only those with moderately good or excellent credit can now, so people are F’d. Of course, no one has equity in their house anymore and no one can sell them even if they did. I don’t know what the solution is, but it sucks. I had to refi an ARM after my payment went up $700 per MONTH, and I just barely qualified despite missing no payments since 2002. Had I missed one payment, I’d probably have been in foreclosure by now too–
August 1st, 2008 at 5:33 pm
So, I have to ask, why didn’t they refi out of their ARMs? And why did they enter into ARMs in the first place? You’re rolling the dice in a big way with an ARM, not to mention the bazillions of no-down-payment loans. It still comes down to buying what you can afford, which includes the type of mortgage loan. Perhaps a lot of these folks should have got they learn on before they started buying.
August 1st, 2008 at 7:17 pm
I locked in a fixed rate back in 2003 and had no intention of ever entering an ARM. Sure, I could have saved about a point to a point and a quarter for a few months – maybe even a year or two before the inevitable happened but this isn’t rocket surgery.
At the time, my credit was about as high as you could get it and I still had to finesse the agent to get the house I did. Plus, I set my expectations for my house accordingly. I didn’t run out and buy a bunch of furniture, cars, or any other “keeping up with the Joneses” items.
By that same token, I know some fairly knowledgeable people who take their finances seriously and saw 25-30 year olds running out and buying $300k+ homes. Everybody thought home prices just go up forever and given enough time they do.
We just happened to have that perfect storm of overaggressive lenders, stupid debtors who are living off of revolving credit, high gas prices, and far too many houses built by cheap illegal labor.
Want your house to be worth something? Tear down every empty house you find. That’s just supply and demand.
August 2nd, 2008 at 7:00 pm
You were told that you could just refinance after 5 years into a fixed rate loan and not to worry about the adjustment. Prices on houses were going up monthly and everyone was qualifying; there was no reason to think that wouldn’t happen. I figured it could only go up so far, but I didn’t think the prices would TANK.
Many didn’t qualify for conventional/fixed-rate loans during the mortgage boom but had adequate income to make the payments on an ARM and now, even if your credit is okay, your equity may be negative or close to negative, making it so you don’t qualify for a conventional loan since you generally need a 90% LTV for a fixed rate re-fi. Fannie Mae and Freddie Mac tightened their lending guidelines and many of the sub-prime lenders have long since gone out of business. Of course, there are still the problems of people having bought more house than they can afford. I, at least, bought quite a bit less house than I could afford. I did that right along with being one of the rare people to find a home under market value, but I almost F’d myself on the ARM thing. Like I said, there would have been no way at the time for the average joe to predict the extreme tightening of the lending guidelines coupled with negative equity.
Foreclosure bail-outs won’t help if the people can’t afford the payments anyway.
August 2nd, 2008 at 8:46 pm
Well good,,,,,, I’ve paid my last mortage payment,, in fact,,, I’m not gonna’ pay my propritey TAX’S for 09′ either….
OsamaHusseinIslamObama 08′ (D-World)
(the terrorist choice)
August 2nd, 2008 at 8:47 pm
oops’ (property),,,, So much beer,,,so little time,,
August 2nd, 2008 at 9:41 pm
Tis true.