This US Seantor is among the most important people in the federal government these days. He has the nation's heart in his hands, if one it to believe "Home is where the heart is."
Chris Dodd was first a Federal House Representative for Connecticut and then was elected to the Senate. He has been around Washington for a very long time and is a more Conservative voice among the party. He leans Conservative considering he leads the Senate Banking Committee.
He doesn't say much about scandal or investigation but under this administration he has witnessed the loss of value of the USA dollar, a nearly insoluble USA debt, multiple changes within the cabinet of USA Treasurer and a Republican Party that toys with the hopes and dreams of Americans that serve as the backbone to the American democracy.
DODD, BOND SECURE SENATE APPROVAL FOR FUNDING TO HELP AMERICAN HOMEOWNERS STRUGGLING WITH FORECLOSURE (click here)
Sep 12, 2007 - - Washington, D.C. – Senator Chris Dodd, D-Conn., Chairman of the Senate Banking Committee, and Senator Kit Bond, R-Mo., successfully won Senate approval for a measure to help provide $100 million to help homeowners facing foreclosure to remain in their homes.
“Homeowners are being battered by the rising tide of foreclosures,” said Dodd. “This measure can act as a lifeline to help keep them in their homes.” “Across the country too many families are facing the nightmare threat of foreclosure,” said Bond. “This is a good step forward to help stem the tide of foreclosures without bailing out risky lenders and speculators from the market.” The measure would require the Secretary of Housing and Urban Development (HUD) to provide grants for mitigation assistance to public, private and non-profit entities to assist borrowers. The grants can be used for both conventional and subprime loans and can be used to help homeowners modify or refinance their mortgages, or to obtain counseling to examine other options to keep them in their homes. These activities are consistent with the principles agreed to in May at the Homeowners Preservation Summit convened by Dodd, at which lenders, servicers, and representatives from Fannie Mae and Freddie Mac committed to make their best efforts to help homeowners stay in their homes....
Frank May Win `Tougher Than Expected' Subprime-Lending Limits (click here)
By Alison Vekshin
Sept. 17 (Bloomberg) -- U.S. Representative Barney Frank, whose efforts to clamp down on mortgage-lending abuses were thwarted by the last Republican Congress, is about to try again. He should have better luck this time.
Frank, the Massachusetts Democrat who heads the House Financial Services Committee, will soon introduce legislation aimed at shielding consumers from deceptive practices. His proposals follow those already floated by his Senate counterpart, Banking Committee Chairman Christopher Dodd, and President George W. Bush.
With a record number of homeowners facing foreclosure, momentum is building behind legislation that lawmakers will be able to cite when they run for re-election next year. Mortgage- industry officials are bracing themselves....
By Alison Vekshin
Sept. 17 (Bloomberg) -- U.S. Representative Barney Frank, whose efforts to clamp down on mortgage-lending abuses were thwarted by the last Republican Congress, is about to try again. He should have better luck this time.
Frank, the Massachusetts Democrat who heads the House Financial Services Committee, will soon introduce legislation aimed at shielding consumers from deceptive practices. His proposals follow those already floated by his Senate counterpart, Banking Committee Chairman Christopher Dodd, and President George W. Bush.
With a record number of homeowners facing foreclosure, momentum is building behind legislation that lawmakers will be able to cite when they run for re-election next year. Mortgage- industry officials are bracing themselves....
The issue at hand to the incoming USA President at the January 2009 inauguration will be more than a nation mislead, more than a nation with holes in it's national security, poor immigration policy and wars that would seem 'without end;' there is the essence of the American Dream and how it has been used and abused for the Bush/Cheney White House to 'float' an economy.
It's just like a Republican to holler at the legislature when in fact the Democratic leadership has been 'on the case' the entire time.
Paulson: Senate Needs To Act (click here)
Pushes For Reform Of Fannie, Freddie
By DAVID LIGHTMAN Washington Bureau Chief
September 12, 2007
Pushes For Reform Of Fannie, Freddie
By DAVID LIGHTMAN Washington Bureau Chief
September 12, 2007
WASHINGTON - Treasury Secretary Henry M. Paulson Jr. gave a friendly half-smile, took a sip of his Diet Coke and tried to say, in comforting tones, that although the sub-prime mortgage crisis won't end anytime soon, it's no reason to panic."We expect this turbulence to go on for a while," the secretary told reporters at a breakfast Tuesday.Although that was hardly reassuring, Paulson tried to induce calm with his soft, but deliberate tone....
