FHA bailout, $1.7 billion to stabilize its long term finances, First taxpayer bailout in 79 years, FHA commisioner Carol J. Galante Obama appointee

FHA bailout, $1.7 billion to stabilize its long term finances, First taxpayer bailout in 79 years, FHA commisioner Carol J. Galante Obama appointee

“What do you think a stimulus is? It’s spending – that’s the whole point! Seriously.”…Barack Obama

“…and Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people’s money. It’s quite a characteristic of them.”…Margaret Thatcher

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

From the LA Times September 27, 2013.

“Federal Housing Administration needs $1.7-billion bailout”

“The Federal Housing Administration, whose role in the real estate market expanded dramatically in recent years, on Friday said it would need approximately $1.7 billion to stabilize its long-term finances.

It marks the first time the 79-year-old agency will require a taxpayer bailout, which it has the authorization to receive without congressional approval.

The FHA, which insures more than $1 trillion in mortgages, is funded by premiums charged to homeowners. But the actions it took to stabilize the housing market after the subprime housing bubble burst left it backing billions of dollars in bad loans.”

“In a letter to lawmakers Friday, FHA Commissioner Carol Galante said the agency would need about $1.7 billion on Monday, the last day of the fiscal year, to ensure it has sufficient reserves to cover anticipated losses on the loans it backs.

A bailout has been expected since April, when the Obama administration’s proposed 2014 budget projected the FHA would need $943 million by Sept. 30.

But the size of the bailout nearly doubled because the number of mortgages the agency has backed declined in the last few months as mortgage rates have risen, Galante said.”

“Many Republicans have been critical of the FHA’s expanded role in the housing market, warning that it put taxpayers on the hook for losses. House Republicans are pushing legislation that would scale back the FHA’s role.”

Read more:

http://www.latimes.com/business/money/la-fi-mo-federal-housing-administration-fha-bailout-20130927,0,6044953.story

Carol J. Galante is an Obama appointee.

“The Federal Housing Administration (FHA) of the Department of Housing and Urban Development, which provides a variety of insurance options for qualified loans on existing homes, home construction and repair, and is also responsible for regulation of the Real Estate Settlement Procedures Act and the manufactured housing industry, has been without a permanent leader since April 2011. Carol J. Galante, who currently serves as Acting Assistant Secretary for Housing-FHA Commissioner, was nominated by President Obama on October 20, 2011, to lead the federal agency on a permanent basis. Although the Senate Banking Committee voted to send her nomination to the Senate floor, some conservative Republicans, charging that the Obama administration has not faced the probability of an FHA bailout, may attempt to prevent her confirmation.”

http://www.allgov.com/news/appointments-and-resignations/assistant-secretary-for-housing-federal-housing-commissioner-who-is-carol-galante?news=843880

 

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35 responses to “FHA bailout, $1.7 billion to stabilize its long term finances, First taxpayer bailout in 79 years, FHA commisioner Carol J. Galante Obama appointee

  1. “The Affordable Care Act is partly responsible for the slow jobs recovery. If employers with 50 or more employees do not offer the right kind of health insurance, and at least one employee gets subsidized coverage on the exchange, they are faced with penalties of $2,000 per employee per year. Since the first 30 workers are exempt from the penalty, moving from 49 to 50 workers can cost an employer $40,000 a year.

    No wonder that many small businesses are opting to stay at 49 workers. If they decide to expand, they can use temporary workers or contract employees.”

    “As well as effects on hiring, the subsidies in the Affordable Care Act, could increase the incentive to divorce and discourage marriage.

    Under the Act, if workers have affordable single-family coverage from an employer — coverage that by law workers are obligated to accept — their family members will not be eligible for premium subsidies on the exchanges. This can make the cost of insurance for some low- or middle-income families unaffordable. But if they divorce, they get the subsidy.”

    http://www.marketwatch.com/story/will-obamacare-hurt-job-creation-and-marriage-2013-09-27?dist=countdown

  2. SUEQ…….

    I left you a message at the last post……….

