Experts and users discuss barack obama, john mccain, election 2008, economy, money: Protect Homeownership and Crack Down on Mortgage Fraud
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Protect Homeownership and Crack Down on Mortgage Fraud
- From Obama Campaign
By Obama Campaign - Jason Furman, Economic Advisor
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More credits, more costs
I'm not sure about providing yet another tax credit or deduction when what is needed is to simplify the tax system, not complicate it.
It seems we're at a conundrum between trying to encourage lower-income people to buy their own homes and trying to crack down on fraudulent lenders.
There shouldn't be a conflict between the two. Low-income families who can demonstrate steady work and income should be able to buy affordable homes. Lenders who lie or cheat in order to pad their own pockets should be sent to prison.
- TinSoldier
July 27, 2008 10:20PM
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Side: Uncommitted
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Much of this plan has been proposed in one way or another
The fixes, in most cases, wouldn't have had to be comprised of all that "threatening" election language.. Mostly logical, mainstream and standard ethical accounting practices would've sufficed. For instance, in the application process, if they had calculated net incomes instead of gross -as VA loans MANDATE, there's step one right there.. The problem was that they had a LOT of Washington in their pockets, no real oversight and little in the way of consequences for their unethical practices.. So the entire business INTENT was based on greed and fear of government reprisals, which led them to rewrite a more all-inclusive (albeit totally against the logical laws of economics) application and approval process.. I believe, in fact, that much of the actual regulation proposed in this plan not only already exists within OTHER current and past government programs, but was also included in Republican created (and Bill Clinton-backed) Senate Bill (s.109) -back in 2004.. The same bill that H. Clinton, C. Dodd and of course B. Obama voted along party lines to block in Mr. Frank's committee.. No, some of you are correct in that something other than that one attempt should have been tried, but let us at least remember that the one time it WAS tried, those listed above (purely because of their current individual relevance in the blame game of today) WERE the good folks that knowingly stopped it from happening..
Besides, if you want low income Americans to experience the joy of home ownership, teach them how to earn, save, build good credit, strive to advance up the economic ladder and achieve more as individuals, for their families and for their communities.. And don't send them the same old socialist-dependent mixed signal that the government will tax them MORE, simply because they were able to CLIMB that ladder and EARN that better, higher paying job with the kind of hard work and determination that it takes to do so.. Don't put them BACK in the position of having no incentive to do this... Because, in effect, the government will pay them more to remain at the bottom of the economic food chain.. Tax breaks? Oh, excuse me... Tax "CREDITS" to people that don't pay taxes -is just a hand-out..
- bigredinstead
October 13, 2008 8:34PM
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Side: John McCain
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What about corruption in congress?
I noticed there is nothing in Barry's proposal about baning heads together (so to speak) in Congress! He likes to blame this ciris on deregulation, but he refuses to acknowledge that Administration regulators were asking for more power to regulate Fannie and Freddie when they found this "spread the wealth around" s*** started hitting the fan three years ago!
The source of fraud is in the Fannie and Freddie KICKBACKS, but Barry was the second most higly rewarded politician on their list!
Copy and paste this informative C-Span debate URL!
http://www.youtube.com/watch?v=_MGT_cSi7Rs
- ScottyNow
October 19, 2008 2:18PM
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