Peter Schiff on CNN TOOB

[kathy88]

http://www.youtube.com/watch?v=knJudP7QgyY


I just watched it again and I REALLY wish Peter had reached across that desk and bitch slapped this jag off.

[ItsTime]

The interviewer is right. This is the debate there should have been last night. But... Obama and McCain are the same.

And thanks again :)

[kathy88]

I agree wholeheartedly. THIS is what millions need to watch. Not tweedle dum and tweedle dummer comparing jewelry.

[ItsTime]

man this guy is a moron.. he said that housing prices are not to high and should not go down.... then later he says wages have gone down....

[SLSteven]

I just watched it again and I REALLY wish Peter had reached across that desk and bitch slapped this jag off.

Impressive that you could twice listen to that guy's shrieking. Good job Peter.

[Trigonx]

oh man that other guy was making me mad just listening to his horseshit.

[recess]

Haha that was absolutely comical!
Good job Mr. Schiff

[RSLudlum]

"You don't care about Barney Frank"???? :rolleyes:

maybe this guy should've read this before appearing



http://www.house.gov/frank/fhamass0507.html

May 4, 2007

FOR IMMEDIATE RELEASE
CONTACT: Steven Adamske 202-225-7141


COMMITTEE ACTION ADVANCES BILL TO BENEFIT MASSACHUSETTS HOMEOWNERS AND HOMEBUYERS

House Bill Would Expand Federal Housing Administration Loan Limits for High Cost Areas

Washington, DC---The U.S. House Financial Services Committee yesterday passed a measure to increase the Federal Housing Administration (FHA) loan limits to benefit high cost areas around the country, such as Boston and surrounding areas. The three Massachusetts members of the committee – Chairman Barney Frank and Representatives Michael Capuano and Stephen Lynch – noted that the bill would increase the maximum FHA loan limit for single family unit homes from $362,000 to $417,000 to allow more people to become homeowners, and raise the maximum limits for purchase of homes with multiple-unit dwellings, such as Boston area triple-deckers. The “Expanding American Homeownership Act of 2007,” (H.R. 1852) sponsored by Reps. Maxine Waters (D-CA) and Frank, passed the committee with bipartisan support and now moves to the full U.S. House of Representatives.

“This legislation will make it easier for families to achieve the American dream of homeownership, particularly in high cost areas like Greater Boston where much of the housing stock is multi-family. By increasing the FHA loan limits for two, three and four unit residences, potential home owners will have more options in an expensive market,” stated Congressman Mike Capuano.

Congressman Lynch added, “today in Massachusetts and across this country, families face the combined threats of rising unemployment, falling wages and unaffordable housing. As someone who grew up in public housing, I've seen the benefits that reliable, long-term affordable housing initiatives can provide to struggling families. These reforms will lead to the creation of more rental units for low-income families, at a time when waiting lists for affordable housing grow longer by the day. I am hopeful that the Congress will act soon to approve the legislation and extend a critical lifeline to struggling families nationwide.”

“Increasing the loan limits means we will have more families becoming homeowners in high cost areas,” said Rep. Frank. “If our public policy goal is to create more homeownership in America, then we have to actually give potential homeowners the opportunity. Ensuring that the FHA loan limits are raised in high cost areas is an important way of doing that.”

HR 1852, as passed, is anticipated to raise current FHA single family loan limits in the Boston Metropolitan Statistical Area (MSA), as follows:

Single family one unit – from $362,790 to $417,000, an increase of $54,210

Single family two unit – from $461,113 to $533,850, an increase of $72,737

Single family three unit – from $560,231 to $645,300, an increase of $85,069

Single family four unit – from $646,421 to $801,950, an increase of $155,529

Overall, the bill makes a number of changes to improve and expand the FHA single family loan program, including:

Increasing the nationwide FHA statutory loan limit from 87% to 100% of the Fannie/Freddie conforming loan limit, increasing the loan floor from 48% of the Fannie/Freddie limit to 65% of this limit, and increasing the local area median home price determination from 95% of the local median home price to 100% of the local median. These provisions have the effect of raising loan limits in high cost areas from $362,790 to $417,000, and boosting loan limits in lower costs areas from $200,160 to $271,060.
Authorizing zero down payment loans [thus permitting loans covering 100% of the value of the home, plus all closing costs].
Directing HUD to serve creditworthy borrowers who are higher risk than FHA is currently serving, and authorizing slight increases in the fees FHA can charge such borrowers to cover the additional risk of serving such homebuyers – to enable FHA to serve families that would otherwise be forced to turn to predatory lenders and lenders offering mortgages with much higher interest rates than available under FHA.
Extending the maximum FHA loan term from 35 years to 40 years.
Eliminating the statutory 90% loan to value cap on new homes that don’t receive prior HUD approval.
Simplifying the process for making condominium projects eligible for FHA loans.
The legislation also includes an increase in FHA loan limits for multifamily rental housing loans to allow loan amounts to keep pace with construction costs in high cost areas like the Boston area.