  3. THOUGHT FOR THE DAY!
    “I regret that I am now to die in the belief, that the useless sacrifice of themselves by the generation of 1776, to acquire self- government and happiness to their country, is to be thrown away by the unwise and unworthy passions of their sons, and that my only consolation is to be, that I live not to weep over it. If they would but dispassionately weigh the blessings they will throw away, against an abstract principle more likely to be effected by union than by scission, they would pause before they would perpetrate this act of suicide on themselves, and of treason against the hopes of the world. To yourself, as the faithful advocate of the Union, I tender the offering of my high esteem and respect.”Thomas Jefferson Letter to John Holmes (22 April 1820)

  4. So wise and aware the original founders. How saddened they would be today in so many different ways.

  5. September 26, 2013

    “Obama mouthpiece Jay Carney strikes again. Says the only thing not in the debt ceiling list is a birther bill…”

    http://www.birtherreport.com/2013/09/video-jay-carney-birther-bill-only.html#more

  6. In an interview, investigative journalist Seymour Hersh said the bin Laden story is “one big lie.” He’ll be elaborating on this in his new book. Interesting. Link below.

    http://www.newser.com/story/174980/seymour-hersh-bin-laden-story-one-big-lie.html?utm_source=part&utm_medium=inbox&utm_campaign=newser

  7. Before I knew anything about him I thought Jay Carney looked at least like a sensible young man. Too bad that he felt the need to sell his soul in order to make himself look bigger and gain notoriety no matter the amount of lying he has to do.

  8. What’s the big problem with the October 1 deadline to shut the government down unless the Republicans fold (again) and vote for whatever Obummee dictates?

    Personally, I hope they do shut the damn federal government down…it doesn’t seen to have any functional purpose anymore, so put the padlocks on the doors…send all the parasites home…….furlough the Secretary of Treasury……and tell Congress to turn out the lights….

    I recommend they keep the federal government shutdown until both parties come to their collective senses (if that’s possible, most likely not), otherwise keep the above recommendations in force..

    If we do have a shutdown, I guess that means that we won’t be sending any more boat-loads of cash to the Arabs in the Middle East (that’s a positive thing)…but it appears that Obummee’s price(less) vacations are not part of the federal budget….so I guess he will be so overworked he will go on vacation soon (that’s a negative thing)….even “motor mouth”, like Eveready batteries, run down after a while.

    I can hardly wait till October 1……..let the games begin !

  9. RMinNC | September 27, 2013 at 4:17 pm |

    THOUGHT FOR THE DAY!
    ++++++++++++++++++++++++++++
    Once again I thank you for posting. I am proud to have been born and raised in Virginia, the home of TJ. But not proud of what Virginia has become. I lost faith in NC when Jesse Helms died, He was a gem.

  10. SUEQ…..

    They don’t make them like Thomas and Jesse anymore…that’s too bad.

  11. Look at the picture of Barry and tell me if you can see a scar on that frauds lower lip where he needed stitches while playing basketball! Remember?

    http://www.thegatewaypundit.com/2013/09/shocker-un-resolution-on-syria-has-no-military-enforcement/#disqus_thread

  12. I’m not the brightest bulb in the pack….but listen to my position on Obamacare for just a moment……

    The version of Obamacare that became law and will now go into full force on October 1, 2013, is the version that was started in the SENATE….this is the version that Chief Justice Roberts said was a TAX and gave his stamp of approval to as a TAX and is now the law of the land….

    According to the provisions of our CONSTITUTION, ALL TAXING bills MUST originate in the House of Representatives……..Obamacare originated in the SENATE and therefore it is UNCONSTITUTIONAL and cannot be called a TAX as John Roberts has so noted…….

    So…why don’t some of these high paid thinkers in the Republican party push legal action through the court system challenging this TAX …all the way back to the Supreme Court and make John Roberts eat his own words……

    Either we have a Constitution where all parts are obeyed and work, or we have a Constitution where nothing works…cherry picking the law of the land will be the destruction of everything we hold dear in America ……..and we have one man to hold responsible for this…….

    The Muslim sitting in the White House.
    .

  13. Just thinking back….

    As I recall, Ronald Reagan received the nomination for President at the Republican Convention, and then there was much wrangling back and forth about the pick for VP. Reagan clearly didn’t want George Bush and neither did Jesse Helms. The back and forth went on till late in the night and finally Jesse helms retired to bed. Then, suddenly George Bush was picked VP.

  14. I DON’T KNOW WHAT TO MAKE OF THIS, BUT IT SURE IS INTERESTING

  15. SOON TO COME TO YOUR HOUSE!
    Don’t look now folks but now you are going to pay a 40% tax on ANY AND ALL medical devices that have a valuation over $100.00. On Fox news this morning! Just keep doing nothing ,and I will guarantee that the MORON IN THE WACKY HOUSE will keep piling it on you!

  16. Good morning CW et. al,

    Glad to see ya back Oldsailor!!!!

  17. GOODMORNING……….AMERICA !!! and everyone else…..

    KEEPING IT… “ALL IN THE FAMILY”…

    Nice to know information…..

  18. Good morning William, RMinNC, Zach, et al.

  19. UNITED STATES TO SOON ATTACK ISRAEL…..I THINK…well maybe

    This taken from :Follow the Money.com 9-28-2013

    Tel Aviv is close to completing a geological survey of the occupied Golan Heights, where commercial deposits have been discovered. Up to 10 major drilling rigs could soon be pumping oil from the Syrian territory.

    Israeli media are reporting that the American oil company Genie Energy has completed a major geological survey in the southern part of the Golan Heights and results are expected within a few weeks.

    The reports say drilling could start as soon as the survey is analyzed, pointing out that extracting oil in this area will be much easier and cheaper than it is in the Mediterranean, where oil and gas lie as deep as five kilometers below the sea level.
    ———————————————————————————————-
    The United States of America has a nasty habit of attacking middle eastern countries that are “oil rich” like Libya, Iraq, Egypt, etc., then balancing that out by attacking “oil poor” countries like Afghanistan, Yemen, Somalia, etc.

    Please note that this oil was found in the Golan Heights which was a part of Syria…maybe Obama’s plan is to first take Syria then Israel…..

    I would suggest if “oil rich countries” are America’s objective, they should attack Mexico or Venezuela which is much closer to home and would be a pushover target……unless the Apache Indians in the hills of northern Mexico object.

    Of course if they attack Mexico, they would have a revolution of 25 million illegals within the borders of the USA to deal with…that would be a hard nut to crack.

    I hope everyone knows that whatever I say in this blog is nothing but satire… but it has the ring of truth with the present government we have.

    p.s. Israel says “HELL NO”, we won’t give up the Golan Heights, now or never, we like OIL as much as Saudi Arabia.

  20. CW,Zach,RMINNC,Cabby AZ,Suek,Sueq,Jonah,William,and whoever I missed……..nice to be back. Now sporting another computer system. I guess nothing built by man is permanent. HAR HAR

  21. Maybe shutting down the (ALLEGED) government would be a good thing…..just think we wouldn’t have to listen to or look at HARRIET REID any longer……at least for as long as it is shut down. Looking at HER,and hearing her WHINE drives me up the wall in sheer anger. In fact they ALL drive me up the wall. Maybe my other computer was simply unable to cope with seeing what is going on with our (ALLEGED) government,and decided to SELF DESTRUCT.

  22. Good Morning to All!
    Old Sailor, super great to have you back “at ’em”! Missed you very much.
    Hope your new computer system serves you well. You gave me a good chuckle over your old one being brought to the place of self-destruction.

    I agree about Mssssss Reid. When “she” appeared “on stage” at the close of Cruz’s marathon, it was just about too much. What a jerk! Then the gall to ask Cruz if McCain could have fifteen minutes of his time was beyond the pale. I’m equally very angry at RINO McCain, and at times my dog, Max, has to get on my lap to comfort and cool me down. 🙂

  23. PASTORS WIFE PENS POEM ABOUT THE ONE…..

    A long, but worthy read….and so true…an enjoyable read.
    —————————————————————————————–
    And it came to pass in the Age of Insanity
    That the people of the land called America ,
    Having lost their morals, their initiative, their personal drive,
    And their will to defend their God-given liberties,
    Chose as their Supreme Leader that person simply known as “The One.”

    He emerged from the vapors and the clouded mirrors with a message that incoherent and had no meaning;
    But he hypnotized the people saying, “I have been sent to save you !”
    “My lack of experience, my questionable ethics, my monstrous ego,
    And my association with evil doers, are of no consequence”.
    I shall save you with my magic Hope and Change.
    “Go, therefore, and proclaim throughout the Land
    That they who proceeded me were evil,
    That they defiled the Nation, and all they has built must be destroyed”.
    And the people sang and danced and rejoiced for that must be good,
    For even though they knew not what “The One” would do,
    He had promised “it was good”; and the ignorant masses believed him.

    Then “The One” said ” We live in The greatest country in the World.
    Help me change everything about it!”
    And the people said, “Hallelujah! Change is good!”
    Then He said, “We are going to tax the rich fat-cats.”
    And the masses resounded saying “Sock it to them, Obe!”
    “Then I will redistribute their wealth to those who have none.”
    The people said, “ Amen, show us their money!”
    And the he said, “Redistribution of wealth is good for those who have none..”

