***** Here Is The Bailout Bill*****

[buffaloboy]

Here is the text of the bailout bill

http://money.cnn.com/2008/09/28/news/pdf/index.htm

It's a PDF document, which means you need to have Adobe Acrobat Reader installed on your computer.

Here is the link to Adobe.com - choose the button to "Get Adobe Reader".
http://www.adobe.com/

Here is the link to the CNN Money web page, from there is the link to the bill. There will probably be other sources available too in a few minutes.
http://money.cnn.com/

Fox also has the bill up now. It looks like the same copy on CNN.

This is a draft of the economic-rescue package that is currently being discussed on Capitol Hill.
Please be advised that this is the Sunday draft of the legislation – and is in very preliminary form – so anything contained here will not necessarily make it into the final legislation.

http://www.foxbusiness.com/story/markets/economy/draft-economic-rescue-package/
http://www.foxbusiness.com/pdfs/rescuebill_First%20Draft.pdf

[buffaloboy]

This is the Full Bailout Bill as being submitted to the House. 106 pages PDF.

[AKFamily]

reading it now :cool:

[Nancy Kallitechnis]

I wasn't able to view the bill.

[Justmy.02]

Anyone who reads it: please let us know if it contains money designated for ACORN. I will let my representatives here in Nevada know what I think about my tax dollars going to THAT corrupt organization...

[HumbleDave]

This is the Full Bailout Bill as being submitted to the House. 106 pages PDF.

Surprising that it takes 106 pages to basically tell the public we're going to screw you. (/sarcasm)

[Agent 00½ FL]

This is just a "Discussion Draft". We need to review something that says "Final Draft'.

[Bad Kitty]

Surprising that it takes 106 pages to basically tell the public we're going to screw you. (/sarcasm)

True. They could have helped the environment and saved all the trees with this simple statement:

Dear Responsible Tax Payer,

We were and are still greedy. If we don't take all of your hard earned taxes and fix this mess, then the banks and the other crooked trillionaires will not be able to sponsor our conventions and election night parties. In short, you are screwed.

Signed,
Pres. and Congress

P.S. The House Republicans refused to sign this, but we don't need them. Just like we don't need you but we do need you to keep working really hard to pay this off....so stop reading and back to work.
http://www.anchoredbygrace.com/smileys/1poke.gif

[AKFamily]

(d) TRANSFER OF A PERCENTAGE OF PROFITS.—

(1) DEPOSITS.—Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2)
(2) USE OF DEPOSITS.—Of the amount referred to in paragraph (1)

(A) 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and (B) 35 percent shall be deposited into the
Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).

[buffaloboy]

I wasn't able to view the bill.

It's a PDF document, which means you need to have Adobe Acrobat Reader installed on your computer.

Here is the link to Adobe.com - choose the button to "Get Adobe Reader".
http://www.adobe.com/

Here is the link to the CNN Money web page, from there is the link to the bill. There will probably be other sources available too in a few minutes.
http://money.cnn.com/

[AKFamily]

RESIDENTIAL MORTGAGE LOAN SERVICING STANDARDS.

To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Home owners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures.

In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

[buffaloboy]

There is a section on insurance of assets, which I think is what the House Republicans were pushing for, although I think they wanted this to be the plan instead of the purchase of the troubled assets, instead of being in addition to the purchase of the troubled assets.

SEC. 102. INSURANCE OF TROUBLED ASSETS.
14 (a) AUTHORITY.—
15 (1) IN GENERAL.—If the Secretary establishes
16 the program authorized under section 101, then the
17 Secretary shall establish a program to guarantee
18 troubled assets, including mortgage-backed securities
19 issued prior to March 18, 2008.
20 (2) GUARANTEES.—In establishing any program under this subsection, the Secretary may develop guarantees of troubled assets and the associated premiums for such guarantees. Such guarantees and premiums shall be determined by category or class of the securities to be guaranteed.

[AKFamily]

(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—

(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.


Anyone want a free house? So much for working overtime to pay the bills :mad:

[Kbentleyis]

Can anyone transfer this document into a readible form? As in MS Word? I do have adobe, but still have problems on many documents I can't open. Yes, it's the latest version.

[michu]

From Roy Blunts office... a side-by-side comparison of the various plans. The far right column is the lastest that will go up for vote on Monday (supposedly). It's a word doc, so if you don't have word (or a program to read a word doc, don't bother to click it.

http://corner.nationalreview.com/post/?q=ODQyNWZlNzU0MjBiMmQ2MTAzZTNhYTc1YjhhZmFjNzY=

[KathyforHillary]

From Roy Blunts office... a side-by-side comparison of the various plans. The far left column is the lastest that will go up for vote on Monday (supposedly). It's a word doc, so if you don't have word (or a program to read a word doc, don't bother to click it.

http://corner.nationalreview.com/post/?q=ODQyNWZlNzU0MjBiMmQ2MTAzZTNhYTc1YjhhZmFjNzY=

According to this, the Acorn slush fund is out. It does not mention LaRaza or Urban League.

[xj550]

page 21/22. Talks about profits are spent. Don't you think the tax payers should have a say in this?

[Violet]

Free houses for all the poor people! The rest of you, bend over!!!
Did they need 100+ pages to say that?

[Agent 00½ FL]

You guys keep in mind you are looking at a "Discussion Draft".

[Karen Keefe]

Maybe 50 pages. 100 pages is legalese trying to hide further abuse of the American taxpayer.

[Bad Kitty]

Free houses for all the poor people! The rest of you, bend over!!!
Did they need 100+ pages to say that?

Nope. Clearly a waste of paper.

[Bad Kitty]

According to this, the Acorn slush fund is out. It does not mention LaRaza or Urban League.

Sounds like they took the name out to not alarm people, but just hid it in other organizations. Do not be fooled.

[AKFamily]

You guys keep in mind you are looking at a "Discussion Draft".

I'm definitely discussing my displeasure at this draft bill :mad::mad::mad:

[Lealy]

(d) TRANSFER OF A PERCENTAGE OF PROFITS.—

(1) DEPOSITS.—Not less than 20 percent of
any profit realized on the sale of each troubled asset
purchased under this Act shall be deposited as pro23
vided in paragraph (2).¿
(2) USE OF DEPOSITS.—Of the amount re25
fA) 65 percent shall be deposited into the
Housing Trust Fund http://www.nlihc.org/template/page.cfm?id=40established under section
1338 of the Federal Housing Enterprises Regu4
latory Reform Act of 1992 (12 U.S.C. 4568);
and¿
(B) 35 percent shall be deposited into the
Capital Magnet Fund http://cdfi.org/uploads/other/Capital%20Magnet%20Fund%20Overview.pdf established under section
1339 of that Act (12 U.S.C. 4569).¿
(3) TRANSFER TO TREASURY.—Revenues of,
and proceeds from the sale of troubled assets pur11
chased under this Act, øor from¿ the sale, exercise,
or surrender of warrants or senior debt acquired
under section ø113¿ shall be paid into the general
fund of the Treasury for reduction of the public
debt.¿erred to in paragraph (1)


This looks the same as it did before. I just looked at my printout of Rep. leader Boehner site, it looks the same.

Even if its not, none of the so called profits go toward the deficit.

