The TARP “Gravy Trough”…Barney Frank Wants to Funnel $1 Billion from TARP to Homeless
Posted By Vicki McClure Davidson on July 1, 2009
Congressman Barney Frank (D-Massachusetts)
Who keeps voting for this money-grabbing clown? Massachusetts voters, are you paying attention?
Bet the mainstream media isn’t reporting the latest attempt by Congressman Barney Frank to funnel a barely noticeable billion dollars from the taxpayer-funded, $700 billion, Troubled Asset Relief Program (TARP).
This time, it’s his philanthropic heart reaching out to homeless people and low-income families to fund their housing. So now TARP, instead of being a bailout fund, is a welfare funding source, according to Frank’s new legislation. Which begs the question… how much of this billion dollars from TARP will actually bypass numerous expensive layers of bureaucracy and find its way to assist the homeless? Any takers that it could be as low as 10 percent? And what will it do except make the homeless and low-income families even more dependent on the handouts of the government?
Isn’t this pretty much what caused the US housing crisis in the first place, forcing lenders to make house ownership financially available to people who could not afford to pay their mortgage bills? But now, it looks like we’re not expecting them to pay those pesky homeowner bills… the taxpayers can do it via TARP. Déjà vu…
For now, the TARP fund is empty. But, that will change with a new budget in 2010. Frank is just being prepared and getting in line at the head of the TARP gravy trough. Money-grubbing, narcissistic, AND prepared… thanks mucho-mucho, Barney.
From Dow Jones Newswires:
US Rep Frank Bill Would Use TARP Income For Housing
By Meena Thiruvengadam, DOW JONES NEWSWIRES
July 1, 2009
WASHINGTON -(Dow Jones)- House Financial Services Committee Chairman Barney Frank has a plan to funnel income from the government’s $700 billion bailout fund toward the housing sector.
The powerful Massachusetts Democrat last week quietly introduced legislation that aims to use $1 billion in dividends paid by the recipients of government aid to provide rental housing opportunities for low-income and homeless families. The money would go into a national housing trust fund established last summer in connection with legislation that allowed for Fannie Mae (FNM) and Freddie Mac (FRE) to be placed under government conservatorship.
The fund currently is empty, however President Barack Obama’s fiscal year 2010 budget calls for it to receive $ 1 billion – a sum the Frank legislation would provide.
“This would be the seed money to get the trust fund up and running,” said Danna Fischer, legislative director for the National Low Income Housing Coalition.
Fischer said the trust aims to garner $150 billion in total funding over the next decade.
Frank said it is feasible to use income from the Troubled Asset Relief Fund, known as TARP, to finance the trust for at least “a couple of years.”
Frank’s legislation also proposes funneling $1.5 billion in TARP dividend payments to state and local government efforts to redevelop abandoned and foreclosed properties.
“We made some money on this. It’s now reasonable to use some of that to deal with these problems,” Frank said.
Banks participating in TARP have so far paid the U.S. Treasury more than $4.9 billion in dividends.
Separately, Frank’s legislation aims to reallocate some funds from the TARP itself.
The legislation would divert $2 billion in TARP dollars to an emergency mortgage relief program administered by the Department of Housing and Urban Development and another $2 billion for HUD to use for the creation of a program to cope with foreclosures on multifamily properties.
If you missed it when it was posted a couple of months ago, here’s a link to a video of Mark Levin calling Frank on the carpet about his numerous lies to the media: “You, Sir, Are a Serial Liar!” Mark Levin Rips on Congressman Barney Frank… Again & Again
More on this story about Barney Frank and TARP: Washington Examiner: Barney Frank: Let’s spend TARP profits before taxpayers can get them
On Michelle Malkin’s blog today, reader rambler wrote the following astute comment:
At some point there will no reason to even own a home. I know of an individual with a credit rating in excess of 820 who was refused a bank loan. CrAp and Trade will make home sellers upgrade to new energy specs while waiting for gov employees to give approval to even sell the home. What happens when the upgrades exceed the profit made on the house? If an elderly relative dies leaving a house needing these upgrades, will the relatives bother to sell the house or just give it to the town? Congress, Frank and ACORN will totally destroy the housing industry and the American dream. We will all be in public housing as a result.
