Feb 19, 2009

Expect GOP false attacks on Homeowner Stability Initiative


With the announcement of President Barack Obama’s plan to help millions of homeowners in danger of losing their homes with the $75 billion Homeowner Stability Initiative, we can expect the same kind of debunked Republican lies we saw used against the economic stimulus package.

Despite the lies being debunked numerous times, even Michigan Republicans like U.S. Reps Candice Miller and Mike Rogers continue to use the lies of the high speed rail line between LA and Las Vegas, money for STD prevention, money for ACORN and money for a mouse habitat in San Francisco. We will see some of the same tired, false talking points with the Homeowner Stability Initiative.

My favorite oldie but goodie is that the housing foreclosure crisis is the fault of former President Jimmy Carter. That follows the time-tested GOP strategy of if you're going to tell a lie, it might as well be a big one. That lie goes, that it was the fault of the "Community Reinvestment Act back in 1978 where lending institutions were required to start lending to people that couldn't afford to pay the loans back."

The fact is it simply addressed the practice of "redlining." Redlining is the practice of an insurance company or bank refusing to insure an auto or home based or lend money based solely on the geographic area where the person lives, provides an inferior product based on geography or at a higher price. The Community Reinvestment Act simply required banks to lend money to people previously for that reason, but the people had to be eligible for a loan in all respects.

It was greed, the lack of regulation and the sub-prime mortgages that led to the foreclosure crisis. Anyone doubting that just had to watch the recent CNBC documentary "House of Cards."

The documentary was more chilling and scarier than any horror or slasher movie, and it highlighted the collective folly that brought down Wall Street and cost millions of Americans their homes, jobs and retirement savings.

It showed how former used car and waterbed salesman were now selling mortgages instead of trainer mortgage specialists, and the goal was to get loans to as many people as possible to make money. Veteran mortgage bankers said gone were the days when a borrower had to have two year's worth of tax returns and they went to your jobs to interview you to prove income, and now you just had to "state" your income with no proof on the application.

I know a guy in Livingston County who got a mortgage to buy the lakefront home from his three siblings after their father passed away, and he didn't even have a job. Needless to say, the home their father built with his own hands was foreclosed within a year, despite refinancing at least twice.

Just remember that when the GOP misinformation, talking points and lies begin.

13 comments:

Johnny C said...

The Republicans were against Obama's plan even before he dropped the details of it yesterday. I don't know outside folks like Libs hate, not anonymous and the rest of the knuckle drag right the Republican tactic of opposed everything is supposed to impressed? I mean it's one thing if they did that to Bush once in a while but people know(when I say people I don't mean the average right winger)the Republicans gave Bush everything he ever wanted. Now they discover the word "NO" when the president has a (D) after his name.

Not Anonymous said...

And the lies continue. Let's see, Little Johnny says the "Republicans gave Bush everything he ever wanted."

Gee, which example should I use to prove this a lie. Ok. Just one since the Socialist Democrats always whine about too much information. Here it is. Dubai Ports Deal.

You Socialist Democrats really need to start paying attention to the Obama's spread the wealth (Socialist) mentality and forget about Bush.

Communications guru said...

Are you the guy/person who was just whinnying about name-calling, and your first comment that's what you do? Again, there is no such thing as socialist Democrats, at least in this country. I know you want the country to forget about Bush and the mess he created as soon as possible so you can attempt to gain power, but it's not going to happen.

However, you are correct about the Dubai Ports deal. You must have looked long and hard for that; Congratulations. Thank God for Senator Chuck Schumer's work in this.

Joe_Gonna Blow Your Dough_Biden said...

Today marks the one-month anniversary of President Obama’s inauguration. In his brief time in office, the president has overseen three massive new spending initiatives — the $787 billion stimulus bill, the trillion-dollar financial stability initiative and, most recently, the $275 billion mortgage assistance program.

The reaction to the new administration’s programs has been decidedly negative. Investors, among others, have panned the plans; the stock market is off nearly 10% from the day before the inauguration, or more than 800 points on the Dow Jones Industrial Average.

We just had the Dow close at its lowest point since October 2002, the bottom of the last bear market. The S&P 500 fell to 779, barely above the intra-day low of 741 of last November. For many market analysts, if the market crashes through that recent benchmark, it will next move significantly lower. Ouch.

Pajama is throwing money every were hoping it sticks some were.

Less than a billion minutes ago Jesus was still alive, and congress is spending a trillion.

Blame this on Bush also

Johnny C said...

Not Anonymous,

It seems you confuse actually truth with talking points, outside privatize social security and immigration the Republicans gave Bush every thing he could wanted. I know you and the other right wing twit want people to forget about the last eight years of the most corrupt white house in history.

As for the other right winger use facts because cutting and pasting stuff off right wing bloggers is not going to cut it. As I recalled Joe you republicans tried to blame 9.11 on Bill Clinton hell the right wing had a movie two years ago on ABC trying to push that talking point.

Communications guru said...

You must be joking, troll? Why are you using this name? I guess it was the ass whipping I gave you as Not Anonymous.

