Fannie, Freddie to Forgive Mortgage Debt?

By Richard Davies
@daviesabc
Apr 11, 2012 8:01am

Another big push to help troubled homeowners may be in the works. The acting director of the Federal Housing Finance Agency has softened his stand against allowing Fannie Mae and Freddie Mac to reduce mortgage debt for struggling borrowers. Edward DeMarco says his agency is considering whether this change would lower losses by Fannie and Freddie and help stabilize home prices. Taxpayers have already spent $170 billion to bail out the mortgage giants. Principal forgiveness could be offered to 700,000 borrowers at risk of foreclosure. In a CSPAN interview last week, President Obama’s Housing Secretary Shaun Donovan said he believes there is a “compelling” case for principal forgiveness.

Is it merely a correction or a true change of direction? Stocks have been in their biggest losing slide of the year. But the worst might be over.

European stock averages rose this morning. US stock futures were up after five straight days of losses. Both the Dow Jones Index and S&P 500 lost more than 4 percent in value over the past week. The real trigger was last Friday’s relatively weak US jobs report. Then came fresh concern about the weak state of Spain’s economy and debt problems.

Italy’s borrowing costs on short term debt more than doubled in today’s bond auctions. The interest rate demanded by investors for 1 year bonds rose to 2.84 percent from 1.4 percent last month.

Earnings season began with Alcoa reporting a sharp drop in profits. But its first-quarter report still came in stronger than analysts expected. Alcoa sales rose with a rise in demand from car makers, commercial transportation and aerospace companies.

Big oil benefits from high crude prices. Chevron says the price bump will help push first-quarter profits higher than the prior quarter. Chevron also benefited from higher refining profit margins, lower operating costs, and gains from selling assets.

When Brian Dunn quit abruptly as CEO of Best Buy it appeared to be related to the firm’s crumbling business model as a big-box retailer. Now a statement says Dunn resigned as the company looks into his personal conduct. It’s not clear what this involves.

Richard Davies Business Correspondent ABC NEWS Radio twitter.com/daviesabc

Fannie, Freddie to Forgive Mortgage Debt? – ABC News.

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Why An Income Tax is NOT Necessary to Fund the U.S. Government

Why an Income Tax is Not Necessary to Fund the U.S. Government

Also available on audio for free; click here.
Download to a CD or IPod and help get the truth to family and friends

Devvy Kidd

Originally published and copyrighted in June 2001
Changes in text (c) 2005

“Can this statement possibly be true? In order to answer this question, Americans must first understand what is the source of the money that funds the government and where it goes. Contrary to the sound bites issued by the two mainstream political parties, the reality of how the system actually works will not only open your eyes, but hopefully stimulate the American people to demand that the thievery underway come to an end.

Where do your “income” tax dollars go?

The best place to look for an answer to this question would be a government report, so let’s take just one at random:

President’s Private Sector Survey On Cost Control
A Report to The President (Reagan)
January 15, 1984. Available from the Congressional Research Service.

[…]

Resistance to additional income taxes would be even more widespread if people were aware that:

With two-thirds of everyone’s personal income taxes wasted or not collected, 100% of what is collected is absorbed solely by interest on the Federal Government contributions to transfer payments.

In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their government.” [emphasis added]

So what we have is a central bank issuing worthless paper “money” that controls our economy, our lives and our future. This private banking cartel was unconstitutionally granted this power by a devious, scheming group of senators back in 1913. In essence what they did was place the American people into indentured servitude by forcing The People to pay usury on worthless fiat currency (paper money created out of nothing), not to fund the government, but to enrich the bankers and fund wars in which America should never be involved. This system exists not to fund the government, but to allow the U.S. Congress carte blanche power to continue funding unconstitutional agencies and programs by providing them with a bottomless source of worthless ink.

[…]

Sometimes it’s difficult to be the messenger of news that people would rather not hear.

However, Americans can no longer remain in their comfort zones because the message isn’t what they want to hear. If your house is on fire, you don’t sit and continue to watch the television set, you call the fire department. America: Our house is on fire and it is the obligation of every American to safeguard the liberties and freedoms given to us by those who paid the ultimate price. Please join the growing numbers of millions who are ready to take back our country and stop the assault on our rights.”

via Why An Income Tax is NOT Necessary to Fund the U.S. Government.

Taxpayers Should Stop Subsidizing Walmart

August 25, 2011 09:00 AM
By Tina Dupuy

Girsheila Green, a young mother from Compton, California, who has worked at Walmart for three years. Ms. Green told the crowded church how in her tenure with Walmart, she’s received two raises and is now a manager. She makes nine dollars an hour (one dollar above the laughably-low California minimum wage). She pulled from her pocket three cards she claimed most Walmart employees at her store have: a 10 percent Walmart employee discount card, her employee ID and her EBT card (what used to be called food stamps).

She relayed that 80 percent of her store is on food stamps. I’d argue one is too many.

[…] We, as taxpayers, pay for Walmart’s cost-cutting tactics. Profit? Privatized. Nutrition? Socialized.

Think of how many employees use their food stamp cards to buy groceries at the store where they WORK. It’s like a nurse having to file bankruptcy due to medical bills.

It would be different if Walmart were a struggling little start-up where loyal employees believed in the company’s vision, so being temporarily paid less than an intern is understandable.

But since Walmart is by all measurements a success – it’s no longer okay for them to benefit from government handouts. They need to pay people who work for them like people who work for them and not like disposable volunteers in blue vests.

via Taxpayers Should Stop Subsidizing Walmart | Crooks and Liars.

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