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bank of america wrote the Dodd/Sehlby act

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444nutman

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Jun 20, 2007
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Certified Residential Appraiser
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Florida
We believe that any intervention by the federal goverment will be acceptable only if its not perceived as bail out of the bond market.
That is a line out of Bank Of America proposal (page 2)which the Dodd/Shelby bill looks eerily similar to.

http://www2.nationalreview.com/dest/2008/06/20/bofa.pdf


Looks like we are going to bail out the banks. The sad part is Dodd is doing it only for 75k when the lenders make back billions.
 

Michael Tipton

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Sep 25, 2005
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Certified Residential Appraiser
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Florida
Old news, this is typical activity locally, at the state and federal level.
 

timd354

Elite Member
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Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
We believe that any intervention by the federal goverment will be acceptable only if its not perceived as bail out of the bond market.
That is a line out of Bank Of America proposal (page 2)which the Dodd/Shelby bill looks eerily similar to.

http://www2.nationalreview.com/dest/2008/06/20/bofa.pdf


Looks like we are going to bail out the banks. The sad part is Dodd is doing it only for 75k when the lenders make back billions.

Why would this surprise anybody and why would you think that Dodd is only getting 75K out of all of this corruption.....he undoubtedly gets much more than we will ever know.
 

Carnivore

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Jan 15, 2002
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Certified Residential Appraiser
State
North Carolina
"Since the new loans would be guaranteed by the Federal Housing Administration (FHA), taxpayers would ultimately pay for defaults. The Congressional Budget Office projected that this could cost $1.7 billon over five years. "


This says it all. It is a bailout of the Banks. Earlier it even said it would relieve the lenders of the burdens. Meaning pass it on to the taxpayer. So they made all this money, then they lost all that money and more, now they dont want to pay the piper for their bad decisions.
 
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Bama Bayou

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Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
"Since the new loans would be guaranteed by the Federal Housing Administration (FHA), taxpayers would ultimately pay for defaults. The Congressional Budget Office projected that this could cost $1.7 billon over five years. "


This says it all. It is a bailout of the Banks. Earlier it even said it would relieve the lenders of the burdens. Meaning pass it on to the taxpayer. So they made all this money, then they lost all that money and more, now they dont want to pay the piper for their bad decisions.

My bold. Including hiring the fastest, cheapest, and highest appraisers they could find.
 

starmansf

Sophomore Member
Joined
Jan 2, 2006
Professional Status
Certified Residential Appraiser
State
California
How was Dodd to know he was being bought? Isn't he the head of the Senate Finance Commity? He's a busy guy.
 

starmansf

Sophomore Member
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Jan 2, 2006
Professional Status
Certified Residential Appraiser
State
California
sorry, that was "committee."
 

JENIFFERW

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Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
Cuomo wants to inteview me. I don't know when yet. Anybody want me to know or say anything about this, or anything else?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Cuomo wants to inteview me. I don't know when yet. Anybody want me to know or say anything about this, or anything else?

I would tell him everything you know, not that he really matters anymore....Congress and the Feds are involved now and they are going to what they are going to do...they may listen to somke suggestions from Cuomo, but he is not going to be the power behind any reforms that go into effect..........I do give him credit for helping to get the ball rolling with the HVCC (which is flawed, but is a good start). I guess this makes sense, since when you think about it, the attorney general of one state should not be setting policy for Fannie & Freddie in all 50 states.
 
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