[samkm]

9 TROUBLED ASSETS

(B) any other financial instrument that
the Secretary, after consultation with the Chair
man of the Board of Governors of the Federal
Reserve System, determines the purchase of
which is necessary to promote financial market
stability, but only upon transmittal of such de
termination, in writing, to the appropriate com
mittees of Congress.

-------------------------
This keeps the options WIDE open for the government to form a committee and bail out anyone they want just about any time. Including ACORN Housing Corp or anyone else for that matter.

[Bad Kitty]

9 TROUBLED ASSETS

(B) any other financial instrument that
the Secretary, after consultation with the Chair
man of the Board of Governors of the Federal
Reserve System, determines the purchase of
which is necessary to promote financial market
stability, but only upon transmittal of such de
termination, in writing, to the appropriate com
mittees of Congress.

-------------------------
This keeps the options WIDE open for the government to form a committee and bail out anyone they want just about any time. Including ACORN Housing Ciorp or anyone else for that matter.


In other words. They will try to screw us anyway.

[HumbleDave]

1 (A) 65 percent shall be deposited into the
2 Housing Trust Fund established under section
3 1338 of the Federal Housing Enterprises Regu4
latory Reform Act of 1992 (12 U.S.C. 4568);
5 and¿
6 (B) 35 percent shall be deposited into the
7 Capital Magnet Fund established under section
8 1339 of that Act (12 U.S.C. 4569).¿

So, I guess one needs to sift through those documents to get a better picture of how these monies are going to be diverted.

Where's the picture of Barry holding up this document saying "Trust me".

[Agent 00½ FL]

Guys keep in mind this draft was on the CNN website. I am sure that there will be another draft posted that is more accurate.

[samkm]

(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—

(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.

Anyone want a free house? So much for working overtime to pay the bills :mad:

They are just giving away money and terms.

SOCIALISM.

This is not making the asset any richer. It is simply making the people holding the asset richer. Explain to me how this is stabilizing the market? I just dont see this stabilizing the market at all.

I also do not see any significant upside potential. This is essentially devaluing the asset in the books of the bank, without making the mortgage holder poorer.

[HumbleDave]

This is not making the asset any richer. It is simply making the people holding the asset richer. Explain to me how this is stabilizing the market? I just dont see this stabilizing the market at all.

That's the part of the bail out for what Obama likes to call "main street", the struggling middle class, the down trodden masses, did I leave anyone out? Who needs Fannie Mae when you can have the house for so much less if you play your cards right.

http://img.photobucket.com/albums/v14/RetVet/bsmeter.gif

[Mrsawd]

ai the moment Comp Problems but I see things to comee and get stuck in at the lat moments that are not wanted !

[buffaloboy]

SEC. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED ASSETS; REVENUES AND SALE PROCEEDS.

(d) TRANSFER OF A PERCENTAGE OF PROFITS.—
(1) DEPOSITS.—Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2)

(2) USE OF DEPOSITS.—Of the amount referred to in paragraph (1)
(A) 65 percent shall be deposited into the Housing Trust Fund established under section
1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568);
and
(B) 35 percent shall be deposited into the Capital Magnet Fund established under section
8 1339 of that Act (12 U.S.C. 4569)

(3) TRANSFER TO TREASURY.—Revenues of,and proceeds from the sale of troubled assets purchased under this Act, or from the sale, exercise, or surrender of warrants or senior debt acquired under section 113 shall be paid into the general fund of the Treasury for reduction of the public debt

This looks the same as it did before. I just looked at my printout of Rep. leader Boehner site, it looks the same.

Even if its not, none of the so called profits go toward the deficit.

Only 20% of the profits are diverted - 80% of the profits go to the deficit.

Of the 20% that are diverted, 65% (13% of the total profits) goes to the Housing Trust Fund, and 35% (7% of the total profits) goes to the Capital Management Fund.

Not sure if ACORN can get their hands on any of this or not. We'll need to be vigilant.

[samkm]

Page 13
(8) that nothing in this Act prevents the Sec
20 retary from protecting the retirement security of
21 Americans by purchasing troubled assets held by or
22 on behalf of an eligible retirement plan other than
23 a plan described in section 409A of the Internal
24 Revenue Code of 1986; and

Well, they can take over any 401k account?
Can someone who understands this clarify this provision? Thanks

[Nancy Kallitechnis]

Here is the link to the CNN Money web page, from there is the link to the bill. There will probably be other sources available too in a few minutes.
http://money.cnn.com/

Thanks!

An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.

I'm curious about who the oversight board will regulate. Is it oversight of the failed companies or all financial institutions? And will their be oversight of government because legislation was partly responsible for this problem.

[samkm]

(h) TERMINATION.—The Financial Stability Over
sight Board, and the authority of the Oversight Board
under this section, shall terminate on the expiration of the
15-day period beginning upon the later of—
(1) the date of expiration of the last insurance
contract issued under section 102; or
(2) the date that the last troubled asset ac6
quired by the Secretary under section 101 has been
sold or transferred out of the ownership or control
of the Federal Government.

This is a huge loophole in sunset date. Any covered institution can obtain an insurance and the entire thing might be construed as extended.

[michu]

And one of Pelosi's favorite tricks:

13 (1) IN GENERAL.—Notwithstanding any other 14 provision of this section, the Secretary may not exer15 cise any authority to make purchases under this Act 16 with regard to any amount in excess of 17 $350,000,000,000 previously obligated, as described 18 in this section if, within 10 calendar days after the 19 date on which Congress receives a report of the Sec20 retary described in subsection (a)(3), Congress en21 acts a joint resolution disapproving the plan of the 22 Secretary with respect to such additional amount

In other words, if Congress doesn't specifically vote within 10 days not to give them the full $710K, they get it. LOL Pelosi thinks we're all stupid people.

[samkm]

I wish we could get Ed O'Reilly to help interpret this thing.

[jle222]

We need to have every American call their reps and say NO to this. We should tell them we won't vote for them if they support this. We should push them to use Hillary's plan.

[samkm]

I am well behind (our member michu is ahead) in reading this and already do not like this AT ALL.

[michu]

And for those poor families that might lose their homes, the principal is going to be reduced (thus lowering their payments) so that they can afford their homes and stay in them. Just think of all that lovely equity they'll have. How wonderful!

NOT. Their neighbor next door that has paid on their mortgage, by selling off everything they own on Ebay, working three jobs, etc... will not have the equity that the government has just handed the deadbeat family on a silver platter.


Socialism at it's finest. What a lesson for my children. If you work hard, pay your bills, always take the high road, your word is your bond, honor at all costs, you will fail.

[Optixmom]

(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—

(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.


Anyone want a free house? So much for working overtime to pay the bills :mad:

Reduction of interest rates I can get behind. Some of these loans have ballooned to over 20%. I can see reducing the rates to keep them below 15%. Reduction of principal is absurd? They bought the house for the said amount, now they have to finish paying for it. Too f'in bad. I can see that with skyrocketing interest it makes the payments clime too high too fast. Principal is their own problem. That is infuriating.

[Lealy]

Only 20% of the profits are diverted - 80% of the profits go to the deficit.

Of the 20% that are diverted, 65% (13% of the total profits) goes to the Housing Trust Fund, and 35% (7% of the total profits) goes to the Capital Management Fund.

Not sure if ACORN can get their hands on any of this or not. We'll need to be vigilant.