From tiredofitto8:
I spoke with my realtor who is trying to sell a property for me…he says a lot of those remods down under the stimulus plans are now in default yet again…so I can’t sell my property for even what I owe on it..I’d have to bring $8-10K to the table just to get rid of it so not only does that wipe out any equity, it means I’d loose another $8K to boot…thanks barney, thanks fannie and freddie…gotta keep those who shouldn’t be in homes or frankly in our country in homes they can’t afford…
From RobM1981:
I’ve got no issues with providing housing opportunities to homeless people – I just don’t trust Barney Frank. If Frank’s involved you can bet that 90% of the money won’t even make it to the charity, and the other 10% will be squandered.
He’s as close to excrement as any human being can be. There’s not a dictator or despot you can name that I wouldn’t put in the same league.
From nacho475:
sigh…
here in the shiny city of new york the “homeless” get to be housed in “hotels” at about $3000 a month cost to the taxpayer. This is supposed to be temporary, HOWEVER since lots of these are in Manhattan they simply REFUSE a permanent placement in an apartment because they don’t want to move out of manhattan. there are no consequences for refusal.
From puhiawa:
Coming off his successful destruction of the investment banking industry, Frank now seeks to kill the rest of the economy with forced , subsidized, home ownership by deadbeats and under qualified owners. The Detroitization of the Nation.
From Misscheryl:
Gallop announced a huge jump in Americans who feel the Democrat party has become “too” liberal. They noted a jump like that hasn’t been seen since the Republicans took back the House during Clinton’s presidency.
Obama, Pelosi, Bwanie Fwankie, Reid, and lest we forget the new clown in town ‘ol whats his name…Al Frankie – please keep it up.
Related reading:
Michelle Malkin: What is Barney Frank up to now? and The Fannie and Freddie debacle: An autopsy and Cap and trade regulations: Do you trust this man? and Hey, let’s throw another $19 billion down the rat hole! and Barney Frank protests (and sputters and bullies) too much and Speaking of outrageous bonuses for incompetent performance… and Barney Frank’s America
Boston Herald: Barney Frank rips prez’s ‘big mistake’ – Fuming over anti-gay wed filing
Leigh Scott, Big Hollywood: Politicians Are What’s Wrong With Politics
Confederate Yankee: “The Obama Administration is the Most Fiscally Irresponsible in the History of the U.S.”
Thoughts Of A Conservative Christian: $2.7 billion in TARP money went to British Rum maker
Hot Air: It ain’t what you know in DC
Suburban Guerrilla: Barney Frank Seeks TARP Funds for Foreclosures
A World of Information: TARP Reform
Normal USA, Idiots for Obama: Harvard Student Takes On Democrat Barney Frank Over Economy And Destroys Him
Doug MacEachern, Arizona Republic: Frankly, Barney Doesn’t Get It
Sean Hannity, Hannity’s America, Fox News: Geithner Reaches New Incompetence Level (scroll down for portion on Frank)
GayPatriot: Why the Left Loves Barney Frank and The Best Thing Barney Frank Could Do For Gay People…
The New Ledger: If You Thought the Bobs Were Bad, Here Come Tim and Barney
Frugal Café Blog Zone: Barney Frank: Why He Thinks You Should Give Him Money and Coming Soon to a Socialist Theater Near You: ‘Bye-Bye Free Market, Say Hello to Wage & Salary Czar’ and White House Sneer from ‘Thug’ Barney Frank: Who Cares AIG Families’ Lives Are Threatened?
Just Americans Making Ethical Statements Weblog: Institutions Buying ‘Toxic Assets’ will be ‘EXEMPT’ from Bonus/Compensation Oversight: Proposal from Barney Frank’s Committee
Stephan Tawney, The American Pundit: The Hypocritical Incompetence of Congress
Hot Air: Barney Frank: Republicans have a “psychological disorder” or something and Video: Barney Frank calls Justice Scalia a homophobe and Video: Barney Frank won’t promise confidentiality to AIG despite death threats and Barney Frank: Hey, let’s cap executive compensation for everyone
About the author
isn’t there SOMEBODY IN HIS DISTRICT that can push his butt out of congress ??
c’mon…there has got to be someone…….please, please, step up.
unreal
gerrymandering is going to be in vogue in the near future. why ??
the districts are being re-modeled or they will be before the next election.
census ?