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I was hoping some pin head would have "another" plan.
Misery loves company!
Think it's going to get even better. Whole world running scared.
Uh-oh sock puppet fight!
Iceland jails currupt bankers. Why can't we?
http://www.forbes.com/sites/timworstall/2015/10/24/if-iceland-can-jail-bankers-for-the-crash-then-why-cant-america/#2715e4857a0b36ef27ef4a67
I wonder how much we get on this definite positive news? 25¢?
It's about time judges start lighting up several in government. Stuff has gotten out of hand. >>>>>Goldman
It's is a good read. Makes you mad though.
Thank you!
Wasn't Myron Steele going to do something this week? Thought there was a statement or something.
Chinese market down again 1.8%.
Thanks mikol....my wife made me delete my original drafted response. Ha!
What is sad is that he does know. He's just part of it somehow.
Senator Cornyn,
Thank you for your reply. It is indeed regrettable a person in your position shows this lack of knowledge concerning such an important topic. I'm truly ashamed to forward this on to multimedia showing the world
"How it's done in Texas" by our current SenatorJohn Cornyn.
But I will.
Regards!
Well at least your guy knows that much. I can't say that for our illustrious senator.
No more voting for John Cornyn. This is the email I received back.
Dear Mr. Compton:
Thank you for contacting me regarding Fannie Mae and Freddie Mac. I appreciate having the benefit of your comments on this matter.
Fannie and Freddie are America’s two largest mortgage-finance companies, and their activities played a large role in causing the recent housing bubble and subsequent financial crisis. Prior to September 2008, they were “government-sponsored enterprises” (GSEs). Since then, they have been in federal conservatorship and have effectively become government entities.
During the 113th Congress, the Senate Committee on Banking, Housing and Urban Affairs approved the Housing Finance Reform and Taxpayer Protection Act (S. 1217). Among other things, S. 1217 would have replaced Fannie Mae and Freddie Mac with a new government entity called the Federal Mortgage Insurance Corporation (FMIC). FMIC would act as a new federal regulator of the mortgage industry, designed to monitor the safety and soundness of various financial institutions. In addition, S. 1217 would have created a new grant program called the New Market Access Fund, as well as expanded both the base and the rate for the national Housing Trust Fund and the Capital Magnet Fund. Proponents argued that the proposal would have shifted more of the risks of mortgage lending to the private sector. Therefore, the federal government would have only served as a final backstop in the secondary market for mortgage-backed securities, helping to maintain the 30-year fixed mortgage. S. 1217 was not enacted prior to the adjournment of the 113th Congress.
I have long advocated reforming both Fannie and Freddie to protect taxpayer interests. In 2006, after we learned that Fannie had intentionally overstated its earnings by $10.6 billion, I urged the Senate Majority Leader to bring reform legislation before the full Senate that would have subjected GSEs to stricter oversight and regulations. Regrettably, the Senate did not consider these reforms.
Congress must reform GSEs to make sure that taxpayers’ money is not used to bail out those who made bad investment decisions. Unfortunately, according to the Congressional Budget Office, the mortgage guarantees that GSEs are expected to issue from 2015 through 2023 will cost federal taxpayers almost $20 billion. You may be certain that, as a member of the Senate Finance Committee, I will continue to advocate for the reform of Fannie Mae and Freddie Mac to protect taxpayers.
I am honored to represent Texas in the United States Senate. Thank you for taking the time to contact me.
Sincerely,
JOHN CORNYN
United States Senator
517 Hart Senate Office Building
Washington, DC 20510
Tel: (202) 224-2934
Fax: (202) 228-2856
http://www.cornyn.senate.gov
Please sign up for my monthly newsletter at http://www.cornyn.senate.gov/newsletter.
PLEASE NOTE:
Due to the nature of electronic communication, if you did not receive this e-mail directly from my office, I cannot guarantee that the text has not been altered. If you have questions about the validity of this message, or would like to respond to this message, please use the web form available at my website, http://www.cornyn.senate.gov/contact.
Bought Apple today! Managed to lose $233 the first day! Goooo Dave!
Well done! It is probably too much though to get people to do their F'n job!
Well as long as Costco updates and Detearing rhymes continue I'm good!
Who has their finger on the delete message button? Geez! Innocuous posts being deleted. Is this Fox News Ihub? Waiting for deletion....
It's hard to be honest.
New Fannie headquarters in Plano,Tx 300k sq ft. Just saw it on the channel 8 news. Didn't know about that one.
Ha! Ha! Definitely a question to be avoided....well done!
So just who is the "shiniest turd in the pile?"
Looks like we are in trouble.
Probably just taken out of context....probably meant cases involving people asking for settlements...
What settlements are underway? I haven't heard of any. Good catch!
That is a good idea! I have different accounts. It would be just my luck for it to skyrocket during the sale and b4 the purchase! Thanks again!
I don't have the preferred but thank you anyway. Probably a lot easier to do with mutual funds.
That was the he plan but it doesn't sound like it works. I wonder what these folks were swapping? Thanks for the info though! Saves me the trouble of finding out the hard way!
I think i might do this...
WHAT IT IS:
A tax swap is a strategy that involves selling one investment with capital losses and replacing it with a similar, but not identical, investment.
HOW IT WORKS (EXAMPLE):
Let's assume that John owns 1,000 shares of Mutual Fund XYZ. He purchased the shares for $25 a share, but now they're worth only $15. On paper, he's lost $10,000.
John wants to deduct this loss on his tax return, but he can only do so if he actually sells the shares. John believes that the sector in which Mutual Fund XYZ invests is a good long-term investment, so he does a tax swap: He sells his 1,000 shares of Mutual Fund XYZ and uses the money to purchase shares of Mutual Fund ABC, which invests in the same sector and uses many of the same trading methods. This enables John to deduct the capital loss on his tax return while staying invested in virtually (but not exactly) the same investment.
WHY IT MATTERS:
Although investment losses are generally tax deductible, selling securities at a loss in order to get a tax benefit and then buying the stock back right away is prohibited by the IRS. The IRS prohibits taxpayers from deducting losses on the sale of an investment if the taxpayer purchases the same security 30 days before or after the sale (called a "wash sale"). Wash sales are prohibited, tax swaps are not.
Yep kinda crazy, it's like you can steal millions and get away with it. You can default on 8k in credit cards and you mess up your credit. Write some hot $10 hot checks and they will come arrest you a$$.
In your case I think the sweat equity more than equals a down payment. Be it building it or via the VA. Good job dude!
I really don't advocate 20% either. People don't have that much cash tucked away. I do think they should use their own money though.
I was referring more to the rule that you no longer have your own skin in the game. Well meaning parents can foot the bill etc etc. they don't care where you get it.
Good video! I think the banks are doing the same thing again though. Im still seeing zero down on homes and they have also waived the requirement that the down payment must be your own money. Not borrowed etc.
That was fast!
Got to be approved by Senate first.
That would be so nice! I think I would by along z a new car! If they still sell AMC Pacers.!
Maybe some congressmen with a back bone will stop this bill. There right next to the unicorns.