I meant the 20% profit portion. It is exactly the same and this is where the ACORN portion was located. This portion was writen by Dodd and Frank.
As someone else stated this better not be the bill, because that would mean people are lying.

[Jill4Hillary]

1 (A) 65 percent shall be deposited into the
2 Housing Trust Fund established under section
3 1338 of the Federal Housing Enterprises Regu4
latory Reform Act of 1992 (12 U.S.C. 4568);
5 and¿
6 (B) 35 percent shall be deposited into the
7 Capital Magnet Fund established under section
8 1339 of that Act (12 U.S.C. 4569).¿
So, I guess one needs to sift through those documents to get a better picture of how these monies are going to be diverted.

Where's the picture of Barry holding up this document saying "Trust me".

Or, bend over. :(

The way I interpret the above (65 percent shall be deposited into the
Housing Trust Fund established under section 3 1338 of the Federal Housing Enterprises) is that the FHTF can simply divert these funds to the likes of ACORN.

Today, President George W. Bush signed the Housing and Economic Recovery Act of 2008. Among the bill’s numerous provisions is the establishment of a national Housing Trust Fund. This is a major victory for low income housing advocates and the lowest income people in our country with the most serious needs.

Look suspiciously similar to me. :cool:

http://www.nlihc.org/template/page.cfm?id=40

[michu]

Guys keep in mind this draft was on the CNN website. I am sure that there will be another draft posted that is more accurate.

True. But only those sections that have brackets "[]" around them are gone. From what I understand the House is not allowed to submit their own bill nor make amendments. They have to vote on this Senate monstrosity.

This bill needs to be scrapped. Period. If it passes, the American People should vote out of office every single person that votes for this bill. Like that will happen, Obama is at 53% in the polls! We like getting the shaft, evidently.

I think the ACORN trash is gone from the bill. I have to go back through and look what is history.

[buffaloboy]

We need to have every American call their reps and say NO to this. We should tell them we won't vote for them if they support this. We should push them to use Hillary's plan.

I can't agree with that. As bad as this bill is, and as much as I don't want to reward irresponsible people, the bill has to pass.

We truly are looking at a financial apocalypse if this thing is scuttled.

We just need to work on getting McCain elected so that the this thing is administered by somebody who doesn't like government spending, instead of administering it by Obama, who does like government spending.

[samkm]

(d) TRANSFER OF A PERCENTAGE OF PROFITS.—

(1) DEPOSITS.—Not less than 20 percent of
any profit realized on the sale of each troubled asset
purchased under this Act shall be deposited as pro23
vided in paragraph (2).¿
(2) USE OF DEPOSITS.—Of the amount re25
fA) 65 percent shall be deposited into the
Housing Trust Fund http://www.nlihc.org/template/page.cfm?id=40established under section
1338 of the Federal Housing Enterprises Regu4
latory Reform Act of 1992 (12 U.S.C. 4568);
and¿
(B) 35 percent shall be deposited into the
Capital Magnet Fund http://cdfi.org/uploads/other/Capital%20Magnet%20Fund%20Overview.pdf established under section
1339 of that Act (12 U.S.C. 4569).¿
(3) TRANSFER TO TREASURY.—Revenues of,
and proceeds from the sale of troubled assets pur11
chased under this Act, øor from¿ the sale, exercise,
or surrender of warrants or senior debt acquired
under section ø113¿ shall be paid into the general
fund of the Treasury for reduction of the public
debt.¿erred to in paragraph (1)

This looks the same as it did before. I just looked at my printout of Rep. leader Boehner site, it looks the same.

Even if its not, none of the so called profits go toward the deficit.

Housing Trust Fund : http://www.nlihc.org/template/page.cfm?id=40established

FROM NLIHC.ORG:
"HOPE for Home Owners Project"
Capital Magnet Fund

* Establishes a Capital Magnet Fund (CMF), which will be an account within the Community Development Financial Institutions (CDFI) Fund at the Department of Treasury, which is also allowed to receive additional funding from other sources.

* Eligible recipients are Treasury-certified Community Development Financial Institution or non-profits that have at least one of their purposes the development or management of affordable housing.

* Eligible recipients can apply for a competitive grant through the Treasury to help develop, preserve, purchase, and rehabilitate affordable housing for mostly extremely low, very low, and low income families. Grant funds may also be used for economic development or community service facilities in conjunction with affordable housing to help stabilize a low-income or rural area.

* The CMF may also be used to provide loan loss reserves, to capitalize a revolving loan fund or an affordable housing fund, or for risk-sharing loans.

* Applications for the competitive grants are required to include a detailed description of the types of affordable housing, economic, and community revitalization projects the institution would use the grant for, and the anticipated time frame they intend to use it.

* No institution can be awarded more than 15% of all Capital Magnet funds available for grants in that year.

* The Secretary is encouraged to fund activities in rural or underserved metropolitan areas.

* Among the criteria in determining which areas should be served are:

o the percentage of low income families or the extent of poverty

o the rate of unemployment or underemployment

o the extent of blight and disinvestment

o projects targeting extremely low, very low , and low income families in an area of economic distress

o or any other criteria chosen by the Secretary

* Institutions receiving grants must spend the funds within two years from the date of receiving them.

* Prohibited uses are political activities, advocacy, lobbying, counseling services, travel expenses, and endorsements of a particular candidate or party.

* Each grantee must track its funds by issuing periodic financial and project reporting, and audit requirements. If the Secretary is not satisfied with the compliance, the grantee may receive fewer funds, have to pay the Treasury back, or have their grant terminated.

* The Secretary must submit a periodic report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services describing the activities these funds are being used for.

CAPITAL MAGNET FUND is a big open door.


* No institution can be awarded more than 15% of all Capital Magnet funds available for grants in that year.
What is an institution? Are the 150 sub-divisions of one ACORN different institutions?

[Bad Kitty]

Reduction of interest rates I can get behind. Some of these loans have ballooned to over 20%. I can see reducing the rates to keep them below 15%. Reduction of principal is absurd? They bought the house for the said amount, now they have to finish paying for it. Too f'in bad. I can see that with skyrocketing interest it makes the payments clime too high too fast. Principal is their own problem. That is infuriating.

Absolutely, or we should all be able to throw our house/apt. payments in so we can all pay for each other. It's something I like to call "Universal Roof Over the Head Care".

[Bad Kitty]

I can't agree with that. As bad as this bill is, and as much as I don't want to reward irresponsible people, the bill has to pass.

We truly are looking at a financial apocalypse if this thing is scuttled.

We just need to work on getting McCain elected so that the this thing is administered by somebody who doesn't like government spending, instead of administering it by Obama, who does like government spending.

Then let it happen first. I don't buy this doom and gloom threat of another depression. They just want to instill the fear so that gullible people will get behind them. Not working this time.

[samkm]

Absolutely, or we should all be able to throw our house/apt. payments in so we can all pay for each other. It's something I like to call "Universal Roof Over the Head Care".

Yes, this is what it is... and done through "CAPITAL MAGNET FUND" a new kind of beast group.

[SantaCruzen]

Anyone who reads it: please let us know if it contains money designated for ACORN. I will let my representatives here in Nevada know what I think about my tax dollars going to THAT corrupt organization...

You can download the PDF of the Bill and use the Search for "ACORN".

