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Freddie Mac Regulator Cordially Invites Homeowners To Bite Him

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Oh HI,31.4% of homeowners that are underwater on their mortgages! Would you like to change your name to Freddie Mac or Fannie Mae, or perhaps even just “bank”? Because if not it is too bad and so sad for you, since the Fannie Mae/Freddie Mac regulator just said no WAY hozay to a plan that might actually help you, because of "freedom" and "personal responsibility." And yes, Freddie Mac and Fannie maybe got hundreds of millions of dollars from the government in a no-strings-attached bailout, but that was DIFFERENT. Helping rich people and large institutions makes them better whereas helping homeowners and Poors just encourages irresponsibility, DUH.


Via Reuters:

The regulator for government-run housing finance giants Fannie Mae and Freddie Mac said on Tuesday that using taxpayer-funded bank bailout money could encourage defaults and not make a big improvement in reducing foreclosures in a cost-effective way for taxpayers.

"The anticipated benefits do not outweigh the costs and risks," said the Federal Housing Finance Agency's head Edward DeMarco, who has come under intense pressure from the government to agree to the plan.

… Geithner pointed out that DeMarco's own data showed that the program would help nearly half a million homeowners and save taxpayers as much as $1 billion.

The housing regulator responded saying that figure only applied to a group of homeowners that had not made a mortgage payment in a year and would assume all those borrowers would win a mortgage write-down -- a scenario deemed unlikely.

Rather, DeMarco's analysis showed that the projected net benefit to taxpayers would be $500 million in the best case scenario and its experience has shown that the likelihood of successfully modifying mortgages was small.

See? It would only save $500 million dollars for taxpayers, but we could just as easily make that up by eradicating NPR, Planned Parenthood, and food stamps, so why even bother. And whose fault IS it that homeowners are underwater on their mortgages anyway? Is it the borrower’s fault, for listening to then-Chairman of the Fed Alan Greenspan, who assured borrowers that there was no housing bubble? Or is it the borrower’s fault, for falling for the deliberately misleading machinations of multibillion dollar financial institutions? It is, of course, the borrower’s fault, so they are on their own.

[Reuters]

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Fellow Wonkers, this last week of horror has been wearing on us all, because here we are in a world where the "president" of the United States has ordered that migrant children be taken away from their parents at the border, and is simultaneously proud of it (for his base) and cravenly blaming it on Democrats because even he knows it's morally reprehensible. But what the hell can we do about it beyond calling our senators and representatives and posting sadness on Twitter, the latter of which is of dubious utility to anyone, and mostly depressing?

Resist the urge to disappear into a bottle. The kids and the families need you.

Slate has compiled a great list of places to start, which we will liberally summarize for you right now:

The thing these folks need most is LAWYERS. If you're an immigration lawyer, you're probably already swamped. But on the off chance you have time and expertise to spare, the American Immigration Lawyers Association is building a list of volunteers.

Yr Dok Zoom has given money to the fine folks at RAICES, a San Antonio-based group that has two major projects. They're getting lawyers for migrant families (and for the kids when possible) and raising money to pay migrant parents' bond so they can be out of jail and with their families. If you're in Texas, then click here to volunteer!

Also for folks who are in Texas:

The Texas Civil Rights Project is seeking "volunteers who speak Spanish, Mam, Q'eqchi' or K'iche' and have paralegal or legal assistant experience."

There's also CARA -- an umbrella organization for the Catholic Legal Immigration Network, the American Immigration Council, the Refugee and Immigrant Center for Education and Legal Services, and the American Immigration Lawyers Association. Together, they provide legal services at immigration detention centers.

To help kids who are already in immigration detention, there's Kids in Need of Defense, which provides children with representation in immigration court and also lobbies for children's legal interests. Donate here.

If you're not quite sure where to give, ActBlue has bundled several immigrant rights groups into a single donation button -- see the list and donate here.

Remember, there's always the ACLU, which is fighting family separation with a federal class action lawsuit.

You want to march? Former top government ethics lawyer Walter Shaub, who gave up trying to tell the Trump administration what ethics even are, will be announcing the details of a national march (think DC and local affiliated marches) tonight on MSNBC's "All In with Chris Hayes." We'll make noise here, too.

Good people are coming together to put an end to this cruelty. EVERY Democrat in the Senate is now co-sponsoring Dianne Feinstein's bill to stop family separation.

And hell, we'll even give the last word to Jennifer Rubin, who seems to have reassessed some of her previous political views. She has a reminder for all of us:

Damn straight. Remember it every damn day between now and then.

It's your open thread. Don't boo -- organize. Time to RESIST.

Follow Doktor Zoom on Twitter

Don't take for granted that the institutions you love will always be there, like democracy, and Wonkette. Click to save at least one of them!

[Slate]

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There are perks to being the only Harvard professor willing to shill for the Bush League Mussolini. Everyone else has to haul ass to the Fox studio and sit for hair and makeup. Not Alan Dershowitz! He just parks his laptop in Pee Wee's playhouse and Skypes in that rant. Is he even wearing pants? We hope never to find out!

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