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Bailout Passes 263-171

October 3, 2008

Follow on hotair and MM

I am listening to Rush right now and it seems as if the market isn’t reacting well.  Check this crap out:

SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS. Section 257 of the National Housing Act (12 U.S.C. 1715z-23) is amended—
(1) in subsection (e)—
(A) in paragraph (1)(B), by inserting before ‘‘a ratio’’ the following: ‘‘, or thereafter is likely to have, due to the terms of the mortgage being reset,’’;
(B) in paragraph (2)(B), by inserting before the period at the end ‘‘(or such higher percentage as the Board determines, in the discretion of the Board)’’;
(C) in paragraph (4)(A)—
(i) in the first sentence, by inserting after ‘‘insured loan’’ the following: ‘‘and
any payments made under this paragraph,’’; and
(ii) by adding at the end the following: ‘‘Such actions may include making payments, which shall be accepted as payment in full of all indebtedness under the eligible mortgage, to any holder of an ex6
isting subordinate mortgage, in lieu of any future appreciation payments authorized under subparagraph (B).

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One comment

  1. I am 100% against the bailout. We should let them all go bankrupt.

    I came across your site through Michelle Malkin’s site.

    My blog is the Tygrrrr Express.
    http://www.tygrrrrexpress.com

    If you feel it is of a high quality, please consider a link or blogroll exchange.

    Also, I get a decent amount (not Malkin-sized!) of traffic, in case you have anything
    you would like to promote.

    Respectfully,

    eric aka the Tygrrrr Express



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