It was awfully good of Secretary Paulson to 'stay at home' while his Chinese Good Buddies are receiving some adverse popularity with it's contaminated food products and children's toys.
Falling home prices could dent economy (click here)
Consumers will be poorer, and probably won't spend as much
Consumers will be poorer, and probably won't spend as much
WASHINGTON (MarketWatch) - Just as rising home prices helped fuel the economic expansion of the past six years by making people wealthier, falling home prices could put a big dent in economic growth in the next few years by making them poorer.
At this point, few economists expect the economy to sink into a recession, but almost all of them agree that consumer spending would slow, perhaps significantly, if home prices were to fall.
With the number of excess homes rising amid falling demand, the negatives in the housing market will "continue putting downward pressure on prices," said Seamus Symth, an economist for Goldman Sachs, who says home prices were plunging at a 9% annual rate in the most recent data. Goldman expects home prices to fall 7% this year and another 7% next year.
The path of home prices could be the key to whether the economy grows or stalls....
With the number of excess homes rising amid falling demand, the negatives in the housing market will "continue putting downward pressure on prices," said Seamus Symth, an economist for Goldman Sachs, who says home prices were plunging at a 9% annual rate in the most recent data. Goldman expects home prices to fall 7% this year and another 7% next year.
The path of home prices could be the key to whether the economy grows or stalls....
What I would like to see from Senator Chris Dodd is not just the usual Democratic insight and leadership, but, some very profound answers to questions as to how all this transpired and who in God's name allowed this to happen to the people of this nation? Where were the 'stops' to the subprime exploitation before 2000 and what did the Republicans do to undermine sound investing policy along the way? In other words, whom is responsible at a federal government level and when will they be held accountable?
The exploits of Cheney and Enron weren't enough to establish sound fiscal policy? Then it's time Democratic leadership establish it for the nation so the people of the USA can't have their dreams and financial security taken from them again.
By ALEX VEIGA
LOS ANGELES
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.
The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs.
He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company's financial health.
But those overseeing the plan failed to warn workers or intentionally concealed key information, the lawsuit claims....
LOS ANGELES
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.
The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs.
He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company's financial health.
But those overseeing the plan failed to warn workers or intentionally concealed key information, the lawsuit claims....
There is something "W"rong with this picture. Stockholders of Countrywide have dividends, but, employees lose their shirts while homeowners go belly up. Really?
Countrywide eases cash concerns with $14.3b in new credit lines (click here)
E. Scott Reckard in Santa Ana, CaliforniaSeptember 15, 2007
E. Scott Reckard in Santa Ana, CaliforniaSeptember 15, 2007
COUNTRYWIDE Financial Corp eased fears of a crippling cash shortage by lining up $US12 billion ($14.3 billion) in new financing, which boosted its shares nearly 14 per cent on Thursday. But the move did not stem harsh criticism of its practices.
Countrywide, which earlier this year drew down an emergency $US11.5 billion line of credit from a group of banks and last month received a $US2 billion investment from Bank of America, disclosed the new credit lines in one sentence in its monthly report on operations. The company provided no details on which banks would provide the new loans or on what terms.
Investors gave the Californian company, the top mortgage lender in the US, a vote of confidence about its chances for surviving an industry downturn that has put scores of smaller lenders out of business.
Countrywide shares rose $US2.31 to $US18.93 in Thursday trading....
Countrywide, which earlier this year drew down an emergency $US11.5 billion line of credit from a group of banks and last month received a $US2 billion investment from Bank of America, disclosed the new credit lines in one sentence in its monthly report on operations. The company provided no details on which banks would provide the new loans or on what terms.
Investors gave the Californian company, the top mortgage lender in the US, a vote of confidence about its chances for surviving an industry downturn that has put scores of smaller lenders out of business.
Countrywide shares rose $US2.31 to $US18.93 in Thursday trading....
Senator Dodd has a lot of responsiblity, I'd like to see him take the leadership he deserves and seek an end to irresponsible and exploitive business practices that lead to this type of fiscal tragedy for global economies (click here). He has an opportunity before him and that is to prove exactly the extent the current administration allowed the American people to lose their homes and futures while no one warned them or stopped them.
