Archive for the ‘Senate’ Category

Loan Limits Slated To Be $625,000

Tuesday, July 22nd, 2008

House and Senate negotiators have reached an agreement on loan limits, and it appears that the maximum amount for the Government Sponsored Enterprise (GSE)Fannie Mae, Freddie Mac, and Federal Housing Administration FHA loans will be $625,000.

Negotiations on a massive housing bill are getting serious, with the House of Representatives scheduled to vote on the legislation tomorrow.

In markets where housing prices exceed the $417,000 conforming loan limit, the maximum loan amount of Fannie Mae and Freddie Mac loans would be determined by multiplying the median home price by 115%, up to a maximum of $625,000, sources say.

The same holds true for FHA loans, except that the multiplier kicks in at $271,050, or 65% of the conforming loan limit. If the median home price is $300,000, the maximum FHA loan amount in that area would be $345,000 ($300,000 x 115%).

House Financial Services Committee Chairman Barney Fran, D-Mass., told The Washington Post that the House has agreed to accept Senate provisions that ban seller funded downpayment assistance on FHA loans and impose a 12-month moratorium on the charging of risk-based premiums by the FHA.

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Once upon an Oligarchy

Sunday, June 29th, 2008

Point of order: Been jamming that Hill St. (saint) Soul, love that cut Pieces, check it, cop that.

As many of you know, i’m forever calling folks out, even myself. I often use terms of endearment such as fk boy, or bitch azz to suppurate these thoughts into manageable constructs. Today I will use another term that I was familiarized with while growing up in Memphis – weak azz bitch. Now before I start, I want to say that this direct objectified gerund is neither race nor gender specific, and tends to be best exemplifying of collective acts that can be perpetrated by individulas or groups, for example the congress - especially the democratic members.

I have always been curious how folks can always say one thing and do another. Like the child that says they don’t want to go outside, but cries when you don’t let them out, or the woman that says she doesn’t want to be with a certain man, but wants him after he has removed himself from her life, or as I have mentioned in the prior paragraph, a congress person who says they disagree with a certain policy yet supports it via vote.

Although unlike most of us, who just get a day off for the fourth of July weekend the Senate went home yesterday for the Fourth of July holiday without doing jack to deal with the pressing economic conundrums facing regular folk like us. All though the folk on both side of the aisle say they gone handle theirs, from my vantage point, they appear to act more like a gaggle of weak azz bitches.

Not only did the housing rescue bill could not proffer any love via a test vote, they also could not approve an electronic surveillance legislation to prevent physicians who accept Medicare (H.R. 6331: Medicare Improvements for Patients and Providers Act of 2008) from getting hit with a large percent pay cut. I mean it was passed in the house but filibustered in the Senate.

The only thing that these folks were able to do, I mean by a skunk measure (zero opposition votes) was the passing of a bill to fund the wars in Iraq and Afghanistan that also increases benefits for veterans.

I think the last measure was a good thing. However, it just strikes me as strange that all these democrats voted for this bill, but will likely go back home on the stump, to their districts and talk about how much money we wasting on this war effort. Talking about being two faced and slimy. I mean, it would be disingenuous for me, if I was a poly (many) trickster to say I disagree with all the loot going for the war effort as well as how it is being spent, but yet at the same time vote for the measure. The legislation, passed by a vote of 268-155, with Democrats logging 80 votes with republicans. I won’t call any name this time, but you can find who voted for what here. But that’s why I feel that this republic, for which it stands, seems to be more like an oligarchy each day – u know, “a government in which a small group exercises control especially for corrupt and selfish purposes” – namely staying in office and getting paid. I’m sure they’ll never need any kind of payday loan.

ps: good look SkoolBoi and Gemni girl for stopping by the shop this weekend. Also Ensayn Reality and marcelle ward for the shout outs.