Mortgage bail out questioned
Podcast Episode
A local congressman speaks out against the mortgage company bail out.
The American Housing Rescue and Foreclosure Prevention Act is a step in the wrong direction according to Congressman Paul Ryan. The Republican from Janesville tells WCLO's Stan Milam Show mortgage lenders like Fannie Mae and Freddie Mac will now have a free hand to continue funding risky mortgages. Ryan calls it an expensive bail out. He says it could add $1.6 trillion to the nations debt .
Ryan predicts the same companies could be back for more of the taxpayers money in a few years, because of a lack of reforms.
Aug 3, 2008 at 8:02 p.m.
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Ryan is dead on.
Unfortunately his vote is just one of hundreds in congress, with the vast majority in both parties, being all for this bail out, including the President. This sort of thing will end up being a long term DISASTER. By the time these struggling lenders and banks are bailed out by the government, the national debt will be so high that near half the budget will be needed just to pay off the interest on it. When you figure in all the other fiasco's that congress has botched with entitlements, and thrown endless $$$ at, there is no question that this country is on the verge of financial collapse. I just would not want to be the winner of this November election. If you think things are bad now, you have not seen anything yet. This run a way spending by congress is ultimately going to create an avalanche that can not be stopped.
Aug 3, 2008 at 7:04 p.m.
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I hope there is no one naive enough to not realize this was perfectly planned out from day one.
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They made all the money they could for as long as they could with NO RISK because it was in the works all along to rob the taxpayers for the difference when it fell apart, which they full well knew it would.
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Makes no difference what "political party is in office" either, no difference at all.
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Same old story as before.
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Aug 3, 2008 at 6:09 p.m.
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He's right on the money with that. The mortgage bailout was a dumb idea. Bush should have vetoed it. But, I'm sure the bill was loaded with other pork spending and other bills that needed to be passed.
Aug 3, 2008 at 5:41 p.m.
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Again Ryan talks after the fact. His conversation is Irrelevant... The President has signed the Bill. He could have vetoed it, but he decided it was what the Republican Party wanted. Again Ryan is Irrelevant
Aug 1, 2008 at 4:07 p.m.
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I am totally afainst any type of bailout for anyone involved in the mortgage mess. Companies allowed their lenders to make questionable loans to unqualified borrowers and here we are. I also have absolutely zero sympathy with any borrower that is now facing economic ruin for their stupid loan fiasco. No bailout for them either. If you stand in the middle of the road and get run over by a truck, that is your own stupid fault, not the taxpayers'.
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