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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Senate Panel Hammers Treasury, Paulson

The Post's Binyamin Appelbaum is reporting from Sen. Chris Dodd's (D-Conn.) Banking Committee, which is taking a look at how Treasury is doling out the federal government bailout.

The Democratic senators are taking the opportunity to critique Treasury Secretary Hank Paulson's handling of the bailout.

Here's what some of the senators are saying:

-- Dodd: Treasury's latest focus on consumer lending doesn't make sense. "To put that ahead of home ownership is just to me denying the underlying problem," he said.

-- Sen. Chuck Schumer (D-N.Y.): "Treasury failed to make the rules strict enough" to force banks to lend the money they're getting. If Treasury asks Congress for the next $350 billion of the $700 billion bailout, Schumer said the money will only be provided with more strings attached.

-- Sen. Sherrod Brown (D-Ohio): "If taxpayers's funds are not going to be used for lending, then we need to give serious thought to whether this effort still makes sense." The government, Brown continued, is giving money "to some of the very companies that caused this crisis."

-- Sen. Tim Johnson (D-S.D.): "I have a problem with the use of federal funds for executive compensation and dividends. Both of those should be rewards for a job well done."

-- Frank Ahrens

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By Frank Ahrens  |  November 13, 2008; 11:01 AM ET
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Next: Foreclosure Rate Up 25 Percent From 2007


The Bankers killed the Golden Goose.
Congress buried the body.
Senators Dodd and Sherrod Brown stood by and watched.
4 million foreclosures.
2 million more foreclosures projected in 2009.
5 million facing foreclosures.
20% of homeowners projected to be underwater.

These victims have no voice,
These people became victims because they trusted their banker who took financial advantage of them.These pepole became victims because they thought the bankers
were subject to federal mortgage lending laws.

The Congress has watched the lynching of these home owners and at the same time have
legislatively created trillions of dollars to protect the powerful and the wealthy.
These Congressional members have been bought and paid for by the wealthy and the powerful.

The bankers who lend mortgage money control every detail of the lending process. They determine the terms and conditions. They determine the documentation, the requirements, the rates, and who gets what. The borrowers have not control or input over the process. The Congress has passed no legislation to control the aberrant behavior of the federal savings bank lender.

Conversely the Congress has passed no legislation to permit the mortgage borrower
to object or contest their foreclosure within the same regulatory system that the bank lends its mortgage money.

Charlatans like Dodd and Brown pass legislation and then deny that the legislation was not for the purpose intended. These two charlatans have taken part in giving away almost two 2 trillions dollars to the wealthy and billions of dollars in tax breaks to the powerful banks.

But Not One Dime for the Citizens that were financially hung by the well connected bankers.

This financial holocaust as legislated by this Congress has made this Great Nation look and act like a financial prostitute. As an American I am ashamed of this Congress and angry that this Congress only serves the wealthy and the powerful.

Until my fellow Americans watch their house being sold by Congress at foreclosure because the federal bank violated what little rules there were and then lied about it, they can never really taste the political vomit of our elected federal officials.

There are millions of foreclosure victims that have no voice. Their silence is deafening.
I can’t speak for all of them, for I am one of them.

Michael LittleBig

Posted by: MichaelLittleBig | November 13, 2008 12:43 PM | Report abuse

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