Wow, one whole month? It took Bush eight years to get us this deep in the recession, and you’re not going to give President Obama even a month to fix it? What I have heard from experts is neither the economic stimulus bill or the mortgage assistance program are big enough. Just think if it was bigger how much louder you would scream?

I don’t give a crap about the stock market. There was something about October 2002, but I can’t remember what it was. Perhaps you can? If the banks hadn’t been so greedy the stock market would not be having these problems, nor would the country.

Here’s the thing, President Obama got a mandate to fix Bush’s mess, and that’s what he is trying to do. He is keeping his campaign promise. Where were you when Bush blew a budget surplus and turned it into a deficit for the unnecessary Iraq fiasco?

“Pajama is throwing money every were (sic) hoping it sticks some were (sic)?” Who is “Pajama.” Are you trying to be that dumb or you really can’t write a sentence?

ProudlyAnonymous said...

For those who are able to buy a home or who avoid foreclosure, they should check the Michigan State Sex Offenders list to make sure there are no perverts living in their neighborhoods.

You would be surprised what names show up there. Don't you agree, Guru?

Not Anonymous said...

Now Guru is accusing someone else of being me? This guy is really sliding further and further up the paranoid scale.

You didn't give me an ass-whipping. I know you like to think so, but it just didn't happen. You throw out the Socialist Democrat talking points and then call it an ass-whipping. It's hilarious at best.

I'm not surprised you don't give a crap about the stock market. It's only where everyone's 401k money is along with IRA's, pension investments. Why do you hate the American people so much?

I see that Barry has sent his people into study groups for three hours. I wonder if he gave them crayons too. Will he give them detention if they don't finish their homework?

Ass-whipping? ha ha. This fruit thinks he's on a playground.

Communications guru said...

You are correct about something; I am “accusing you of being someone else.” You are the one who made a big point of telling me how clever and dishonest you were by posting as more than one person. You made a big point of telling how devious you were and got over on me by posting as someone else. I am accusing you of being someone else because you are, like you said.

Yes, I gave you an ass-whipping. First, there are no such things as “Socialist Democrats” in this country, and second, I do my own research.

The stock market has been this low before, and to say all of people’s 401k money, IRA's and pension investments are in the stock marker is simply not true.

Who is Barry?

That’s right, ass-whipping. “This fruit?” OK, I’m a fruit. Is that supposed to bother me?

Johnny C said...

It seems Not Anonymous ended his rational conservative act,the part of the problem the country is facing is the Republicans rather play politics with other people lives in hopes they can once again fool people to support their already failed plans.

Not Anonymous said...

Nope. It wasn't me. You're welcome to think so if you like, but it wasn't me. When I created the other name it was to show you the flaw in your argument. I also said that that was the only time that I'd use it and that I'd always post as my name "not anonymous". I've stuck to my word. I realize you don't understand the meaning of keeping ones "word" but that the way it is.

It's funny how you want it both ways. You use my words when I created the other name, but you choose not to believe my words when I tell you something else.

As for the ass-whipping. Nobody ever debunks the other on these types of sites. You agree or you disagree, but nobody's mind has been changed so no ass-whipping has taken place. It would be the height of arrogance for me to claim I've whipped your ass in debates when you're continuing to shovel out the same old bs all of the time. Your arrogance shows when you think you can give an ass whipping to someone on here.

You continually show your lack of tolerance for others opinions. But that's typical of Socialist Democrats.

By the way, yes, there is such a thing as "Socialist Democrats". The spending bill just passed showed the socialism. Obama admitted it today when talking about health care. He doesn't like it called "socialized" medicine, but his not liking that name doesn't make it any less socialistic.

There are no more Democrats. They are all just socialists. They have proven it with their plan to have those that have done their mortgages properly who now have to pay for those that didn't do their mortgages properly.

Don't even try to tell me that it's predatory lending. Everyone that buys a house has to go through a closing. At the closing there is a mountain of paperwork that is required to be signed. If someone puts their name to it and signs it, they have agreed to the terms of the loan and the penalties if they fail to live up to those terms. If they didn't know what they were signing, it only shows their ignorance in signing something, putting their name to something without reading or having a lawyer read what they put their name to.

Socialist Democrats are now the old Democrat Party that has chosen the path of socialism. Even Newsweek has announced it.

Communications guru said...

Well. Excuse me if I'm a bit skeptical of someone who has admitted how dishonest, sneaky and deceptive they are. I tend do doubt the word of someone so deceitful.

I don't know how I show a lack of intolerance for others opinions; I let you post here. Being tolerant of someone else's opinions does not mean agreeing with them, especially with the baseless opinions and arguments you present. Of course there is such a thing as "Socialist Democrats," but not in this country. That's just a talking point you have taken from the rightwing echo chamber.

I support universal health care like every other developed country, and if you want to call it socialized medicine, then fine.

Democrats are alive and well; it's your party that is bankrupt. You might want to look at the election results before you make that ridiculous claim. Ah, the mortgage talking point; I was wondering when you were going to get to that. Sorry, it is predatory lending.

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