I do Searches of course on Google; then, I do searches on the archives of the Online Newspapers; .gov pages when necessary (you can search the Freedom of Information Act pages for the C.I.A. released letters on "Obama" - you will find an invitation by the C.I.A. to speak for their Martin Luther King, Jr. day. Hum... the C.I.A. hearts Obama.); use Search... then read the highlights and zero in on the data/info.

[DC_Mark]

Of the 20% that are diverted, 65% (13% of the total profits) goes to the Housing Trust Fund, and 35% (7% of the total profits) goes to the Capital Management Fund.

Not sure if ACORN can get their hands on any of this or not. We'll need to be vigilant.

The House Trust Fund is where ACORN and others would get their money.

I seriously hope this is not the final bill because stuff is going to hit the fan.

[samkm]

CAPITAL MAGNET FUND looks lie a BIG umbrella to cover ACORN and anything else they want to include in there.

It is a generic class name for ACORN, LaRaza and all such other institutions, so long as they have at least one function of housing for low income as they objective. HUGE LOOPHOLE.

[Bad Kitty]

The House Trust Fund is where ACORN and others would get their money.

I seriously hope this is not the final bill because stuff is going to hit the fan.

You're right and then they are going to have to figure out who they would rather piss off. A bunch of angry voters or wall street.

[samkm]

The word ACORN is not there.. but the word

"HOUSING TRUST FUND"

"CAPITAL MAGNET FUND"

are there.
Capital Magnet Fund

* Establishes a Capital Magnet Fund (CMF), which will be an account within the Community Development Financial Institutions (CDFI) Fund at the Department of Treasury, which is also allowed to receive additional funding from other sources.

* Eligible recipients are Treasury-certified Community Development Financial Institution or non-profits that have at least one of their purposes the development or management of affordable housing.

* Eligible recipients can apply for a competitive grant through the Treasury to help develop, preserve, purchase, and rehabilitate affordable housing for mostly extremely low, very low, and low income families. Grant funds may also be used for economic development or community service facilities in conjunction with affordable housing to help stabilize a low-income or rural area.

* The CMF may also be used to provide loan loss reserves, to capitalize a revolving loan fund or an affordable housing fund, or for risk-sharing loans.

* Applications for the competitive grants are required to include a detailed description of the types of affordable housing, economic, and community revitalization projects the institution would use the grant for, and the anticipated time frame they intend to use it.

* No institution can be awarded more than 15% of all Capital Magnet funds available for grants in that year.

* The Secretary is encouraged to fund activities in rural or underserved metropolitan areas.

* Among the criteria in determining which areas should be served are:
o the percentage of low income families or the extent of poverty
o the rate of unemployment or underemployment
o the extent of blight and disinvestment
o projects targeting extremely low, very low , and low income families in an area of economic distress
o or any other criteria chosen by the Secretary
* Institutions receiving grants must spend the funds within two years from the date of receiving them.

* Prohibited uses are political activities, advocacy, lobbying, counseling services, travel expenses, and endorsements of a particular candidate or party.

* Each grantee must track its funds by issuing periodic financial and project reporting, and audit requirements. If the Secretary is not satisfied with the compliance, the grantee may receive fewer funds, have to pay the Treasury back, or have their grant terminated.

* The Secretary must submit a periodic report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services describing the activities these funds are being used for.

This is the socialism project.

[jle222]

We all need to contact our reps and tell them to vote against the bailout bill or they can kiss their seats goodbye. The discussion bill is on CNN’s website. We’re going to get screwed. Also, when you talk to your reps tell them to use Hillary’s economic proposal.

[Jill4Hillary]

Page 13


Well, they can take over any 401k account?
Can someone who understands this clarify this provision? Thanks

Yes, Sam. They cannot, however, take over nonqualified deferred accounts.

[Agent 00½ FL]

This may not be the final draft of the Bill. Please try to stay calm.

I have been searching to see if I can find something more update.

[Den2006]

I'm beginning to feel like a sucker working hard and paying for my own house. I thjnk I'm going to be sick...

[michu]

Sorry, I was incorrect. All Sections with "[]" around them are not to be edited, but deleted. I now get to go through the entire thing and see what is in there. LOL Maybe the Republicans did manage to do some good; although I suspect it's still a bitter pill to swallow.

[michu]

Hold off on bothering your reps until you look at the sections that do NOT have brackets. "[]" The bracketed sections have been struck.

[samkm]

From Roy Blunts office... a side-by-side comparison of the various plans. The far right column is the lastest that will go up for vote on Monday (supposedly). It's a word doc, so if you don't have word (or a program to read a word doc, don't bother to click it.

http://corner.nationalreview.com/post/?q=ODQyNWZlNzU0MjBiMmQ2MTAzZTNhYTc1YjhhZmFjNzY=

This is a clearer document.

The PDF has CAPITAL MAGNET FUND and HOUSING TRUST FUND which are questionable and we have to ensure that ACORN cannot come in the backdoors in this one.

[mkreyns]

Blunt's office is checking on it. This released bill is not the one "discussed". LOL

Have I told you how sick to death I am of Obaman, Pelosi, Reid, Schumer, Dodd, Franks, Bush, et al? This mess has me so depressed that I've been looking at World maps trying to decide where to retire.

Costa Rica and I will join you. I can't retire yet, but I can work for a poor woman's wage.

[xj550]

We do not have any credit card debt. We picked a house payment that we could afford even either of us lost or job. We save up for a 15% down payment. (bank had offer,15% down no PMI) We own 2 cars, 10 & 8 years old (paid for)

I think some of this stinks too.

[HumbleDave]

This may not be the final draft of the Bill. Please try to stay calm.

I'm calm. I'm just waiting for the green light to throw gas on the fire.:D

http://img.photobucket.com/albums/v14/RetVet/DogSense.jpg

[michu]

This is a clearer document.

The PDF has CAPITAL MAGNET FUND and HOUSING TRUST FUND which are questionable and we have to ensure that ACORN cannot come in the backdoors in this one.

This one still bites, but it's so much better than what was up before.

[brussell]

Looks like Capital Magnet Fund is part of CDFI
The CDFI Coalition is the unified national voice of community development financial institutions (CDFIs). Our mission is to encourage fair access to financial resources for America's underserved people and communities.
http://cdfi.org/

Federal Housing Finance Regulatory Reform Act of 2008
Capital Magnet Fund
http://cdfi.org/uploads/other/Capital%20Magnet%20Fund%20Overview.pdf


5/20/2008 The Federal Housing Finance Regulatory Reform Act of 2008 - New Fannie/Freddie Regulator Proposed!

The top members of the Senate Banking Committee reached agreement Monday on legislation intended to help the ailing housing market and impose tougher rules on mortgage-finance giants Fannie Mae and Freddie Mac.
Read rest here. Search for "Capital Magnet Fund" in the PDF of the bill listed on this page.
http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2008/05/fha-appraisers.html


ACORN, La Raza, CDFI Coalition, and others wrote a nice letter to Dodd and Shelby about the Housing Finance Regulatory Reform Act of 2008. They were especially pleased witht he "Hope for Homeowners Act"

Read it here:
http://www.naca.net/_assets/shared/633531863884833169.pdf

I don't know if this is true or not:
There today, here tomorrow IV

The seemingly innocuous Federal Housing Finance Regulatory Reform Act of 2008 passed through the US Senate Banking Committee earlier this week, and hidden within acres of foreclosure assistance material was a measure forcing anyone directly or indirectly employed in housing finance to provide their fingerprints to the Government.

