Boehner and Cantor Have Questions About President’s Housing Proposal

Boehner and Cantor wouldn’t have supported anything Obama laid out today, so their criticisms are illegitimate.
But there are vital questions regarding the plan that the White House must answer – and soon.

Who cares what John Boehner or Eric Canor think PERIOD ?? All these GOP Bozos know how to do are write letters, stage photo ops and basically just whine NO NO NO….PATHETICALLY IRRELEVANT!!!!!

#6 is a dumb question. That money is from TARP money and has already been given to the administration.

Question #7: How can we make sure that we gut enough from this program so that it doesn’t work as we say you failed? Because that is what we really care about.

I am so sick of the GOP. There is a reason why we Americans voted them out of office.

Is ACORN the new boogie man?
Is anybody listening to the GOP any more?

Obama answered Question 1. Any house owner can refinance their mortgage at any time if interesa rates are better than what you have. We sure did five years ago.

Where’s the GOP’s plan?
Instead of just saying “NO” all the time, why don’t the Republicans just come up with their own plan and how to finance it?

Hmmm let’s take a crack at these questions…
#1 It benefits people who played by the rules by reducing foreclosures. Housing prices have plummetted as a result of bad loans and defaults, causing a flood of empty houses on the market. By limiting future foreclosures housing prices will slowly cease their plummet and will start to increase in value. Also many people who played by the rules are now underwater due to this, helping them refinance to more accurately pay on what their house is now worth due to the actions of others. To help no one is to punish everyone.
#2 and #3: Frankly this plan probably will compensate some bad lendees and some bad lenders. But much less so then giving them free handouts like in the last bailout. Lenders and lendees must renogtiate, the lenders reducing the value of the loan and refinancing at a lower interest rate. In turn the lenders get some government compensation, but still take a heat on the loans on their books. The government tried to do this same thing on a voluntary basis already, and guess what…no lenders decided to do it and probably never will. Again though, punish everyone with no help, or an imperfect solution that helps everyone including a some cheats.
More later.

OH GET OVER THE RACE THING THATS ALL I HEAR YOU LIBERALS SAY. IS THAT ALL YOU HAVE? IM A INDEPENDENT I THINK YOU NEED TO HAVE THESE QUESTIONS IM SICK OF PAYING FOR EVERY BANK AND HOME OWNER WHO DID NOT DO THE RIGHT THING IN THE FIRST PLACE NO SYMPATHY HERE. AND ACORN SHOULD NOT RECEIVE ANY MONEY FROM THE TAX PAYERS THIS IS GETTING OUT OF HAND.

Where did all these people, with questions, go when Bush was dismantling every fabric of this country for eight long years. Nobody asked him any questions. This includes the press corps. They were idiotically silent all thoses years and now all of a sudden they become idiotically obstructive with stupid questions. Here is a hard working president with intregrity and intelligence trying to get this country back on track, and all that these people can do is ask stupid questions.

Why should America reward the Republican Party’s EPIC FAILURE by listening to any more nonsense from them?
“Fool me once, shame on … shame on you. Fool me … you can’t get fooled again.”
— George W. Bush
G.O.P. = R.I.P.

These republicans just don’t get it! After all, they are the ones who were the main “drivers” of the downward spiral and now they are trying to do everything to sabotage efforts to help the country and its citizens for their own selfish reasons. When have you heard even ONE republican come out with a good suggestion or recommendation?? They have no ideas to help anyone and are bent on destruction so that they think this would help their cause. Show me one idea that would help us, coming out from their mouths! Running around like headless chickens will be their own self-destruction.

It’s great that Obama has moved to protect American homeowners from the predatory bankers.
Next, CREDIT CARD RATE REFORM!!!
Why are credit card companies allowed to strangle American consumers with usurious rates?
8% maximum rate or BOYCOTT PAYMENT!!!!
LIKE THE BOSTON TEA PARTY ALL OVER AGAIN!!!!
WHO’S WITH ME?

