Right Wing Dog

The FIGHT for The RIGHT!

Barney Frank, Bailout King, Maybe Following Rangel and Waters to the Hot Seat Over His Questionable and Apparently Illegal Deeds as a Member of The House. My Opinion: It Couldn’t Happen To A More Deserving Individual!

Barney Frank is out of control. He believes the laws do not apply to him or his friends in Washington. The arrogance is breathtaking – funneling taxpayer money to friends, using political power for financial gain, and conspiring to cover up ethics violations… “Watersgate” has all the hallmarks of a John Grisham political thriller. Unfortunately, this is business-as-usual for Barney Frank and many of his colleagues in Washington.

A recent controversy erupted when a Congressional ethics panel suggested that one of Rep. Frank’s Washington colleagues, Rep. Maxine Waters, committed ethics violations by attempting to use her political influence to funnel taxpayer-funded bailout money to wealthy campaign donors.

After recognizing this constituted an ethics violation, Barney Frank stepped in and told her that he would personally handle the issue. He has publicly admitted that he directed more than $12 million to businesses owned by Rep. Waters’ rich friends and campaign donors.

Bailout Barney has admitted that he didn’t look at OneUnited Bank’s operations, which include poor business practices and excessive executive pay and perks – including the CEO’s company owned Porsche, and knew that funneling the money himself allowed Rep. Waters to avert ethics violations. But he still needs to explain why he advocated bailing out this bank with $12 million in taxpayer funding!

You and I know Barney Frank will never admit to any wrong-doing, so it’s time to show him how fed up we are with his use of political power at taxpayers’ expense. This fall we have the best opportunity in nearly thirty years to defeat Bailout Barney at the ballot box,

RWD

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August 6, 2010 Posted by | 2008 Election, 2010 elections, 2012 Elections, 9/11, America, Blogroll, Congress, corruption, Democrat, Healthcare, House, Joe Biden, LGBT, Liberal Democrat, Main Stream Media, Michelle Obama, NOBAMA, Obama, pelosi, Political, POLITICS, Socialist, stimulus package, Unconstitutional, unions | , , , , , , , , | Leave a comment

Obama’s Senate Buddy Rapes the Aviation Security Bill to Give to A Supporter of His Failed Bid for President!

Sen. Dodd, D-Conn., slashed aviation security funding for pet constituency
By: Mark Hemingway
12/28/09 12:24 PM EST

Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. arrives on Capitol Hill in Washington, Tuesday, Dec. 22, 2009, for a series of votes.
Now that our attention is focused on airline security measures thanks to the failed airline attack on Christmas Day, it’s worth mentioning that one senator took money away from aviation security to line the pockets of a constituency that supported his presidential campaign in a big way.

Back in July, Senator Chris Dodd, D-Conn., proposed an amendment reducing aviation security appropriations by $4.5 million in favor of firefighter grants — a notoriously inneffective program. In fact, the money removed by Dodd was specifically “for screening operations and the amount for explosives detection systems.” The amendment was also sponsored by Sen. Lieberman, D-Conn., and Sen. Carper, D-Del., but Dodd deserves to be singled out here because the firefighters union is a pet constituency of his. In 2007 he campaigned all through Iowa with the firefighters union. It was one of the few distinguishable features of Dodd’s ill-fated presidential bid.

My words of commentary begin below:

It is bad enough that we ended up with Barack Hussein Obam as President but think of what it would be like with Dodd, Teddy Kennedy’s old drinking companion. He takes money from an Aviation Security Bill and gives to a campaign supporting group (I have absolutely nothing against FIREFIGHTERS) but I do have some thing against giving their union money that was earmarked to improve the safety of air travel JUST becuase the union supported your asinine bid for President.
Dodd has been in the Senate too long, way too long! He is being investigated for alleged fraud in the Countrywide Mortgage scandal, he sits in a powerful Senate seat doling out money and favors like this for his and Obama’s friends and supporfters. Where was this in the main stream media BEFORE the Christmas Day tragedy??

Something about this STINKS and it is not the Firefighters, It is the Democrat way of doing things!

RWD

December 30, 2009 Posted by | 2010 elections, 2012 Elections, 9/11, America, Blogroll, Congress, corruption, Democrat, election, Liberal Democrat, Main Stream Media, MainStreamMedia, Michelle Obama, News Site, NOBAMA, Obama, pelosi, Political, POLITICS, President, Presidential Candidate, Senator, stimulus package, Ted Kennedy, unions, White House | , , , , , , , | Leave a comment

Obama’s Congress is Giving Easy Money to Un-Qualified Home Buyers Thru The FHA as It Did With Fannie and Freddie. Barney Frank in The Drivers Seat!

Easy-money mortgages is still provided, by the feds

Is the ghost of Ted Kennedy driving this?

Easy-money mortgages with little or no down payment for buyers/pigs with bad credit/no credit was a thing of the past? The money trough is open.

You can get the money today, guaranteed by the federal government.

