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How Big is the Big Bad Bailout?
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Blog

How Big is the Big Bad Bailout?

How much will Countrywide benefit from Sen. Dodd's FHA bailout?  The Journal does the math: If borrowers and lenders take full advantage of this new federal program, and Countrywide loans go south at roughly the same rate as those from other lenders, this suggests a potential taxpayer bailout of more than $25 billion for Countrywide-originated loans. So here's what we have: Sen.

06/18/2008
Taxpayer Groups Sign Coalition Letter Opposing Dodd-Countrywide Mortgage Bailout Bill
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Press Release

Taxpayer Groups Sign Coalition Letter Opposing Dodd-Countrywide Mortgage Bailout Bill

View the .pdf with logos here As the Dodd-Countrywide mortgage bailout bill comes to the Senate floor this week for debate, leading taxpayer advocates stand in opposition to the legislation. The Dodd-Countrywide bill would create $300 billion in new taxpayer liabilities, allow banks to dump their worst performing and riskiest loans onto the FHA, and create a $500 million new tax on GSEs to fund a permanent new spending program.

06/18/2008
Want to buy an overpriced house in Las Vegas? You’re about to!
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Newspaper Article

Want to buy an overpriced house in Las Vegas? You’re about to!

BY Matt Kibbe

Thanks to Matt for stopping by to post this. Matt Kibbe is the President of FreedomWorks. --Erick The current correction in the housing market is painful for Wall Street and many homeowners. Not missing an opportunity to ‘solve’ a ‘crisis,’ Congress is attempting to save the day with the Dodd-Frank bailout bill that is scheduled to hit the Senate floor later today. While supporters try to sell the bill as legislation to help folks facing foreclosure, a closer look shows who benefits and who ultimately pays.

06/18/2008
Takin' on the Tax Code
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Blog

Takin' on the Tax Code

So, this is fairly silly, but it's a lot of fun.  And hey, it's right, too!

06/17/2008
Key Vote "No" Federal Housing Finance Regulatory Reform Act of 2008
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Press Release

Key Vote "No" Federal Housing Finance Regulatory Reform Act of 2008

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Federal Housing Finance Regulatory Reform Act of 2008.  On the way to doing nothing to address the fundamental problem in the housing market, this bill creates a new $300 billion taxpayer liability, creates a trust fund in perpetuity outside of budgetary oversights for political community groups, and greatly expands the Federal Housing Administration, perhaps to the breaking point.

06/17/2008
Senator Dodd's House
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Blog

Senator Dodd's House

06/16/2008
Ask Your Senators If They Support the Dodd/Countrywide Bailout!
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Press Release

Ask Your Senators If They Support the Dodd/Countrywide Bailout!

Just when it seemed that the proposed mortgage bailout couldn’t get any worse, it was revealed that one of the bailout’s primary architects, Senator Chris Dodd, received special “VIP” mortgage rates from Countrywide. As one of the leading sub-prime mortgage lenders, Countrywide stands to be one of the leading beneficiaries of the Dodd Mortgage Bailout if it passes the Senate. 

06/16/2008
Republican Pork and Being Outside Looking In
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Blog Hit

Republican Pork and Being Outside Looking In

BY Russell Wilcox

If any Republicans are still wondering how they lost the Congress, they should examine the shenanigans of Senator Grassley and show him and others like him the door. We won't get another chance for a majority until we do - no matter how badly the Democrats screw up on national security, energy, immigration, taxes and global warming. Chuck Grassley, King of Pork By Matt Kibbe

06/13/2008
Need Some Help
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Blog Hit

Need Some Help

BY Randy Toman

For all of you living in the Lehigh Valley–Pennsylvania they need some help. (SEE BELOW) Join the taxpayers tea party and let the politicians know it will either be food and gas for the family or tax money to the government/ liberals. And I hope you will choose your families. Get involved; help straighten some of the confusion as to who is working for who. FYI. Attached is a call for volunteers to help fight the East Penn tax hike, and the press release that was sent today:

06/13/2008
Dodd Sponsors Lender Bailout, Takes VIP Loans
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Blog

Dodd Sponsors Lender Bailout, Takes VIP Loans

Senator Chris Dodd is one of the driving forces behind the $300 billion FHA-mortgage-refinancing bill currently making its way through the Senate (for more, see David C. John's analysis).  The bill's being sold as aid to struggling homeowners, but it's also a huge boon to lenders holding a lot of risky debt.  That's because it allows these banks to cherry-pick their riskiest loans and slough them off onto the publicly backed FHA; in other words, the bill moves the risk from the bank's portfolio to the taxpayers'.  One of those lenders is Countrywide Financial, and surprise surprise, it looks as if Senator Dodd benefited -- possibly improperly -- from a VIP loan program for personal friends of Countrywide's president.  Portfolio's got the report:

06/12/2008

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