2nd Mortgage Holders (Banks) Now to be Bailed Out Too – Breaking!

Posted on July 23rd, 2008 in Daily Mortgage/Housing News - The Real Story, Mr Mortgage's Personal Opinions/Research

Our nations largest banks are being weighed down by 2nd mortgage liens (Home Equity Lines/Loans or HELOCs).  You have heard this in many of their earnings calls recently.  The home equity market is thought to be as large as $1.3 trillion.

For many banks this is their largest residential mortgage exposure. For example, Wells Fargo still carries $84 billion and Bank of America and Chase about $100 billion a piece. The banks were very touchy in their recent earnings reports on this topic. Wells Fargo actually changed the definition of ‘default’ from 120 days to 180 days to push out defaults further consequently hiding losses. See my report on Wells Fargo’s mystery earnings.

Real losses on 2nd mortgage portfolios will befall the banks, as values continue to fall and these newly unsecured loans default without the ability for the bank to foreclose. But now it looks as though the tax payers could shoulder much of the risks FHA will assume when doing all of these bailout, ‘underwater refis’. 

How much can FHA shoulder when they admitted lately that they were on the brink after a $4.6 billion loss and have an 18% default rate. Mish wrote about it recently.  Why would these loan perform any better than private sector subprime loans that have been modified in the past.

A recent report just came out that said 50% of all previously modified subprime loans are now in some stage of default. This is the ‘negative equity effect’, ‘borrowers never qualified in the first place epidemic’ and ‘public sector non-profit loan modification ignorance’ in full-force. 

“Analysts at Moody’slast week said that 42% of all ARM subprime loans previously modified during the first half of 2007 are now 90-days or more delinquent by March 2008. That number goes up to 50% when looking at loans 60-days delinquent.”

One hope is that few will qualify because of the required full documentation or won’t want the ‘deal’ when they realize that even with their principal reduction, that their payments will actually increase over their exotic interest only 2/28, 3/27 or Pay Option ARM. In most cases it still may be cheaper to walk away and rent.

Added last minute to the underwater refi, Fannie/Freddie, FHA, Wall St, Foreign Gov’t, Washington DC, bank and investment bank bailout was a ‘2nd lien provision’ making the 2nd mortgage holder an equity partner in your home as well. Remember, HELOCs are likely near total loss for the banks over time. Not any more.

Already in the original bailout proposal, banks get to turn their toxic first mortgages into FHA at a much smaller haircut (principal reduction) than these toxic loans are selling for on the street. Now, banks can give up their toxic 2nds in exchange for appreciation in your home and an ‘IOU’ that will probably have a higher value than the 2nd mortgage itself.  Now you have two partners; the Gov’t and the bank! I can’t verify this but I bet if you have a first and 2nd mortgage, the ‘bailout’ will result in you getting the least percentage of the upside in the future.

2nd Lien Provision Added to Housing Bill – Source: National Mortgage News

“Second lien holders could benefit from permitting the refinancing of struggling homeowners under a special Federal Housing Administration foreclosure rescue program contained in a massive housing bill the House is expected to pass Wednesday. A provision added during final negotiations on the bill will allow second lien holders to share in a portion of future appreciation on the property. However, they have to agree to the restructuring and refinancing of the existing first mortgages, which would extinguish any second or subordinated liens”….

This is such a mess. So much of this ‘kitchen sink’ bill makes no sense.

The 2nd mortgage holders not agreeing to subordinate to newly bailed out first liens was a big problem with the underwater refi bill in the first place.  But now it looks as though the banks will be forced to deal with it.  But at what cost and to whom?

The 2nd mortgage holders are not just going to wipe out a $100k 2nd mortgage for a promise of ‘future appreciation’ unless of course that ‘future appreciation IOU’ or ‘negative equity warrant’ has some value. Remember, many of these 2nds are still being paid on time even if the borrowers are underwater. This does not make sense. There is something missing. 

The first mortgage bailout makes sense because it allows banks to offload their riskiest loans to FHA at a much smaller haircut than they ever thought possible. Perhaps accounting standards or new account standards that will be put in place covering this will allow the banks to count these 2nd mortgage IOU’s as an ‘asset’ based upon a schedule of future appreciation on the home in order to offset the losses.  There has to be something in there for the banks or they just won’t go for it. They rather wait around and let their home equity portfolio fall loan by loan for years than take a mark on it today. 

One thing is for sure; the very fact that this 700 page bailout bill talks about 2nd mortgages, the provision was added last minute and 2nd’s are one of the bank’s largest risks, points to trouble.