Barney Frank and Chris Dodd at work:

Loans insured by the (FHA) have become “the new subprime,” and these loans are exposing taxpayers to the same kinds of soaring default rates and losses that brought down Fannie Mae and Freddie Mac as well as destroyed many banks and the private market for mortgage loans. Frank and Dodd don’t care as long as the shlubs that borrow this money vote for them and their party!

While private lenders learned a lesson from the mortgage crisis and are shying away from easy-money loans, the FHA has stepped in. The agency is backing for 37 percent of all mortgages used to buy homes this year.

After the collapse of the private mortgage market last year, Congress and the George W. Bush administration greatly expanded the FHA’s original Depression-era program aimed at assisting sales of modestly priced homes by more than doubling the ceiling on loans that the agency can insure to $625,500 while maintaining its loose lending terms – ensuring that nearly any home sale could be covered by the agency.

The FHA’s predominance was enhanced further this year when Barack Hussein Obama’s Congress lifted the ceiling to more than $729,000 for major urban areas and passed an $8,000 tax credit for first-time homebuyers that can be accelerated for borrowers to use as a down payment on FHA loans and avoid any cash commitment to their home purchases. No money down on big money homes means forclosure in a year or two and a HUGE loss to the American Taxpayer!

While these changes were intended to be temporary and expire by the end of the year, given the fragility of the housing and mortgage markets, Congress is considered likely to extend them this fall. Of course they will, 2010 is an election year.

Use of the same bad credit practices that were at the root of the housing crisis, likely feeding further waves of default and foreclosure. But this time it is the taxpayer – not the banks – who could end up holding the bag.

The surging default rates of more than 30 percent on loans insured since 2006 by the FHA. That is not far below the 40 percent rate of default and foreclosure on the notorious subprime loans that ignited the credit crisis.
FHA’s portfolio is exploding and the taxpayer is now on the hook for 100 percent of the losses,”

FHA’s growing default problems are the results are the same – unsustainable/bad loans perpetuate the nightmare of foreclosures.”

It is estimated that 20 percent of the FHA’s entire portfolio of $725 billion mortgages will end up in foreclosure – and FHA agrees . It is predicts that the FHA will require a taxpayer bailout within two to three years. Yet, they continue to push the bad money out the door as the behest of Barack Hussein Obama and his minions in Congress like Barney Frank and Chris Dodd.

One reason defaults are soaring is they are lending to homebuyers who haven’t saved enough to make down payments. Loans with little or no down payment (no owner investment) have high rates of loss is because the borrower has little or no financial stake in losing their homes to foreclosure.

The FHA requires a minimal 3.5 percent down payment – far below the 20 percent now required by private lenders.

Many borrowers have been able to avoid that minimal level of l investment in their homes. Obama’s administration is enabling these buyers to put up no cash at all allowing them to get advanced payments of the $8,000 homebuyers tax credit through arrangements with nonprofit housing groups and state housing agencies. The tax credit can be used the same way to pay closing costs.

Beyond the loosened standards on down payments, the FHA remains willing to make loans to people with low credit ratings, even those with histories of default, foreclosure or bankruptcy. Those with histories of default are far more likely to default again.

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The FHA has a program that will help people who missed two or three payments under such duress by using the insurance fund to make those payments for them and then recouping the money when the property is sold – a provision that has been used in about 400,000 cases so far and could help to bring down the foreclosure rates on loans that go into default as a result of the recession. In other words, don’t even pay your mortgage, Obama’s boys will pay it for you! This is deceptive and covering up bad loans.

The agency also is considering tightening standards for borrowers who pose multiple risks, such as those with histories of default. Sure they will, after the FHA is in such trouble that Obama will have to once against use OUR money to bail them out!

Responsible lending would spoil the housing recoverybecause the FHA has effectively replaced subprime lenders who went bust. They’re under pressure by Barack Hussein Obama to prop up housing prices, and are insuring heaps of risky loans.

The FHA’s backers in Congress, led by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat Congressman, maintain that high default rates are the price of Congress’ decision to use the FHA to prevent a complete collapse of the housing and mortgage markets in a time of extreme distress. What does he care, not at all just as he didn’t care when Fannie and Freddie went broke!

By keeping affordable loans flowing, particularly to the growing ranks of first-time homebuyers, the FHA has been critical to our nation’s economic and housing market recovery.

But even some liberal housing advocates say the FHA’s spectacular expansion is worrisome.

Given the huge ramp up in its lending in a very short period of time, it seems unlikely that the FHA has been able to adequately scrutinize the loans that it is buying.

While any bailout of FHA likely would be small the crippling of the FHA as a lender would be another blow to the housing market and would be a serious political blow to efforts to ensure access to mortgages for moderate-income families.

RWD

October 19, 2009 Posted by | 2010 elections, 2012 Elections, Blogroll, Congress, corruption, Democrat, economy, House, Liberal Democrat, NOBAMA, Obama, Political, POLITICS, President, Senator, Socialist, stimulus package | , , , , , , , , , , , , | 4 Comments