Posted by
rycK on Wednesday, October 01, 2008 3:54:11 PM
The Senate Bailout
Swamp and Other Follies: The Taxpayers will Give you Free Mortgages and Get Stuck for Carbon Taxes
in Return.
The 400+
page screed that our idi0t Senators will ‘vote’ on is out it contains a
cornucopia of goodies that reminds of some drunken biker’s acid trip.
This behemoth contains a swamp of sugar-coated goodies and a snarled and
unworkable bureaucratic committee headed by the Secretary of the Treasure and
modifies numerous other laws and regulations.
The
general thrust is that the Secretary will have unlimited powers to buy and sell
all sorts of financial assets and liabilities at his discretion with some vague
regard to the rights of the taxpayers. There will be some oversight committee
and a bunch of reports that appear to be arbitrary. They can stick the taxpayer
with 350 bln dollars and give all sorts of tax bennies to special interests.
The ability to foreclose on mortgages held by
deadbeats is apparently abrogated.
Here are
a few juicy tidbits from this wreckage that include washing machine
restrictions and tax relief for wooden arrows made
by Indians.
The Hard Stuff:
SEC. 103. CONSIDERATIONS
(1) protecting the
interests of taxpayers by
maximizing overall returns and minimizing
the impact
on the national debt;
(2) providing stability
and preventing disruption
to financial markets in
order to limit the impact
on the economy and
protect American jobs, savings,
and retirement
security;
(3) the need to help
families keep their homes
and to stabilize communities;
This reads as the foreclosure of
any mortgage is probably prohibited or will not be used as an option.
SEC. 109. FORECLOSURE MITIGATION EFFORTS.
(a) RESIDENTIAL
MORTGAGE LOAN SERVICING
STANDARDS.—To the
extent that the Secretary acquires
mortgages, mortgage
backed securities, and other assets
secured by residential
real estate, including multifamily
housing, the Secretary shall implement a plan that seeks
to maximize assistance for homeowners
and use the authority
of the
Secretary to encourage the servicers of the
underlying
mortgages, considering net present value to the
taxpayer, to
take advantage of the HOPE for Homeowners
Program under
section 257 of the National Housing
Act or other
available programs to minimize foreclosures.
In addition, the
Secretary may use loan guarantees
and credit enhancements
to facilitate loan modifications
to prevent avoidable foreclosures.
This is a government license for people in default
on their mortgages to not pay anything and maintain their residence at taxpayer
expense.
c) CONSENT TO
REASONABLE LOAN MODIFICATION
REQUESTS.—Upon any
request arising under existing investment
contracts, the
Secretary shall consent, where appropriate,
and considering net
present value to the taxpayer,
to reasonable requests for loss
mitigation measures,
including term extensions, rate
reductions, principal write
downs, increases in the proportion of loans within a trust
or other structure
allowed to be modified, or removal of
other limitation on
modifications.
(2) MODIFICATIONS.—In
the case of a residential
mortgage loan,
modifications made under paragraph
(1) may include (A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
We can
only wonder what ‘similar’ means.
This apparently
circumvents the bankruptcy courts and allows some bureaucrat to restructure
mortgage contracts.
SEC. 115.
GRADUATED AUTHORIZATION TO PURCHASE.
(a) AUTHORITY.—The
authority of the Secretary to
purchase troubled
assets under this Act shall be limited
as follows:
(1) Effective upon the
date of enactment of this
Act, such authority
shall be limited to
$250,000,000,000 outstanding at any one time.
(2) If at any time, the
President submits to the
Congress a written
certification that the Secretary
needs to exercise the
authority under this paragraph,
effective upon such
submission, such authority shall
be limited to $350,000,000,000 outstanding at any
one time.
So, this is a 350 bln dollar bailout.
SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC
DEBT.
Subsection (b) of
section 3101 of title 31, United
States Code, is amended
by striking out the dollar limitation
contained in such
subsection and inserting
‘‘$11,315,000,000,000’’.
There is an
unintelligible b) GOLDEN PARACHUTE RULE buried in legalese.
There is more fluff
and EcoNazi burdens in this mess:
There is huge
pile of hooey about energy credits. This
crap extends for 250 pages:
SEC. 117. CARBON AUDIT OF THE TAX CODE.
(a) STUDY.—The
Secretary of the Treasury shall
enter into an agreement
with the National Academy of
Sciences to undertake a
comprehensive review of the Internal
Revenue Code of 1986 to
identify the types of and
specific
tax provisions that have the largest effects on carbon
and other
greenhouse gas emissions and to estimate
the
magnitude of those effects.
(c) CARBON CAPTURE REQUIREMENT FOR CERTAIN
FUELS.—
Who knows what this means. The EcoNazis get a
bunch of stuff here.
(a) PLUG-IN ELECTRIC DRIVE MOTOR VEHICLE
CREDIT.
SEC. 211. TRANSPORTATION FRINGE BENEFIT TO BICYCLE
COMMUTERS.
(4) TOP-LOADING CLOTHES WASHER.—
(5) GALLONS PER CYCLE; WATER CONSUMPTION
FACTOR.—
Sec. 322. Tax
incentives for investment in the District of Columbia.
SEC. 314. INDIAN
EMPLOYMENT CREDIT
SEC. 315. ACCELERATED DEPRECIATION FOR BUSINESS
PROPERTY ON INDIAN
RESERVATIONS.
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
WOODEN ARROWS DESIGNED FOR USE BY
CHILDREN.
This is a circus.
Vote out all of these
parasites out of office.
rycK
Comments: ryckki@gmail.com