The Housing Crisis
Posted at 4:44pm on Jun. 18, 2008 Shouldn't the Senate Banking Chair know interest rates?
By Soren Dayton
Where do the Democrats find people like this? The Chairman of the Senate Banking Committee doesn't know the interest rates:
Roll Call thought this was mock worthy:
Briefly Quoted. “I don’t know what the rates are today.”
— Sen. Chris Dodd (D-Conn.), surprising reporters on Tuesday with his unfamiliarity with current mortgage rates. Dodd, who was explaining why he planned to keep his scandal-tarred Countrywide Financial home mortgages, is the chairman of the Senate Banking, Housing and Urban Affairs Committee.
It sounds like Dodd is either a criminal or criminally ignorant of the area he regulates. Will we ever find out which?
Crossposted from The Next Right.
Posted in Chris Dodd | Congress | Crooked Democrats | Housing Hypocrisy | The Housing Crisis — Comments (11) / Email this page » / Read More »
Posted at 2:09pm on Apr. 10, 2008 John McCain's Plan To Combat The Housing Crisis
By Pejman Yousefzadeh
It is certainly more responsible than anything that the Clinton and Obama campaigns have put forward. Highlights:
_Unlike the Democrats, McCain would have individual borrowers apply to have their mortgages refinanced. Democrats would have the mortgage-holders apply for refinancing, which [economic adviser Douglas ] Holtz-Eakin said could leave taxpayers on the hook for risky loans that lenders want to unload.
_And unlike Bush, McCain would let people have more equity in their homes; Bush would allow as little as 3 percent, while McCain would allow 10 percent, Holtz-Eakin said.
_McCain's plan would benefit the government as well as the original lender by giving them certificates for part of the loan's original value. If the homeowner sold for more, he or she would benefit along with the government and the original lender.
"It is built on the reality that homeowners should have an equity capital stake in their home," he said. "Homeowners would end up with a 30-year mortgage and an equity stake in their home. The new lender would receive a federal guarantee of the mortgage.
"And the taxpayer gets a benefit if the sale value ever recovers," he said.
Posted in Economy | John McCain | The Housing Crisis — Comments (11)/ Email this page » / Read More »
Posted at 1:07am on Apr. 8, 2008 A Request To Congress
By Pejman Yousefzadeh
Could we please see to it that in the future, legislation will not be so inaptly titled?