Now, we may all feel that estate agents and mortgage brokers are prime candidates for fingerprinting given the appalling crimes they commit every day of their working lives, but sometimes the head has to rule the heart.

...

Sub prime, and its unpleasant effects, are of course a hot topic in the US as is the Federal Government’s belief (at least as manifested by the Homeland Security Secretary) that fingerprints are not ‘personal data’ and should therefore be surrendered whenever the state requests them. Put the two together and in the flash of an eye the ball has started rolling towards a scenario in which people can only work in some trades and professions if they play ball with the state.

...

http://thinendofthewedge.wordpress.com/2008/05/29/there-today-here-tomorrow-iv/

[michu]

Costa Rica and I will join you. I can't retire yet, but I can work for a poor woman's wage.

Costa Rica is actually where I've been looking on the Web. LOL Shhhhhh!

[JMS825]

I am in favor of the Bill cause I like many are suffering from this housing mess. Not everyone bought outside their means but do to this wonderful market falling apart my house is worth a lot less then when I bought it and refinancing is impossible. Also I am sick of people saying why should our tax payer dollars go to help others survive cause dems have no prob with welfare going to those who make a career out of welfare. Also if these banks are stuck with mortgages that people cant afford then the bank has not money meaning they will not lend money for cars, credit cards, or anything. So if you think the bailout dont help you then think again. If you have a credit card or a car or anything on credit and the bank cant afford to keep giving you money they can up the interest or whatever they wish.

[buffaloboy]

According to Pelosi's news conference, this is where you can get the final version of the bill:
http://financialservices.house.gov/

I haven't been able to open the link though - it's probably swamped.

[jcless]

The Capital Magnet Fund is Acorn or includes Acorn it's community organizers that are non-profit. It's Obama, Pelosi, Reid, and Dodd's Baby.

[buffaloboy]

IF some of the above posters are correct, and the sections with [brackets] around them are to be deleted, then the section about 20% of profits being diverted has been deleted.

[brussell]

Housing Trust Fund

Sept 26 - 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:

Update II: The Wall Street Journal reported on the HTF/ACORN/Democratic connections in July:

The housing bill signed Wednesday by President George W. Bush will provide a stream of billions of dollars for distressed homeowners and communities and the nonprofit groups that serve them.

One of the biggest likely beneficiaries, despite Republican objections: Acorn, a housing advocacy group that also helps lead ambitious voter-registration efforts benefiting Democrats. …

Partly because of the role of Acorn and other housing advocacy groups, the White House and its allies in Congress resisted Democrats’ plans to include money for a new affordable-housing trust fund and $4 billion in grants to restore housing in devastated neighborhoods. In the end, the money stayed in the bill; the White House saw little choice.

What most riles Republicans about the bill is the symbiotic relationship between the Democratic Party and the housing advocacy groups, of which Acorn is among the biggest. Groups such as the National Council of La Raza and the National Urban League also lobby to secure government-funded services for their members and seek to move them to the voting booth. Acorn has been singled out for criticism because of its reach, its endorsements of Democrats, and past flaws in its bookkeeping and voter-registration efforts that its detractors in Congress have seized upon.

Once again, the Democrats want to set up a self-funding mechanism, this time by exploiting a severe financial crisis. Despicable.
http://opposethisbailout.com/20-of-all-profits-from-the-bailout-into-the-housing-trust-fund-%E2%80%94-a-boondoggle-that-democrats-in-congress-has-used-to-fund-political-action-groups-like-acorn-and-the-national-council-of-la-raza/

Article in this thread discusses The Affordable Housing Trust Fund and the Capital Magnet Fund and ACORN
http://www.hillaryclintonforum.net/discussion/showthread.php?t=32225&highlight=ally

Trust-Funding Fannie and Freddie
by John Berlau
07/24/2008
But the granddaddy of all phony government trust funds may be soon enacted in housing bailout legislation before Congress. The so-called Affordable Housing Trust Fund -- attached to broader legislation concerning subsidies to troubled banks and borrowers and the government-sponsored enterprises Fannie Mae and Freddie Mac -- is set up to be diverted to purposes other than affordable housing. The holes in this "trust fund" would allow the money to be easily siphoned off to liberal activist groups such as Association of Community Organizations for Reform Now (ACORN) for lobbying and even political campaigning.
http://www.humanevents.com/article.php?id=27666

Grapes of Rathke
Acorn, a liberal activist group, comes under scrutiny. About time.
Wednesday, November 8, 2006 12:01 A.M. EST
by John Fund (who recently came out with book on voter fraud)
Last year, Acorn helped convince the House to create an "affordable housing trust fund," allocating up to 5% of the profits generated by Fannie Mae and Freddie Mac to groups such as Acorn that build affordable housing. The Senate failed to act on the bill, but it will surely be reintroduced.

But previous federal grants to Acorn have been highly controversial. In 1994 the Acorn Housing Corporation was given a $1.1 million grant by AmeriCorps, the federal volunteer agency. An inspector-general found the nonprofit had improperly used AmeriCorps recruits for political purposes; the grant was terminated. A guaranteed stream of federal cash to a group that so often fails audits would invite trouble. Today, Senate Finance Committee Chairman Charles Grassley will send a letter to the IRS asking the agency to investigate Acorn and allied groups for possibly misusing their tax status for political purposes.
http://opinionjournal.com/diary/?id=110009214

[samkm]

I am in favor of the Bill cause I like many are suffering from this housing mess. Not everyone bought outside their means but do to this wonderful market falling apart my house is worth a lot less then when I bought it and refinancing is impossible. Also I am sick of people saying why should our tax payer dollars go to help others survive cause dems have no prob with welfare going to those who make a career out of welfare. Also if these banks are stuck with mortgages that people cant afford then the bank has not money meaning they will not lend money for cars, credit cards, or anything. So if you think the bailout dont help you then think again. If you have a credit card or a car or anything on credit and the bank cant afford to keep giving you money they can up the interest or whatever they wish.

Yes, but they are supposed to take their unsecured creditors and default on those.. Not enrich their assets artificially. What this would do is take money from the government and put it towards the loan to increase the deposit towards your borrowing and thereby bring up the book value. Why? So that they do not have to write off their liabilities. It is a totally made up balance sheet and a horribly unstable market.
(Just opinion at this stage.. I am still digesting this)

[DC_Mark]

The important thing is that the insurance provision is in there. I hope the Treasury Secretary makes a good faith effort to implement it. I think it's probably more effective at creating a market for MBS. All you have to do is subtract the premium from the nominal price to see what a paper is worth.

[Lealy]

I am in favor of the Bill cause I like many are suffering from this housing mess. Not everyone bought outside their means but do to this wonderful market falling apart my house is worth a lot less then when I bought it and refinancing is impossible. Also I am sick of people saying why should our tax payer dollars go to help others survive cause dems have no prob with welfare going to those who make a career out of welfare. Also if these banks are stuck with mortgages that people cant afford then the bank has not money meaning they will not lend money for cars, credit cards, or anything. So if you think the bailout don't help you then think again. If you have a credit card or a car or anything on credit and the bank cant afford to keep giving you money they can up the interest or whatever they wish.

