This coming Wednesday evening, the Northwest Progressive Institute will be holding a fundraising gala. As many of you know, NPI has been a ceaseless foe of professional initiative hawker (and confessed liar) Tim Eyman. Since 2003, NPI has championed numerous progressive causes from tax reform to support of progressive candidates in the Northwest. Over the last five years, NPI has played a huge role in organizing and informing the progressive NW blogosphere, and bringing together progressive activists and their representatives in Washington and Olympia.
They deserve your support. But, beyond that, these events are just plain enjoyable. That isn’t just talk…I attended the previous fundraiser, and had a great time. This years speakers are John de Graaf, Suzan DelBene, Dow Constantine, Rep. Han Dunshee, and Seattle Port Commissioner Gael Tarleton.
The gala will start at 6:30 the Wednesday (June 9th) at the Community Center at Mercer View, 8236 SE 24th Street, Mercer Island. The cost is $45 for individuals and $75 for households. And there is special price ($20) for students and low income families.
You can find additional information on the event and purchase tickets at the NPI web site.
Progressive my Ass!
Did you here what one of your “Progressive” Senators said recently Darryl?
In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained, “passage of such a requirement would restrict home ownership to only those who can afford it.”
Clearly Progressive means “Entitlement”.
# 1: Bob Corker is the current representative from my old hometown, although I’ve been away for several decades and never knew him in politics. However, since I read the hometown papers on-line, I’m aware of his positions and career.
Bob Corker is not, and never has been, in favor of protecting home ownership. What he has become is a shill for the payday loan and credit card rackets. He’s also voted against any meaningful reform of the banking and home-loan regulations. Any attempt by Corker to introduce legislation would be posturing in an attempt to side-track more comprehensive reform.
The “5% down” pretty much applies as a bare minimum to all loans nowdays in any event, and it’s pretty rare to qualify for loans on that basis.
A more important issue is not the % down payment, but whether “instant equity” counts as the down payment. This occures where the buyer negotiated a great price, or where a family member is essentially being given the equity and the sale is to cash out the existing mortgage. These buyers still don’t have their own “skin in the game”, but it probably meets the requirements which reformers seek. But these types of loans were ripe for abuse by scammers who used inflated appraisals and shill buyers to commit bank fraud.
But this is small potatos compared with the problems caused by the bundling of home mortages into securities, a system by which the relative security of the loan couldn’t be audited by the buyers of the mortgages. This system encouraged risky lending and rewarded handsomely those who engaged in it, right until the end when the house of cards collapsed. Among the risk factors in those loans were APRs which exploded after a couple of years, or balloon payments due, either of which required the buyer to re-finance in order to be able to keep the home. When the housing and banking markets both collapsed in 2008-2009, such refinancing was unavailable.
Corker’s proposal doesn’t address any of these other factors. They wouldn’t, because his sponsors in the lending industry want to preserve the ability to start selling those risky loans again as soon as the market recovers. They know that a 5% down-payment can be manipulated by making sure you have an appraiser who estimates a bit on the high side, thereby requiring no cash out of pocket anyway.
I’ll be there!
@1) Who thinks Dodd is a “progressive”?
Darryl–
I hope you find time to discuss the various toss-up Senate Races….like this one in Ohio.
While you KLOWNS are drinking White Wine & Brie Cheese at you fund-raiser…rest assured the Tea Party is on the ground enlightening America about the consequences of your groups reckless actions.
How about this Senate Race?
Senate: Portman 43%, Fisher 43%
Monday, June 07, 2010
And perhaps you can discuss the Governor’s Race’s and the impact on your dreams if Republicans take over more State’s?
Here is one to watch and discuss-
Monday, June 07, 2010
The reason I would focus on Ohio is it is a Battleground State which could end up deciding the 2012 Presidential Election