Showing posts with label subprime. Show all posts
Showing posts with label subprime. Show all posts

Saturday, March 29, 2008

Clinton Flinging More Lies

from usa today. a blogger/attorney at why we need obama helped usa today get the record straight:

usa today: He saw our post yesterday that noted the response from Sen. Hillary Rodham Clinton's campaign to the economic address that Obama delivered Thursday. In this memo, the Clinton team said that Obama "has taken more money from the top 10 subprime loans than BOTH Senator Clinton and Senator McCain." The memo cited CQ.com as its source.

Kavi, though, sifted through public records and figured out that if you compare apples to apples -- particularly the money campaigns have gotten from employees of subprime mortgage companies, which is what the Obama numbers were largely based on -- it looks like Clinton has taken in $1.3 million to Obama's $1.2 million.

why we need obama does some great digging to counteract the lies that clinton tosses out there in hopes that someone will believe them. you know, the kitchen sink thing. inevitably, someone does believe them.
Compilation of Clinton’s Dirty Tactics
Clinton’s Lie List
Hillary’s Gift Basket Politics
Hillary’s Loyalty Politics
Clinton’s Donor Bullies
Pushing Clinton Out Should Be a Group Effort

Thursday, March 27, 2008

Hillary Gave a Gift Basket

clinton is prying pennsylvania votes with suck-up promises, things she can probably never accomplish, but things that nonetheless sound really good to people who are feeling the pain of the economy.
obama in his speech in nyc, offered long term fundamental reform for the economy, and fewer promises of government support.
clinton is playing the typical political game. obama is offering truth, change and, yes, hope.
which will the low-income workers of pennsylvania choose?
here's a great story by andrew leonard at salon:
Obama does not support a five-year mortgage interest freeze or a moratorium on foreclosures -- two prominent planks of Clinton's economic agenda. One could make the argument, therefore, that Obama's approach is less far-reaching than Clinton's, or, conversely, one could argue that Clinton's wilder promises are politically unrealistic, even with a congressional majority. But the clearest difference between the two speeches is this: Hillary went to Philadelphia and promised Pennsylvania voters a gift basket of direct government assistance. Obama went to New York and made a case for long-term, fundamental change, along with a smaller gift basket.

How does that play out politically? Do working-class Pennsylvania voters care what Alexander Hamilton thought about government's role "in advancing our common prosperity" or how the repeal of Glass-Steagall plays into Wall Street's current troubles? That seems unlikely -- and the Clinton campaign was quick to seize upon that point, claiming in a press release that in his speech "Senator Obama announced a series of broad, vague principles, while offering no new concrete solutions to provide Americans with greater confidence in the market or keep them in their homes."

To which one could respond, back in 1980, Ronald Reagan announced a series of broad, vague principles, and then proceeded to drastically change the direction of American politics and economics. If we take both Clinton and Obama at their word, we have Clinton promising a boatload of quick fixes, and Obama promising a profound change of course. What unites them, in opposition to McCain, is that both understand that the U.S. is facing a real problem.

Tuesday, February 19, 2008

Houston and San Antonio Obama Rallies



update: see video below
update: feb 19 live stream houston rally cnn.com
update: obama talks about mortgage fraud in texas. he's actually been on top of this issue since 2000, when it was a problem in illinois.
here's how to vote by mail in texas.

obama's in texas today


WHAT: Stand for Change Town Hall with Barack Obama
WHEN: Tuesday, February 19, 2008 Doors Open: 12:00 p.m.
WHERE: La Plaza De Guadalupe 1327 Guadalupe Street San Antonio, TX 78207
HOW: Click here to RSVP



HOUSTON
WHAT: Stand for Change Rally with Barack Obama
WHEN: Tuesday, February 19, 2008 Doors Open: 6:00 p.m.
WHERE: Toyota Center 1510 Polk Street Houston, TX
HOW: Click here to RSVP

Wednesday, February 06, 2008

Obama Eyed Subprime Lending in 2000

Everything Barack Obama
Senator seeks new rules
by Kyriaki Venetis
September 22, 2000
Origination News

Chicago -- State Senator Barack Obama, D-Chicago, recently sent a formal letter urging Governor George Ryan to reject predatory lending proposals jointly drawn up by the state's Office of Banks and Real Estate, and the Department of Financial Institutions.

This came shortly before an Aug. 10 meeting in which the senator and several other members of the state's legislature met with the governor to discuss the issues face-to-face.

In the letter, Senator Obama advised the governor "to ask the OBRE and DFI to go back to the drawing board and design rules that would define high cost loans appropriately."
He stated that "high cost loans should be defined as those with points and fees of four percent of the total loan amount or more, or with an interest rate exceeding a comparable-term Treasury rate, plus five percentage points. Also points and fees should include all fees paid to brokers by either the borrower or lender, as well as any payment penalties on the existing loan."Beyond that, he argues the regulations should include the following prohibitions:

* No financing of points and fees into the loan.

* No lending without verified and documented sources of income, such as tax returns or credit reports.

* No lending in which the total household debt payments, not merely mortgage costs, exceed 45% of the applicant's verified and documented income.

* No prepayment penalties.

* No balloon payments, except on open-ended junior mortgages.

* No lump sum financed credit life or disability insurance.

* No mandatory arbitration clause.

* No refinancing within two years of an existing loan, unless the annual percentage rate of the new loan is at least two percentage points below the APR of that loan.

* For any refinancing within (the first) two years of an existing loan, lenders may charge point and fees only on the increase on the amount of the new advance.

The senator believes that these inclusions will help reduce the number of foreclosures that have occurred in the state. The senator stated that "foreclosures started by subprime lenders in the Chicagoland area increased from 131 in 1993 to 4,958 in 1999, an increase of more than 3,600 percent."

The senator obtained his foreclosure information from the National Training and Information Center, a non-profit organization in Chicago that does research on housing and other community related issues, including lending and neighborhood safety. It also provides training for those interested in how to do community organizing.

The NTIC currently also works with several affiliate groups, including the Indianapolis-based Organization for a New Eastside which compiles information that it receives from borrowers about their particular lending issues, as well as provides them with education, counseling and advocacy. O.N.E provides no funding to borrowers, though it refers them to local lenders and credit unions after counseling.

O.N.E recently took on the plight of a local family that felt it had been victimized during the purchasing of its home. The organization went to the local branch of the lender for a protest rally, demanding that the loan be looked at again.