I have been there done that in 2004, ACORN plus a number of other organizations would not help. I needed so much evidence and there just was not enough time or even will on my part to fight anymore. No one is going to get any of these servicers to work with people because they are set up to help those who are not even behind and they make a profit (no one ever says this) when they impose fees during a default (this is why they are not going under). You are not working with the company who holds your mortgage. There needs to be better consumer protection laws in place and neither party has done this because of the money train. You should not take how people feel about a Congress who has spent, taken and lied to mean that they want anyone to be homeless or that you are worthless there are way to many people going through this, it is just a general sentiment on our government and wall street. I know this has an effect on me and people around but that does not mean you even should support it if they are sneaking stuff in still after hearing displeasure of people that would not help you and could cost you more.

[samkm]

Housing Trust Fund = National Low Income Housing Coalition

http://www.nlihc.org/detail/article.cfm?article_id=5457&id=27

If the housing is subsidized apartment for seniors, I am ok with this... but this is talking about mortgage = investment+risk+volatility. And, that I have some problems with.

[samkm]

I have been there done that in 2004, ACORN plus a number of other organizations would not help. I needed so much evidence and there just was not enough time or even will on my part to fight anymore. No one is going to get any of these servicers to work with people because they are set up to help those who are not even behind and they make a profit (no one ever says this) when they impose fees during a default (this is why they are not going under). You are not working with the company who holds your mortgage. There needs to be better consumer protection laws in place and neither party has done this because of the money train. You should not take how people feel about a Congress who has spent, taken and lied to mean that they want anyone to be homeless or that you are worthless there are way to many people going through this, it is just a general sentiment on our government and wall street. I know this has an effect on me and people around but that does not mean you even should support it if they are sneaking stuff in still after hearing displeasure of people that would not help you and could cost you more.
EXACTLY!!!

Non-profit DOES NOT MEAN CHARITABLE OR THAT THEY DO NOT MAKE PROFIT.

Non-profit means NOT TAXED ON INCOME. Their INCOME is called "D.R.A."

It is quite cushy!!

[samkm]

The important thing is that the insurance provision is in there. I hope the Treasury Secretary makes a good faith effort to implement it. I think it's probably more effective at creating a market for MBS. All you have to do is subtract the premium from the nominal price to see what a paper is worth.

This may work ONLY IF THEY ARE BORROWING FROM THE PUBLIC and NOT TAXING the public. A borrowing from the public via a SECURED DEBT may work. This would mean that GOVERNMENT UNDERWRITES ASSURANCE on the entire financing by the public. Kinda of like warrants for construction work. If they do that and there is a specific repayment schedule on these warrants, it may work out, because the government will be forced to insure itself against the risks including the risk of default.

What I do not like is that this brings the Fed and the Secretary of Finance to have one leg constantly in the personal finance sector. Their involvement was many steps removed via FDIC before.. but this totally changes the nature of the government. It also makes government a mega underwriter of the economy. I am not sure they can do that in such a global and hairy economy..

[HumbleDave]

The bottom line remains. This will amount to a tax hike. The current tax cuts will expire and personal income taxes will increase because of that if nothing else. This will also gobble up any money available for the pet programs both sides have and you know they will still try to fund them to some degree, Obama obviously more so than McCain. There will be no other way to do that without major cuts in other programs unless you raise taxes further and thus drive a stake once again in the heart of an already sick economy.

No deal. If the economy is going to tank let it. This bandaid is just that.

[samkm]

(July 30, 2008) "National Housing Trust Fund" (NLIHC.ORG)
http://www.nlihc.org/template/page.cfm?id=40
NATIONAL HOUSING TRUST FUND CAMPAIGN

President Signs Housing Trust Fund Into Law

July 30, 2008

Today, President George W. Bush signed the Housing and Economic Recovery Act of 2008. Among the bill’s numerous provisions is the establishment of a national Housing Trust Fund. This is a major victory for low income housing advocates and the lowest income people in our country with the most serious needs.

The Housing Trust Fund’s most important features are:

* It is a permanent program with a dedicated source of funding not subject to the annual appropriations process.

* At least 90% of the funds must be used for the production, preservation, rehabilitation, or operation of rental housing. Up to 10% can be used for the following homeownership activities for first-time homebuyers: production, preservation, and rehabilitation; down payment assistance, closing cost assistance, and assistance for interest rate buy-downs.

* At least 75% of the funds for rental housing must benefit extremely low income households and all funds must benefit very low income households.

This is the first new federal housing production program since the HOME program was created in 1990 and the first new production program specifically targeted to extremely low income households since the Section 8 program was created in 1974.

Funds for the Housing Trust Fund will come from annual contributions made by Fannie Mae and Freddie Mac. The amount will be based on a percentage of each company’s annual new business. Using the formula in the bill, the amount in 2007 would have been $557 million. Because their new business is increasing, the amount in 2008 is expected to be higher. However, 25% of the funds each year must first go to a reserve fund at the Treasury to offset scoring problems.

The remaining 75% of the funds will be divided between the Housing Trust Fund, which gets 65%, and a new Capital Magnet Fund that gets 35%. For the first three years, a percentage of the funds (100% in FY09, 50% in FY10, and 25% in FY11) will be diverted to a reserve fund to cover losses that the FHA might incur refinancing troubled mortgages through the new HOPE for Homeowners program. Based on the projected amount the formula will produce in calendar year 2008, approximately $300 million would have been available for the housing trust fund this year had it been in place with no diversions for the HOPE for Homeowners reserve fund. Funds not needed to cover FHA losses eventually will revert to the Housing Trust Fund and the Capital Magnet Fund.

Given the recent instability of Fannie Mae and Freddie Mac, concerns have been raised about whether any funds will be available for new programs. The new regulator has the authority to suspend contributions under certain circumstances related the fiscal distress of the GSEs. However, no money will be available for the Housing Trust Fund until FY10, by which time Freddie Mac’s and Fannie Mae’s fiscal conditions are expected to be much improved.

Now that it has achieved this important and long-sought milestone, the National Housing Trust Fund Campaign will turn its attention to the next two steps towards achieving its goal of 1.5 million homes in 10 years. The first is implementation of the program—working with HUD to create an effective and timely fund distribution system. The second is to identify and advocate for additional sources of dedicated revenue. The bill specifically provides that Congress may “transfer, appropriate, or credit” other funds to the Housing Trust Fund.

More details about the Housing Trust Fund and the Capital Magnet Fund provisions follow:

Housing Trust Fund

* For the purposes of federal civil rights laws, the Housing Trust Fund is considered federal financial assistance. All activities carried out must comply with federal laws on tenant protection and tenant participation, laws requiring public participation, and fair housing and laws related to accessibility for people with disabilities.

* It will be administered by HUD, which will provide grants to states, which will designate a state housing finance agency, housing and community development entity, a tribal designated housing entity, or any other qualified agency to receive the grants.

