RESIDENT EXPERT | DANIEL MCGINN

Losing Your Head Over Your House

Whether it's McCain's seven houses or Obama's one, politicians aren't the only ones with shaky judgment about home-buying.

By Daniel McGinn | NEWSWEEK

Published Oct 6, 2008

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Discuss

Posted By: Nowforthetruth @ 10/11/2008 8:05:25 PM

Comment: Lou Dobbs reports on ACORN corruption and ties to Obama, including Obama Campaign paying ACORN $800,000 for voter registration activities.

http://www.cnn.com/video/#/video/bestoftv/2008/10/09/ldt.tucker.acorn.under.fire.cnn

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See: Wall Street Journal

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj
Posted By: think4yourself @ 10/08/2008 3:58:27 PM

Comment:

Everyone knows or should know that McCain has not only been doing townhalls all over the country this whole time even when Obama refused to do any when invited by McCain "several times" the media had to move "heaven and earth" to make sure that this debate was fool proof. And Obama was the Fool!

Finally Good news! You cant stop the truth!

After much protesting - Hulu.com brought back the Saturday Night Live Congress Bailout skit back. CHECK IT OUT!!!!!!!!!!!!

http://www.hulu.com/watch/38041/saturday-night-live-washington-approves-the-bailout#s-p1-st-i1
Posted By: The Katt @ 10/08/2008 11:48:27 AM

Comment: If this financial mess does indeed stem from a meltdown in the mortgage industry it may be cheaper to send each and every homeowner that is in need of paying off there mortgage the sum of one million dollars.
This would be a lot cheaper (in the millions rather than billions) and the economy would get a bigger boost, "ie" debt and mortgage payoffs and people would have money leftover to shop, dine, travel, paydown student loan debts and live their lives again.
The Katt
Posted By: Nowforthetruth @ 10/07/2008 4:56:46 PM

Comment: ACORN Vegas Office Raided in Voter Fraud Investigation
ACORN's Las Vegas headquarters has been raided by Nevada authorities looking for evidence of voter fraud.

http://www.comcast.net/articles/news-politics/20081007/Voter.Fraud.Probe/
Posted By: rumor396 @ 10/07/2008 3:28:44 PM

Comment: A classic example of the liberal ethics dearth. They equate these three home ownership "scandals" and the difference escapes them. McCain, owns 7 houses because is wife is rich, nothing unethical about it. Obama and Biden acquired homes they couldn't afford through less than honorable means. Character counts!
- Posted By: basedrum777 @ 10/07/2008 4:50:22 PM
  
  Comment: Ethics and John McCain. Hmmm... I guess cheating on your wife with your future wife who happens to have enough money to launch your political campaign is just the type of ethics we need. Now if you want to argue what is more like the average American I believe owning one house, albeit through dubious means, is still more "average" than 7 houses. Of course by his own admission John McCain thinks he's middle class. I mean he does make less than $5m a year right?
Posted By: Justmethinking @ 10/07/2008 3:09:56 PM

Comment: Folks, stop worrying... When Obama wins, he is going to give you free healthcare, and you get to screw the bank and keep your house without making any payments. So buy a big house now and wait on Daddy Obama to come blow your nose and wipe your bottoms for you.
Posted By: TruthSquad255 @ 10/07/2008 2:21:50 PM

Comment: According to the Times, "the acquisition of [Biden's] waterfront property a decade ago involved wealthy businessmen and campaign supporters, some of them bankers with an interest in legislation before the Senate, who bought his old house for top dollar, sold him four acres at cost and lent him $500,000 to build his new home." The story further alleged that Biden has used campaign funds to landscape the property, which he has used to hold fund-raisers. READ DUMMIES. THIS IS WHAT IS WRONG WITH THIS COUNTRY!!!
Posted By: Democrat-Hillary @ 10/07/2008 1:11:40 PM

Comment: PLEASE TAKE A LOOK AT:
Palin s model for debate: BUSH! From Countdown MSNBC Oct, 3-08
http://www.youtube.com/watch?v=_f_SmsXgzvg

Rolling Stone Magazine: Make believe Maverick, A closer look at the life and career of John McCain reveals a disturbing record of recklessness and dishonesty.
By TIM DICKINSON
http://www.rollingstone.com/news/coverstory/make_believe_maverick_the_real_john_mccain?commentPage=8#rate

If Palin wants to play guilt by association , let s compare:
* Video: Sarah Palin addresses the Alaska Independence Party convention.
http://www.youtube.com/watch?v=ZwvPNXYrIyI

* Article
http://tpmelectioncentral.talkingpointsmemo.com/2008/10/palins_attack_on_obamas_patrio.php#more
For McCain:
- Keating Five, just google it , there are tons to read and see....
- McCain linked to group in Iran-Contra case. Organization had ties to former Nazi collaborators, right wing death squads: http://www.msnbc.msn.com/id/27062761/
- McCain & Pastor John Hagee, just google it , there are tons to read and see....
- McCain ties with Gordon Liddy : <http://mediamatters.org/items/200810040004>
- The Silver State bank and the role of McCain???s son, google it.....

HOLD YOUR HATS and more....... We the people will get the true truth about McCain and Palin.
Obama will stay on message and issues, at a crisis time when 90 years old lady is shooting herself rather than leaving her home due to foreclosure and a desperate father all family and self WHILE McCain and Palin spew their venom!...they are so-called religious but the sin of lies, blasphemy is not in their Bible.....