Yes, Kelly, what have these stupid Boehner and Cantor (in general Republicans) have done except for asking stupid questions and saying no? Most of the questions are answered, if these took some time to read the proposal. We should be ashamed for electing these imbeciles. We have high tolerance for stupidity and no tolerance for analytical intelligent approach.

Kelly:” Don’t logically discuss the matter or even acknowledge there is any merit in these questions.”
There has been logical discussion of these questions, but many of them were answered in the announcement. It’s like Boehner and Cantor were asleep through class and woke up at the end and started asking questions about yesterday’s lecture. These aren’t questions, they are crass political talking points.
“What will your plan do for the over 90 percent of homeowners who are playing and paying by the rules?”
1. Foreclosures hurt everyone’s home values
2. Foreclosures are at the root of the banking credit freeze harming our economy
3. What POSSIBLE constructive point is behind this question? I’ve never received free cheese from a food bank but I’m not juvenile enough to whine about that being unfair.

Posted by: samhiguchi | Feb 18, 2009 5:12:49 PM
Jake, I have a question for the big O, who bails me out when I go broke bailing everyone else out….
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Don’t be so selfish.If people aren’t bailed out the money that you are hoarding won’t be worth a penny!
Posted by: fempharoh | Feb 18, 2009 5:28:16 PM
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Does this mean I’m going to have to spend time in Gulag…

Obama needs more than just teleprompters.
Another aid will be added to help Obama answer questions.

infoseeking: “The idea i liked better was to forclose on them all and buy them out on the other side and rent em to the homeowner. ”
Good lord, I tend to think federal government is the most efficient vehicle for many services, but landlord to millions? Unless they’re soldiers, just hell no. I don’t want those $1k toilets going into a rental in Phoenix thanks.

question #7: Will the mortgage bailout funds be equally apportioned to all states, adjusted for population?

mad: “question #7: Will the mortgage bailout funds be equally apportioned to all states, adjusted for population?”
? How does this make any sense at all? This isn’t trying to be fair, like we’re handing out candy to a crowd of toddlers. This is designed to deal with a specific economic problem. Didn’t you ever get the “life isn’t fair” lesson?
Next you’ll start agitating that the Southern States quit sucking up all the Federal welfare funds because it’s not fair they get 30-40% more money from the Feds than they pay in.

Instead of these 2 idiots asking questions, why don’t they come up with solutions.

Q: What limits will there be on people who take assistance if they try to take out home equity loans/2nd mortgages in the future?

I bought a new car a year ago for $20,000. When I finish paying off my loan I will have paid over $25,000 for the car.
When I sell it I will be lucky to get $10,000 for it.
Boo-hoo! Bail me out-I didn’t make a profit on my car.
QUESTION: Why do people think they are owed a profit when they sell their house???

Billions to ACORN is completely relevant and necessary.
Who else will sign up Disney characters and goldfish to assure BO is elected in 2012?

We are rewarding the banks that wrote the bad loans.
We are rewarding the people that lied about their incomes and/or got themselves into homes way above their means thinking they were going to live for free and turn a quick profit speculating on property.
Great, just great.
How about when these banks and people sell their troubled properties that any profits made go back to the U.S. Treasury?

“It has ZERO relevance to the problem or the solution”
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Knowing how $275,000,000,000 is going to be apportioned is always relevent, regardless of the problem or solution.

Other channels were reporting this afternoon that they had actually written the letter and come up with their questions (gearing up for and foreshadowing their opposition) BEFORE they’d even seen the plan, which makes sense since Obama clearly answered #3, and IMO, a couple of the other questions as well. Perhaps the reason reporters asked #6 is because that question wasn’t addressed. I agree with other commenters that the ACORN issue has been debunked and is nothing more than a partisan battle cry. I think it’s important that everyone asks questions but the tone of a couple of these seems combative rather than bipartisan and ready to come to the table with actual solutions.

alysonluv
Well if the questions have been answered already, it shouldn’t take anytime for the President to provide the answers again. Let’s all wait for that.

Instead of these two twits bashing everything Obama does, why don’t they sit down and come up with something useful instead of stupid questions, most of which they already have the answers to.

As for me I would rather get this economy rolling as quickly as possible
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OK, but just because Obama came up with a plan, it doesn’t make it good. It doesn’t mean the economy will get rolling if we do what Obama wants just because he is popular right now with voters.
I’d rather there be questions asked, and answered. A good plan can stand up to scrutiny, and may even be improved by it.

Whether its Obama or someone else,it would be travesty not to do anything under these circumstances.More so,I’m pretty sure he’d welcome some ideas from the right quarters.Not questions suggesting he should do nothing but play safe while the plague spreads ad kills all of us including ‘bonehead’ and ‘coconut’.C’mon get real.

We can keep arguing (like Republicans) about every aspect of the plan until we get completely decimated by this Tsunami. We will never have a plan that is good for each and every one of us. Time is running out on us; what Obama is doing although not perfect is reasonable. If you have better ideas, I am sure he will be glad to lissten to you. I am not a Obamaite, but I see sincerity and level-headedness in him, which I have not seen in a politician for a long time, certainly not Bush.

“3. Will individuals who misrepresented their income or assets on their original mortgage application be eligible to get the taxpayer funded assistance under your plan? ”
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If the president answered this question today, did he say who was going to make the determination?

The business world routinely brainstorms solutions as well as anticipated issues. All questions are considered.
Question #1 in no way negates any other consideration.

It’s certainly hypocritical that Cantor would be demanding transparency after his wife’s bank was a recipient of 267 million dollars from the Paulson TARP bailout, which Cantor helped steer. Even though the bank, New York Private Bank and Trust, didn’t need the money, the Treasury Department was convinced it was eligible for some additional capital.
Think of the 24/7 media coverage it would have been if Diane Cantor happened to be the spouse of the Majority Whip. But there’s been nothing to little to nothing about it. Girls and boys, there’s a big, under reported world outside the small world of Disney.

Give Jake some credit—he’s not asking questions for the Republicans and he is by far one of the more independent thinkers out there. Are we forgeting that the media and Hollywood is in the tank for Obama? BRAVO Jake, you’re a hero in my book and thank you for not swooning when the Chosen One and His Army approach.

Another day, another mess. These are valid questions that will not be answered.

mary t.:”Banks were encouraged to lend to red-line areas in 2003″
If you are referring to the Community Reinvestment Act, it was implemented in 1977 and last had legislative changes in 1999. It’s not too long a read – look it up. He in no way forces banks to underestimate risk or absolves them of their duty to rationally vet loans (other than not allowing a loan to be denied strictly because it is a minority community). The documented FACT is that about 50% of the subprime loans were made by independent mortgage companies NOT effected in any way by the CRA. About another quarter were from banks and subsidiaries only partially under the CRA. The facts to support your talking point are conspicuous by their absence.

kathy:It’s certainly hypocritical that Cantor would be demanding transparency after his wife’s bank was a recipient of 267 million dollars from the Paulson TARP bailout, which Cantor helped steer.
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Cantor did nothing to help steer the TARP funds. Cantor was one of the voices fighting to change TARP I before it was passed by the Democratic Congress, and he pushed for transparency for it from the start.
His wife worked for a subsidiary of a bank that took the funds. She had nothing to do with the parent company accepting the funds.

mad: You said: “Will the mortgage bailout funds be equally apportioned to all states, adjusted for population?”
I assumed you meant what you said. That may indeed be too much to ask for.
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I do mean exactly the question that was asked. You have assumed my motive for asking.
$275,000,000,000 is to be disbursed. Asking for specifics is not a partisan exercise.
You said the people getting the money were idiots. We need to proceed carefully. I am very careful with expenditures, whether personal, business or civic.