    Then Joe the Plumber bravely said, ” Are you kidding me?
    You’re going to steal my money and give it to the Deadbeats?”
    “The One” ridiculed Joe and taunted him,
    Then by some mystery, Joe’s personal records were hacked and publicized to the world. The “One” said, “I had nothing to do with that” !
    Also, One lone reporter asked, “Isn’t that a Marxist policy?”
    For her curiosity , she was forever banished from the “Kingdom of the Press”.

    Then another citizen asked, “With no foreign relations experience and
    Having zero military experience, or knowledge,
    How will you deal with the radical Islamic terrorists of the world?”
    And “The One” said, “Simply…. I shall sit in Council with
    them and talk with them and show them how nice we really are;
    And they will forget they ever wanted to kill us and cut our heads off!”
    And the people said, “Hallelujah for the One! We are safe at last,
    Now we can beat our weapons Into free cars and iphones for all the deadbeat people!”

    Then “The One” proudly beating his chest said “I shall give 95% of you lower taxes.”
    A Lone voice in the wilderness spoke up saying, “But 40% of us don’t pay taxes anyway”.
    Not be outdone, “The One” then said, “Then I shall give you some of the taxes that the fat-cats pay!”
    And the people said, “Amen, Hallelujah! Show us their money!”

    Then “The One” said, “I shall tax your Capital Gains when you sell Your homes!”
    The ignorant people yawned, and the slumping housing market collapsed into the tank.
    In an effort to wake them up, He said. “I shall mandate employer-funded health care for every worker and raise the minimum wage”. They cheered..
    “And I shall give every Citizen and illegal unlimited Obamacare and free medicine, and free transportation to and from the Clinics.” they cheered louder.

    “And no Muslim shall be required to pay for their share of Obamacare.
    And the Muslims and the people said, “Praise be to Allah, give us more of that!”
    Then he said, “I shall penalize employers who ship jobs overseas.”
    And the people chanted, “Where’s my rebate check from China?”

    “The One” then said, “I shall bankrupt the coal industry and electricity rates will skyrocket!”
    And the people said, “Coal is dirty, coal is evil, no more coal!
    But we don’t care for that part about higher electric rates”.
    “So “The One” responded saying, “Not to worry. If your rebate isn’t enough to cover your expenses, we shall bail you out.
    Just sign up with the ACORN and you troubles are over!”

    Then He said, “Illegal immigrants feel scorned and slighted.
    I shall grant them full amnesty, give Social Security benefits beyond that of a bona-fide citizen, free education to include college, free gourmet lunches dreamed up by my wife, free medical care, bilingual signs and a guaranteed of an 8 bedroom housing for their expanding families…
    ” And the illegals said, “Ole…Hallelujah!” and proclaimed him him El Papa!

    And so it came to pass that all employers, both large and small, facing spiraling costs,
    And ever-higher taxes, had to raise their prices and laid off workers.
    Many just simply gave up and went out of business
    and the economy sank like unto “a rock dropped from a cliff”
    The bank banking industry was destroyed.
    Manufacturing slowed to a crawl.
    More and more of the people were left without any means of support.

    Then The One said as he always does, “I am the “the One- The Messiah
    and I’m here To save you”!
    “We shall just print some more money so everyone will have enough!”
    But our foreign trading partners said unto the ONE.
    “Whoa…wait a minute hoss…. Your dollar is now worth only a pile of camel dung! You will have to pay more”…
    “The One” cried saying, “That is unfair!!”
    The world said, “So are the other idiotic programs you have embraced and forced upon your people of your land.
    Your country has become a Socialist state and a second-rate world power”.

    Now you shall play by our rules and you must “pay the piper” for your foolishness!”

    The people cried out, “Alas, alas!! What have we so blindly done?”
    But yea, verily, a voice sounded, ” it is too late”.

    Realizing what had happened, the people set upon “The One”,
    And spat upon him and stoned and threw their shies at him him, and his name was recorded in their history books as “forever dung”.

    But alas, the once mighty nation of America was no more;
    Ashes to ashes, dust to dust……No bird rising from these ashes.
    And the once proud people were without sustenance, or shelter, or hope, They now had only memories of greatness, and misery, and sorrow.

    And the Change “The One” had given them was ” liken unto a poison
    that had destroyed them within”, and “liken unto a whirlwind that consumed all that was good in the nation they had built before”.