* The HUD Secretary is to establish a distribution formula to the states within 12 months of enactment of the bill. The formula should include the following factors:

o the ratio of the shortage of affordable and available rental units to extremely low income renter households in the state to the aggregate shortage of affordable and available rental units to extremely low income renter households in all the states (this factor is to be given “priority emphasis”);

o the ratio of the shortage of affordable and available rental units to very low income renter households in the state to the aggregate shortage of affordable and available rental units to very low income renter households in all the states;

o the ratio of extremely low income renter households in the state living with either incomplete kitchens or plumbing facilities, more than one person per room, or paying more than 50% of their income for housing costs to the aggregate number of extremely low income renter households living with either incomplete kitchens or plumbing facilities, more than one person per room, or paying more than 50% of income for housing costs in all the states;

o the ratio of very low income renter households in the state paying more than 50% of income on rent compared to the aggregate number of very low income renter households paying more than 50% of income on rent in all the states.

o The sum of those factors will be multiplied by the approximate cost of construction in the state to determine the final amount of funding allocated to each state. However, the minimum state allocation will be at least $3 million annually.

* Each year that the state receives a grant, it must establish a plan to distribute the funds and allow public comments on the plan. The plan must detail the eligible uses including the required income targeting.

* Eligible recipients of grants from the states are organizations and agencies (for-profit and non-profit) that demonstrate 1) the experience and capacity to produce the kind of housing the program calls for, 2) the financial capacity to undertake the eligible activity, and 3) familiarity with federal, state, and local housing programs.

* Prohibited uses are political activities, lobbying, counseling, traveling and administrative expenses, or endorsements of a particular candidate or party.

Recipients must conduct and submit periodic financial and project reports, and conform to audit and record retention requirements. If a recipient misuses the funds allocated to it, it must reimburse their grant to the state within 12 months after their misuse is known. Either the Secretary of HUD or the state can determine if a grant is being misused.

* States must submit an annual report describing the activities for which they used the funding. If the Secretary determines that the state is blatantly not complying with the requirements, the Secretary can reduce the amount of the grant to the state, limit the availability of assistance, or require the state to reimburse the Secretary.

* States must spend the allotted amount in two years or the funds are returned to HUD.

* If another affordable housing trust fund is established by law, the funds meant for the trust fund created in this bill will be transferred to the new affordable housing trust fund.

Capital Magnet Fund

* Establishes a Capital Magnet Fund (CMF), which will be an account within the Community Development Financial Institutions (CDFI) Fund at the Department of Treasury, which is also allowed to receive additional funding from other sources.

* Eligible recipients are Treasury-certified Community Development Financial Institution or non-profits that have at least one of their purposes the development or management of affordable housing.

* Eligible recipients can apply for a competitive grant through the Treasury to help develop, preserve, purchase, and rehabilitate affordable housing for mostly extremely low, very low, and low income families. Grant funds may also be used for economic development or community service facilities in conjunction with affordable housing to help stabilize a low-income or rural area.

* The CMF may also be used to provide loan loss reserves, to capitalize a revolving loan fund or an affordable housing fund, or for risk-sharing loans.

* Applications for the competitive grants are required to include a detailed description of the types of affordable housing, economic, and community revitalization projects the institution would use the grant for, and the anticipated time frame they intend to use it.

* No institution can be awarded more than 15% of all Capital Magnet funds available for grants in that year.

* The Secretary is encouraged to fund activities in rural or underserved metropolitan areas.

* Among the criteria in determining which areas should be served are:

o the percentage of low income families or the extent of poverty

o the rate of unemployment or underemployment

o the extent of blight and disinvestment

o projects targeting extremely low, very low , and low income families in an area of economic distress

o or any other criteria chosen by the Secretary

* Institutions receiving grants must spend the funds within two years from the date of receiving them.

* Prohibited uses are political activities, advocacy, lobbying, counseling services, travel expenses, and endorsements of a particular candidate or party.

* Each grantee must track its funds by issuing periodic financial and project reporting, and audit requirements. If the Secretary is not satisfied with the compliance, the grantee may receive fewer funds, have to pay the Treasury back, or have their grant terminated.

* The Secretary must submit a periodic report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services describing the activities these funds are being used for.

[JMS825]

the thing good about the bill is that it secures money on mortgages in trouble that way when the market goes up they sell it off for a profit

[samkm]

(March 5, 2002) "National Housing Trust Fund to be introduced in Congress" (ACORN)
http://www.acorn.org/index.php?id=1138 (March 5, 2005)

National Housing Trust Fund to be introduced in Congress

March 5, 2002

Will address the housing crisis for America’s lowest income families And provide needed economic stimulus

Acknowledging the dire shortage of housing for the country’s poorest families and the effectiveness of housing construction as economic stimulus, members of the House of Representatives will introduce legislation on Wednesday, March 5, to establish a National Housing Trust Fund.

Modeled after the more than 270 state and local housing trust funds, the National Housing Trust Fund will provide communities with funds to build, rehabilitate, and preserve 1.5 million homes over the next 10 years, primarily for households with serious housing affordability problems.

Representatives Bernard Sanders (I-VT), Robert Simmons (R-CT) and Barbara Lee (D-CA) will host a press conference from 9:15 am to 10 am on March 5 in room HC-9 of the U.S. Capitol to announce the bill’s introduction. Details, including a list of speakers, will be announced. Out-of-town media should contact David Swanson at ACORN at 202-547-2500 or cell 202-329-7847 or Kim Schaffer at National Low Income Housing Coalition at 202-662-1530.

Why a National Housing Trust Fund:

There is a shortage of housing for America’s poorest families. The bipartisan Millennial Housing Commission reports that it would take the production of 250,000 units of housing a year for 20 years to close the gap between the number of affordable rental housing units and the number of low income households who need affordable housing. Meanwhile, the federal commitment to low income housing has plummeted. The Bush proposed FY2004 budget for HUD of $31.3 billion is only 37% of the FY1976 HUD budget of $83.6 billion (in constant 2002 dollars). Establishing the National Housing Trust Fund will renew the federal commitment to assuring safe, decent, and affordable housing for all Americans.

Housing is economic stimulus. Housing production is one of the most effective and efficient economic stimulants. According to a recent study by the Center for Community Change, a $10 billion investment in a National Housing Trust Fund would produce more than 368,000 jobs. When leveraged, 3.6 million jobs and $100 billion in wages could be created.

Grassroots support for a National Housing Trust Fund is immense. Nearly 4,000 organizations, religious leaders and elected officials from every state in the country have endorsed the National Housing Trust Fund Campaign. (A complete list, by state, is available at www.nhtf.org ) Congressional supporters call the Campaign the largest grassroots effort with which they’ve ever been involved.

“The breadth of support for the National Housing Trust Fund is testimony to the seriousness of the affordable housing shortage,” said Sheila Crowley, President of the National Low Income Housing Coalition. “People who live and work in cities, suburbs, and rural areas are clamoring for renewed federal investment to address this most pressing human need.”

“Here’s a tested and proven program that can create affordable housing while actually boosting the economy, for a cost that’s literally hundreds of times less than the President’s proposed tax cuts for millionaires. Whatis Congress waiting for?” said ACORN National President Maude Hurd.

The acute need for affordable housing, the broad based grassroots support, and the dedication of the Congressional cosponsors all give the National Housing Trust Fund legislation significant momentum. Two hundred members of Congress had signed on as cosponsors of National Housing Trust Fund legislation by the time the last Congress ended. Building on its considerable base of support, National Housing Trust Fund campaign organizers pledge to an all-out push to pass this legislation in the 108th Congress.

