Ace, How long have you had this problem with debating with yourself?
Well Ace, it started when I was about 10 years old, I started asking my mother questions about her smoking...and well... I am just glad I still have teeth.
Seems you have issues Ace, carry on.
Sir, yes Sir.
Oh, sorry, getting back to countrywide and the Housing bill, that is not really a housing bill, but another kind of welfare bill. This time the welfare is for big banks and "speculators". But why would Democrats support legislation for big banks and "speculators" (or I think they call them victims of the big banks being bailed out - gets confusing!)? Questions, questions, questions, to bad there are no answers. Here is the latest from one of my favorite uber conservative publications - WSJ.
Quote:
Bank of Congress
June 26, 2008; Page A14
"Hopefully, there will soon be no more Countrywide," declared Barney Frank (D., Mass.) last week. Calling Countrywide "unusually sleazy," the House author of Congress's $300 billion housing bailout added: "Having Bank of America buy up Countrywide is a good thing for America." Yesterday, Countrywide shareholders seconded that by approving the transaction.
[Barney Frank]
Mr. Frank may be right about Bank of America's better management, but there's no doubt his legislation is very good for both Countrywide and BofA. Thanks to this bailout that is now on the Senate floor, taxpayers could end up on the hook for more than $25 billion in loans originated by Countrywide. We also know the race is on to see how many of these mortgage contracts will receive taxpayer refinancing before the law catches up with them. Yesterday, Attorneys General in Illinois and California sued Countrywide and CEO Angelo Mozilo for deceptive trade practices.
Suspicious Activity Reports filed with the Treasury's Financial Crimes Enforcement Network show that mortgage fraud skyrocketed during the housing boom. What will take time is digging into individual mortgage contracts to uncover the extent of such fraud. But with an election in five months, Congress is determined to bail out irresponsible lenders and borrowers right away.
After making its loans, Countrywide sometimes held on to them but most often it sold them to others who packaged them into mortgage-backed securities (MBSs). And that's also why Bank of America has so much at stake in the housing bailout. According to a recent JP Morgan report, Bank of America holds more MBSs than any other bank, and its $182 billion in MBSs is more than twice as much as second-place Wachovia. So yesterday's Washington Post report that BofA helped to craft the bailout comes as no surprise. What is surprising is how many Senators still think this bailout is smart politics.
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http://online.wsj.com/article/SB1214...w_and_outlooks