    Sadness fell upon the people.

    And the people beat their chests in despair and cried out in anguish,
    “Oh Lord, Please give us back our nation, our pride, and our hope!”

    Without hesitation, the Lord replied in a booming voice, “What was, will never be again, the greatness you enjoyed is gone forever…. so Suck it up Sucker… and learn to live with your stupidity”!
    —————————————————————————————-
    So ends this modern-day Sermon on the Mount….

    You may think this a fairytale story… but think again,…everything in it is true and has already happened…. and is still developing RIGHT NOW..

    Right before our eyes,… and like innocent sheep, we sleep peacefully in the pasture hoping the wolf will pass us by…..but sooner or later, and as sure as the sun will come up tomorrow morning, but sooner or later, we will be the main course for the wolf’s lunch menu… with no one around to call to for help.

  24. Welcome back Oldsailor81……nice to see you again

    Your time for the Watch.

  25. It’s time for my Saturday afternoon college football….

    so I will 10/4 out of the net for a while…everyone have a nice day….

    it’s nice here in the Carolinas, after all: GOD DON’T MAKE ANY JUNK !!!

  26. Delaying it won’t cut the mustard, Bonehead; too little too late for you to grow a pair.

    Now, pal, go have a drink.

    http://www.politico.com/story/2013/09/house-gop-budget-strategy-government-shutdown-97496.html

  27. WE MUST NEVER FORGET BENGHAZI…….ONE DAY, SOMEONE WILL PAY FOR THIS TREASON

  28. NEW U.S. MAYOR SETS SIGHTS ON ‘BLACK NATION’
    Republic of New Afrika leader now guiding capital city’s direction

    (quote)
    Now leading the city of about 175,000 is Chokwe Lumumba – who has a long history of radical activism and whose plans for the largest city in Mississippi could be called “revolutionary.”

    A co-founder of the Malcolm X Grassroots Movement, which promotes black “self-determination,” Lumumba was sworn in on July 1, after winning 86 percent of the vote in the general election.

    Read more at http://www.wnd.com/2013/09/new-mayor-sets-sights-on-black-nation/#0UEtgqKSPKGU0Qqb.99

    *****************************
    This is indeed a very scary development, as it has the backing of the radical Louis Farrakhan and the Nation of Islam. Sights are set on five states:
    Miss., Ala., GA., Louisiana and S.C. to be the home of the “new black nation”. This is not getting any media attention.

  29. CABBYAZ…reference your above;

    Does this mean the whites can now band together? Sounds like we damn well better !!!

  30. Rminnc…….
    Once again I lament “the time to lock and load has long since passed”. This should have occurred in 2008……..50 million highly incensed,and armed minutemen should have descended upon the WACKY HOUSE and done what ever was necessary to restore the country,by decorating every live oak tree with the rejected politicians.

  31. Good morning all…..

    OLDSAILOR81….you said,
    “Once again I lament “the time to lock and load has long since passed”. This should have occurred in 2008”

    Unfortunately….I must agree with you again my friend….

    it really is sad that it took 234 years to build this country up to the status we HAD…..and it too this Community Organizer only 6 years to destroy it….but he has had a hell of a lot of help……our nation is full of IDIOTS….

    And they all are standing for a handout waiting for their OBAMAPHONE.

  32. oldsaiolor81….
    I think this supports what you and I agree on when you said; ““Once again I lament “the time to lock and load has long since passed”. This should have occurred in 2008″
    ———————————————————————————————-
    IS A NUKE STRIKE PLANNED FOR THE US AROUND 1 OCTOBER 2013?

    This compilation video report from Ananiasshow features mainstream media news reports and alternative media personalities such as The Reverend Michelle Hopkins to paint a picture of a major false flag disaster about to unfold in America, possibly within the next few days and as early as October 1st. From the recent announcement that the #2 Nuke Czar in America Navy Vice Adm. Tim Giardina had been suspended for gambling to warnings of an nuclear false flag event on the John Moore Show, the signs point to a final event to bring about the end of America and the beginning of a New World Order. When you add to the mix the recent story that the U.S. Office of the Provost (with field offices inside the Washington DC Navy Yard) had threatened to arrest Obama for planning to attacked Syria without Congressional approval following a planned nuclear detonation false flag in Washington DC, we have a high level false flag alert across America.

    PAY CLOSE ATTENTION TO THE 6 MINUTE AREA OF THIS VIDEO…..The piece of the puzzle are in place.

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