ACORN is an acronym, and each letter should be capitalized. ACORN stands for the Association of Community Organizations for Reform Now

ACORN is an acronym, and each letter should be capitalized. ACORN stands for the Association of Community Organizations for Reform Now. ACORN is the nation's largest community organization of low- and moderate-income families, with over 150,000 member families organized into 700 neighborhood chapters in 51 cities across the country. Since 1970 ACORN has taken action and won victories on issues of concern to our members. Our priorities include: better housing for first time homebuyers and tenants, living wages for low-wage workers, more investment in our communities from banks and governments, and better public schools. We achieve these goals by building community organizations that have the power to win changes -- through direct action, negotiation, legislation, and voter participation. ACORN's website is at http://www.acorn.org. To receive updates on ACORN's work every two weeks, Get Connected (http://www.acorn.org/index.php?id=3).

Contact:
David Swanson at (202) 329-7847 (ACORN)
Gregg Jefferson at (202) 256-1260 (ACORN)

[mjoynaples]

Nope. Clearly a waste of paper.

this is upsetting all this waste on so many levels and the dems do not practice what we are suppose to be about... it is so confusing to me... including wasting paper... and let me be clear to I am still a dem wanting to be a REAL DEM not part of the OBOTDEMS

[samkm]

I think we have been looking at an old document in that PDF file.

WE are still unable to download the document that Nancy Pelosi mentioned on either links.

[buffaloboy]

HERE IS AN UPDATED DOCUMENT

I don't know if it is the true final version, but this one is 110 pages and looks cleaner than the one we have been discussing.

http://i.cdn.turner.com/cnn/2008/images/09/28/ayo08c04_xml.pdf

Here is an alternate location:
http://money.cnn.com/?cnn=yes

[michu]

I am in favor of the Bill cause I like many are suffering from this housing mess. Not everyone bought outside their means but do to this wonderful market falling apart my house is worth a lot less then when I bought it and refinancing is impossible. Also I am sick of people saying why should our tax payer dollars go to help others survive cause dems have no prob with welfare going to those who make a career out of welfare. Also if these banks are stuck with mortgages that people cant afford then the bank has not money meaning they will not lend money for cars, credit cards, or anything. So if you think the bailout dont help you then think again. If you have a credit card or a car or anything on credit and the bank cant afford to keep giving you money they can up the interest or whatever they wish.

My house is worth about 2/3 of what I paid for it. Do I think the taxpayers should pick up the bill? No. I gambled and lost. I knew when I bought it that the market was inflated and the price might possibly fall. I also knew it might go up more. I've lost much of my 401K. I'm basically pretty much hosed, but why should my kids and grandkids foot the bill for it all?

Prior to this week, this was the USA not the USSR.

[michu]

No deal. If the economy is going to tank let it. This bandaid is just that.

Amen! Give me a recession for a year or three any day over a 20 to 30 day depression.

[lanney]

Well I gave up my dream to own house because in my area median home price is $657K. I lost lot in dot.com bust, well noone bailed me out, now why I should bail others. I am working again, trying to save, decided not to go for zero down payment or buy overpriced home. I am carefull, watching every penny. Stayed without medical insurance for over five years. No vacation for last eight years.

[Agent 00½ FL]

According to Pelosi's news conference, this is where you can get the final version of the bill:
http://financialservices.house.gov/

I haven't been able to open the link though - it's probably swamped.

I got throught to the website and have saved a copy of the FINAL.

http://www.house.gov/apps/list/press/financialsvcs_dem/ayo08c04_xml.pdf

PS I started another thread on this, but then found out that OBAMA was going to change the final bill. :mad:

[buffaloboy]

I got throught to the website and have saved a copy of the FINAL.

http://www.house.gov/apps/list/press/financialsvcs_dem/ayo08c04_xml.pdf

PS I started another thread on this, but then found out that OBAMA was going to change the final bill. :mad:

I was just able to reach the bill through your link as well.

The one on the house web site, with a file name of ayo08c04_xml.pdf, looks like it is the same one on the CNN site I linked to about an hour ago. (NOT the same as the one I linked to at the top of this thread). The newest version of the file is 110 pages - if you have one that is 106 pages, it is out of date. (That doesn't mean there won't be updates after this one, but this 110 page version appears to be the most current one at the moment).

I think the ACORN-related nonsense has been pulled from this version.

Mods - could you please update the post at the top of the thread with the most current links for the most current docs? Thanks!

[michu]

lanney,

Evidently you made the wrong choice. You should have mortgaged yourself to the eyeballs with a subprime loan. Silly you, for doing the "wrong" thing. Don't you know that in the USA, when you make an investment and lose, the government will pay you back?

Sorry for the sarcasm lanney. I feel for you. This bailout is unfair on so many levels.

[ragdoll]

Originally Posted by JMS825
I am in favor of the Bill cause I like many are suffering from this housing mess. Not everyone bought outside their means but do to this wonderful market falling apart my house is worth a lot less then when I bought it and refinancing is impossible. Also I am sick of people saying why should our tax payer dollars go to help others survive cause dems have no prob with welfare going to those who make a career out of welfare. Also if these banks are stuck with mortgages that people cant afford then the bank has not money meaning they will not lend money for cars, credit cards, or anything. So if you think the bailout dont help you then think again. If you have a credit card or a car or anything on credit and the bank cant afford to keep giving you money they can up the interest or whatever they wish.

michu
My house is worth about 2/3 of what I paid for it. Do I think the taxpayers should pick up the bill? No. I gambled and lost. I knew when I bought it that the market was inflated and the price might possibly fall. I also knew it might go up more. I've lost much of my 401K. I'm basically pretty much hosed, but why should my kids and grandkids foot the bill for it all?

Prior to this week, this was the USA not the USSR.

I agree michu, My husband and I bought our house 5 years ago and refinanced to remodel a couple years later. We now owe more than our house is worth on the current market. Although we have never missed a payment, we will probably have to foreclose next year because my husbands company is moving out of state. I doubt we will be able to sell for what we owe in this unstable economy and will not be able to get a loan for another house when we move. That is the risk we took when we bought our house and then refinanced.

Many years ago, this is how things were done everyday in America. People bought and sold and faced losses everyday without help from the government. When did the government become responsible for making sure everyone has their own house and then makes sure they don't lose it? I'm not asking for help. I have always taken responsibility for all my own failings in my life. My problem is not your problem. I will work harder, live with less and I will not perish because I lost my house. I worked 3 jobs at a time to buy my first house and payed it off early. I have paid all of my cars off early. I have done without a good deal of my life and am not so spoiled that I could not live through more hard times. I have come close to losing 5 family members in the last 4 years and feel grateful and blessed every day that I can take a breathe.

When President Clinton signed the bill to get people off welfare, many so-called educated and intelligent people said that adults and children alike would suffer and starve. Guess what? It didn't happen that way. People realized that they would have to get off their lazy butts and get a job. Now, I'm not saying that everyone on welfare is lazy, but if anyone can honestly say that everyone on welfare really needed it, I say that they are just flat out lying. People will always work when faced with the option of do something or get nothing.

I have always felt that you can learn a valuable lesson out of something bad. I have learned that I will have to do without credit cards and loans. Big deal. I'll get a house, contract for deed and pay cash for everything or do without. You don't have to kick my @ss more than once to get my attention!

[Hillarysmygirl08]

I am glad ACORN is gone. Right now the government needs to concertrate on helping people. This could be bad.

[Mrsawd]

Every One still needs to flood emails to the reps and make sure Acorn has no access what so ever to any funding !

Emails and Calls !