At least Obama could walk up to the WH his lead held high not trailing mud......

Feel free to re-post.
Posted By: Ms.Dee @ 10/07/2008 12:16:46 PM

Comment: Senator Biden is one of poorest Senator in the Senate. I don't believe you have your facts right. Senator Biden lost his 1st wife and daughter in a terrible car crash. You do not know what the monetary out come was in his settlement. I quess you are just bumping your gums for nothing. A person who have worked over 36 years and made over $100,00 per year should have earned $3.6 millions. Please do the math.
- Posted By: TruthSquad255 @ 10/07/2008 2:17:54 PM
  
  Comment: How about taxes dummy? Did you read the article? He made 3.6 million so that is what he has. I didn't say he was poor. I asked how he could afford that house. Biden is as phony as that rug on his head.
Posted By: jchri66 @ 10/07/2008 12:09:54 PM

Comment: Biden and wife claimed $320,000 income last year. Go take your Neo-Con job to Fox News discussion boards. You are what's wrong with this country!!
- Posted By: TruthSquad255 @ 10/07/2008 2:19:40 PM
  
  Comment: Why are all of you liberals so angry? Obama is being exposed. He is an empty suit.
Posted By: TruthSquad255 @ 10/07/2008 11:48:21 AM

Comment: BIden is a Senator and his wife is a teacher. How can he afford a $3 million house? Looks like he is using his office to enrich himself. That is what is wrong with our country.
Posted By: jchri66 @ 10/07/2008 11:42:58 AM

Comment: People don't buy into the Neo-Con BS. If you actually look at the breakdown of donations from Fannie Mae you will see PAC's( Which are lobbyists!!) and individuals (Which are the workers). If you give to a politician you declare where you work. So when these lists are compiled your money will show as an Individual from the company you work for. Get it??? Now let's look at the top people who recieved money from Fannie for the last 8 years or so...

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

See how the Republicans take the PAC's??? Now pass it on and don't let people puke Fox News lies on you.
- Posted By: wcor242 @ 10/07/2008 12:18:55 PM
  
  Comment: Neo con ?
  Do you know what Neo Con Means ?
  New Conservative, Basically a big governement conservative, which is what Bush is, If he wasnt religious he would be a liberal with everything else
  However this New Con thing has nothing to do with SubPrime mortgages and who is ultimately responsible for them. Congress, and Private Industry
  - Posted By: basedrum777 @ 10/07/2008 4:53:32 PM
    
    Comment: Neo-con has also come to mean the type of people who use slash and burn techniques to try to win (rig?) elections. Please don't ever compare Bush to a liberal.
    He gave tax cuts to rich people. That is the ultimate liberal sin.
Posted By: Nowforthetruth @ 10/07/2008 11:36:21 AM

Comment: The link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

Then there is the Senate Banking Committee Chairman Christopher J. Dodd who allegedly got special mortgage deals from Countrywide, who gave preferential rates to 'friends' of company's chairman.

http://www.msnbc.msn.com/id/25140560/

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

And then there is House Speaker Nancy Pelosi, who allegedly has directed nearly $100,000 from her political action committee to her husband's real estate and investment firm.
Posted By: woodduck @ 10/07/2008 8:56:53 AM

Comment: The congress is so used to being brobed by lobbyists that they bribe one another to get bills passed --PORK --
Posted By: Nowforthetruth @ 10/06/2008 11:22:35 PM

Comment: And where is the demand for an investigation of Dodd's roll in this mess and his alleged $75,000 in mortgage breaks from Countrywide?
Posted By: Nowforthetruth @ 10/06/2008 9:48:12 PM

Comment: Do Obama and the Democrats deserve a lift in the polls as a result of the financial and mortgage problems? The answer from history is a clear NO. Here's the lead of a New York Times story on September 30, 1999:

"Fannie Mae Eases Credit To Aid Mortgage Lending" [link below]. That's 1999 folks. Clinton Administration, I believe.

Here's the lead of a New York Times story on Sept. 11, 2003:

"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. "[see link below] The Democrats killed the reforms.

McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190:

"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole. The Democrats killed the Bill.

What was Barney Frank and fellow Democrats saying at the time of these attempted reforms? According to reports, Representative Barney Frank(D-MA) claimed of the thrifts :

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Representative Mel Watt (D-NC) added of the reforms "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing." [ See Community Reinvestment Act, link below w/ history]
Posted By: Nowforthetruth @ 10/06/2008 9:48:00 PM

Comment:

The link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The last link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

http://article.nationalreview.com/print/?q=M2QwNDhkZTg2OGYzZjkzM2E2NDEwM2U5OGVkNTc0YzU=

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

http://www.businessandmedia.org/printer/2008/20080924145932.aspx

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080926

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj
Posted By: yellow72 @ 10/06/2008 9:13:50 PM

Comment: unfortunately, it was considered dumb if you didn't get a deal. not a savvy buyer. builders were giving away questionable loans to, just about anybody. the stated income/stated asset, no doc, interest only ARM's, and the rest of the exotic loans helped self-employed/small business owners get away with not showing how they cheat on their taxes. interest only loans for customers who were banking on their values going up. everybody got a deal. and if they didn't, all they had to do was across across the street to another bank or broker to get the deal. that's the way the game was played. I know at least 10 people who've foreclosed on their home. sad.