Finally, the bill makes a number of provisions affecting the FHA Home Equity Conversion Mortgage [HECM] program for reverse mortgage loans. Reverse mortgage loans are loans to seniors in which the borrower receives a lump sum, monthly payment, a line of credit, or a combination of these. The borrower never makes a loan payment; instead interest accrues on the loan until the borrower dies or the home is sold. The purpose of the program is to provide funds to cash poor seniors who have substantial amounts of equity in their home. The bill would:

Eliminate the statutory cap on the volume of reverse mortgage loans FHA can insure.
Create a nationwide loan ceiling for reverse mortgage loans equal to the Fannie/Freddie conforming loan limit. This would replace the current system which mirrors the single family loan program limit of the lower of the local median home price or the Fannie/Freddie limit. This change is being made since the typical needs for reverse mortgage loans [eg., medical costs] are not really tied to local median home prices.
Cap and in fact reduce the fees that loan originators can charge senior citizens for FHA reverse mortgage loans.

[BKom]

http://www.youtube.com/watch?v=knJudP7QgyY


I just watched it again and I REALLY wish Peter had reached across that desk and bitch slapped this jag off.

He'd have to get in line. I'd like first crack at that yelping hyena. I guess in economics louder equals smarter.

[Bruno]

Awesome debate. Go Schiff!

And as I turn to Lou Dobbs while watching this, they are now saying the bailout will cost at least $1 Trillion. Of course we all know that, but here we go!

[Eroberer]

What a clown (the other economist, if he can be called that).

Schiff and Paul both know what it is like to be right when everyone else is wrong.

I wonder if that other guys firm would get a piece of the bailout.

[nbhadja]

That socialist economist should be tortured to death :).

[Cowlesy]

Schiff should teabag that doofus.

[Cowlesy]

He'd have to get in line. I'd like first crack at that yelping hyena. I guess in economics louder equals smarter.

yelping hyena ---- couldn't have said it better

[Lafayette]

Who won the 2nd world war ?!? Who won the 2nd world war ?!? Who won the 2nd world war ?!?

LOL!


Schiff should have been like ... Whats ths capital of Rhode Island !?!

[constitutional]

Who won the 2nd world war ?!? Who won the 2nd world war ?!? Who won the 2nd world war ?!?

LOL!


Schiff should have been like ... Whats ths capital of Rhode Island !?!

Who won the 2nd World War? Who? WHO?! Who won the 2nd world war? Who? who?! lol

[warmth of the sun]

Man that other guy was completely clueless.

I believe I heard his argument as:
If the government DOESN'T pass the bailout out bill it will end up bailing out many more institutions.

That is what the bailout DOES you fool!

[humanic]

Who won the 2nd world war ?!? Who won the 2nd world war ?!? Who won the 2nd world war ?!?

LOL!


Schiff should have been like ... Whats ths capital of Rhode Island !?!

lol

[max]

So..."the experts" are now saying the Treasury will actually make money on this bailout.

Hmmmm...just like the Iraqui people were greet us with flowers...and the Iraq war was gonna be a cakewalk...and we would find WMD's...etc.

[scandinaviany3]

http://www.youtube.com/watch?v=knJudP7QgyY


I just watched it again and I REALLY wish Peter had reached across that desk and bitch slapped this jag off.

you have to love that guy...talk about a life story he has to write

[Chester Copperpot]

http://www.youtube.com/watch?v=knJudP7QgyY


I just watched it again and I REALLY wish Peter had reached across that desk and bitch slapped this jag off.

That Steven Leeb guy looks just like the guy from Harry Potter who turned into a Rat.
Scabbers when he was a rat, but in human form he looks like this
http://content8.flixster.com/question/38/10/93/3810930_std.jpg

[RevolutionSD]

Who won the 2nd world war ?!? Who won the 2nd world war ?!? Who won the 2nd world war ?!?

LOL!


Schiff should have been like ... Whats ths capital of Rhode Island !?!

LOL!!! Classic! :cool: