Not that this nation needs another moral hazard-ridden bailout plan, but Barney Frank has one. As the (official) unemployment rate continues marching along towards 10%, the internet gambling advocate has a $6.5 billion “TARP for Main Street” proposal ready to go. The plan would be funded by TARP dividends and allocate $2 billion in “loans” to pay the mortgages of the unemployed. With conventional lenders unwilling to modify mortgages in light of the end of the recession, Barney has found a new way for the government to increase its bailout losses.
Frank proposes home loan plan for jobless [Boston Globe]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
He’s a big fan of the cramdown.
What a plum smuggler.
I’ve got something you can wrap your rubber lips around, Barney.
TGFD says that $6.5 Billion is nothing compared to the $25 Billion the gov’t truly wasted on the AIG payout to the Goldman machine.
For once in this whole f’n mess, why not help someone other than the f’n criminals?
The Guy from Delaware
Greg – Do you get assigned the most boring possible stories with the hopes that you can somehow breath some life into them (which you clearly can’t after 50+ attempts), or are you naturally drawn to incredibly uninteresting stories which you wistakenly believe are inherently compelling? There’s a Twix wagered on the answer so please reply soon.
So will “Main street” have 5% annual dividend obligations and warrants attached to it? Will “Main Street” be subjected to political grandstanding by Maxine Waters? Will “Main Street” have its compensation capped by Frank & Beans?
I am beginning to think the gov should have taken the $10 trillion (or what ever it is now) and just given it to the people.
Say they gave X amount to families of 3 or more and say half of X to single people.
Thinking that would amount to a large chunk of $$ for people that work and pay taxes. Working and paying taxes would be a requirement to recieve the funds.
Imagine the consumer spending that would have followed.
Greg doesn’t know how to read the Boston Globe. Perhaps he’s from Maine.
yea or 7 its called reducing the tax rate to zero
@7
If they had done that you would have gone to buy toilet paper and realized you would save money wiping with Benjis.
@9, for about 40% of the general populace, effectively its 0.
Incentives, pay them no heed.
@7 agree with you; all they’d have to do is reduce the tax rate.
Good. Now that I’ve quald for a mortgage, I can pound my secretary’s ass, snort cocaine off her lumbar, get canned, and not have to worry about the mortgage paymets! Schweeet!
@10…why do you think the out come of whats been done won’t have me wiping with benjis anyway?
@14, are you wiping your a$$ with benjis? That should answer your question.
we must remember that Washington does not pay for anything, we the taxpayers pay for it. I am all for a hand up to these unfortunet people that is what WELFARE was supposed to be not a lifestyle that it turned out to be. These people need to understand that they should have to pay this back to us also when the economy turns.
16 Go back to Fox News where you belong. And pick up a spelling book along the way.
The most amazing line in this story is: “With conventional lenders unwilling to modify mortgages in light of the end of the recession,” WOW – the recession is over! Yep, it’s a Depression.
Clearly the thing to do is kick the unemployed out of their houses and onto the street – that will make things better. If you think Barney’s plan is wack, check out this idea for mortgage forgiveness from the Milken Institute:
http://bank-o-meter.com/bank-o-meter/component/content/article/1-latest-news/160-how-to-rebuild-us-home-prices-and-fix-the-economy-mortage-forgiveness