Steps are being taken

to prevent ACORN from getting their stimulus bribe. But, is it a day late and an effort short?

Within the last week, Rep. Steve King, R-Iowa, has introduced several amendments to various pieces of legislation to prohibit ACORN from receiving taxpayer funds and to prevent the group from helping carry out the 2010 census.

Congressional Democrats have fought King's efforts, rejecting each amendment he has submitted.

Since 1994, ACORN has received more than $53 million in federal funds, according to the report.

Specifically, the report made the following criminal allegations:

1. ACORN has evaded taxes, obstructed justice, engaged in self-dealing, and aided and abetted a cover-up of embezzlement by Dale Rathke, the brother of ACORN founder Wade Rathke.
   
   
2. ACORN has committed investment fraud, deprived the public of its right to honest services, and engaged in racketeering affecting interstate commerce.
   
   
3. ACORN has committed a conspiracy to defraud the United States by using taxpayer funds for partisan political activities.
   
   
4. ACORN has submitted false filings to the Internal Revenue Service and the Department of Labor, in addition to violating the Fair Labor Standards Act.
   
   
5. ACORN falsified and concealed facts concerning an illegal transaction between related parties in violation of the Employee Retirement Income Security Act of 1974.

1. 
   

Obama is no longer responsible for just ruining our economy.

He is being held responsible for ruining the Global Economy. (LOL)

BRUSSELS — Transatlantic tension over the handling of the global economic crisis intensified on Wednesday when the prime minister of the Czech Republic, which holds the European Union presidency, described the U. S. stimulus measures as the “way to hell.”

Addressing the European Parliament in Strasbourg, France, Prime Minister Mirek Topolanek argued that the Obama administration’s fiscal package and financial bailout “will undermine the stability of the global financial market.”

The $275 billion housing stimulus program, with its comforting title "Making Home Affordable," includes $75 billion in foreclosure-relief assistance targeted at the 1 in 5 US homeowners who owe more than their house is worth.

The effort includes a mortgage-modification program intended for up to 4 million borrowers.

Each borrower will be screened based on highly exact terms: Loan amounts may not exceed $729,750 for a single-family home, with higher limits on multiple-unit homes; it must be verified that the home serves as the primary residence for its owner occupant; the home­owner must document that he or she has suffered financial hardship, limiting income – whether through loss of a job, initial deceit regarding income during the underwriting process, or failure of the lender to apply income documentation standards; and, most important, there must be an outstanding loan balance greater than the value of the home.

You don't have to be behind on your mortgage payments to qualify, and no minimum or maximum loan-to-home value ratio is set.

In addition, those who qualify will be required to participate in debt counseling. Such advice is necessary so homeowners don't build another negative mortgage record, as they may qualify only once for a loan modification through Dec. 31, 2012.

For those who do qualify, lenders and the US Treasury will jointly reduce payments to 31 percent of a borrower's income and offer a bonus of up to $5,000 in principal loan reduction – $1,000 a year for five years – for timely payments.

(screech) And exactly how does "initial deceit regarding income during the underwriting process" qualify as having "suffered financial hardship"? Quite honestly that this clause is included and that you have to be upside down in your mortgage...

What about people who were honest, bought a house they could afford, that wasn't inflated then lost their jobs?

Bank is giving back $361M

TFC Financial is giving back the money from the stimulus because they do not want to be considered as one of those banks with shady dealing.