MayBee- Eric Cantor didn’t call for transparency, but for a mortgage insurance plan as an alternative to the TARP. The calls for transparency were from the Democrats and specifically, Pelosi, who were responsible for setting up the congressional oversight committee headed by Elizabeth Warren. Cantor is also known for bringing in the bipartisan support for TARP and voting for it.
His wife worked for a subsidiary of the New York Bank and Trust, the Virginia Private Bank Trust. Interestingly, It bills itself as a “haven for wealthy individuals and families.” The parent bank received 9 times the median amount given to companies participating in the bailout, even though it was solvent to begin with. It’s incredulous that Cantor and his wife, who is a director of the subsidiary, claim that they never new about the parent company applying for loan. It’s also hard to believe that the 267.2 million largesse of the bailout did not have any profitable effects for her bank.
It doesn’t really matter if the head of New York Private Bank and Trust was a supporter of Obama or not. For one, the first round of funds were dispersed before he won the election in November if I remember correctly, and TARP was thrust upon us by the Bush administration along with its disbursements.

kathy:For one, the first round of funds were dispersed before he won the election in November if I remember correctly, and TARP was thrust upon us by the Bush administration along with its disbursements.
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Senator Barack Obama voted for the first bailout, and participated in the crafting of the bill. He spoke in support of the passage of the bailout bill.
It was passed by both the Democratic controlled House and the Democratic controlled Senate.
You are talking about the actions of Obama’s fundraiser and his wealthy donor.
Cantor’s wife is merely an employee of the man who generously donated to Senator Barack Obama, Paulson Bailout Supporter.

Since young people don’t understand socialism and the education system is so bad, let’s do this to teach them what Obama is doing by this redistribution of wealth:
The next time your wait staff brings the bill in a restaurant, tell them they gave good service and deserve a tip.
But in keeping with Obama’s socialistic worldview, you are going to do your part and you have spotted someone in the restaurant who looks more needy and THEY are getting the tip $$ instead.

Peach,
Bush moved the country to socialism in his last few months than any president in history. Got it? Bush!!!
Obama is just trying to clean up HIS mess.
BTW, you can start your teaching class with the 135 Republicans that voted for the TARP!

truthseeker, the media hasn’t been independent since it started campagining for Obama. Where have you been? It is laughable that the dems always bash Tapper because he dares question the policies and programs of Obama but no one, not one dem, ever said or says anything about the media who do nothing but gush over and glorify Obama. By the way, abc will delete any post that criticizes the dems but allows every and all post that criticize the repubs.
Posted by: notafan | Feb 18, 2009 7:28:03 PM
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Maybe you should point me to all this supposed “campaigning for Obama.” The media that I’ve been following has been quite critical (arguably overly critical) of Obama. There’s certainly no shortage of Obama bashing in the media (or on ABC comment threads for that matter).
Also, apparently, ABC doesn’t like for anyone to criticize them either. They deleted my critical post. That speaks volumes to me. The media (Tapper, that includes you, Bud) wants to BE critical, but it can’t take criticisms?

Obama got two years to bankrupt America?
I guess a country losing 600,000 jobs in a month, and Iraq gaining an $80 billion surplus from the war isn’t enough?

Why do people that buy a house think it is their right to sell it for more than the price they paid for it?
Is there some law that says homeowners must get back more than original purchase price?
If a I buy a new car after five years I sell it at a loss from the original price. Should I get a bail out from the government?
Most people don’t realize that with the mortgage interest payments on a house they usually end up paying twice as much as the initial house price.
For example, a $250,000 home on 6.5%, 30-year mortgage will end up costing nearly $600,000. But the owner thinks if he sells it for more than the initial $250,000 price he is making a profit.
There needs to be some rethinking of house ownership and using it as an investment.