Bonds have been telling us this whole deal is a mess for some time as Karl Denninger points out. 

Second mortgages were mostly never sold or securitized so the losses are a direct hit.  When these loans were originally made they were ‘secured’ by the home but now values are down across the nation so much in such a short period of time, large percentages of these large loans are unsecured so banks can’t even foreclose if borrowers miss mortgage payments. They have to treat these like credit cards using more traditional means of collection.

The following is a Fitch report released a few months ago drilling down on the bank’s 2nd mortgage exposure; the very same banks at which this addition to the bill is aimed.

FITCH – BIG BANKS HOME EQUITY WOES  fitch-home-equity-woes20080314.pdf 

Below is my most recent report on the 2nd mortgage topic so you can catch up the the 2nd mortgage problem. The data is still fairly accurate other than many more are in a negative equity position meaning ultimate losses for the banks.  –Best Mr Mortgage


Posted on May 2nd, 2008 by Mr Mortgage

Fresh news out…S&P pulled a slick one. They STOPPED rating second mortgage RMBS citing “anamolous and unprecedented” borrower behavior. Here is a little piece from Bloomberg that enhances the previous story very well, calling all Home Equity loans ‘junk’.

Remember, this is a near $1.3 TRILLION market with the bulk belonging to very few banks such as BofA, Wells, Chase, CITI, Countrywide, WAMU, National City, GMAC and IndyMac. I put a couple of nice quotes below. This could turn out to be a fairly large story in the making.

Home Equity Lines of Credit and loans (HELOC, HEL’s, second mortgages) were the true ‘Home ATM Machine’ and could be a big wipe-out for the big banks. These loans were mostly used to avoid Mortgage Insurance on purchase and refinance loans over 80% LTV and went up to 100% of the house value in recent years. As a matter of fact, an appraisal or full documentation was often not required. These loans were very easy to get and primarily relied upon an electronic evaluation of the property value and credit score alone.

They are almost always a total loss when in default. This is because in many cases, the first and second mortgage add up to more than the property is worth, so the second mortgage lender does not get anything in foreclosure – it all goes to the first.  As a matter of fact, most second mortgage holders do not even bother with foreclosure proceedings any longer, choosing more traditional means of collection.

A few months back banks began to freeze consumers out of accessing the available credit on the Home Equity Lines. Countrywide kicked if off by freezing 122,000 in one swoop and WAMU follow-up shortly thereafter with a 50,000 line freeze.

Since then, most large named banks have began to freeze lines originated prior to 2008 or with original combined loan-to-values over 80% in regions where property values are substantially dropping. This just so happens to be the regions where these loans were done the most.

This hurt thousands who were not prepared. Many use these lines for highly legitimate purposes such as running a business, college tuition, a rainy-day fund or that brand new Mercedes.  Now, it looks as though the days of extracting all the cash out of your home through Home Equity Lines are gone for good.  This is probably a good thing in the long run, but just as with Jumbo money virtually vanishing overnight, these loans vanishing overnight will reduce housing affordability further extend the housing slump and perhaps cause some real damage to consumer spending.

For those of you interested in seeing the Big Banks Exposure to Home Equity Loans, this is a link to the Fitch report. It is ugly. Many of these banks have not yet begun to take write-downs on these loans. FITCH – BIG BANKS HOME EQUITY WOES  fitch-home-equity-woes20080314.pdf


I also urge that you read and watch my ‘Mortgage Modification Series’ featuring our sponsor, Green Credit Solutions. This is because when these bailouts go through you will get a modification and split your upside in the property with the US Gov’t and banks.  Private sector loan modifications are real and a very good deal while you can still get them.

Now, the bill has passed the House and its moving on quickly…here is the summary.  This is why I have been waiving my arms and screaming about private sector loan modifications for several months -Best Mr Mortgage

The centerpiece of the legislation is a program of up to $300 billion of FHA-insured mortgages to help refinance cash-strapped borrowers into affordable loans. The program would rely on lenders voluntarily writing down the value of a distressed loan for the homeowner to qualify for the new FHA-backed loan, and in return borrowers would have to share future price appreciation with the federal government. 

Mr Mortgage onMortgage Modifications Part 2 – BEING FORWARD THINKING

Mr Mortgage on Mortgage Modifications – YOU MAY QUALIFY!

80 Responses to “2nd Mortgage Holders (Banks) Now to be Bailed Out Too – Breaking!”

  1. Dear Mr Mortgage brilliant stuff as usual. Couple of mission things on this occasion. 1) Need to draw out implication that first mortgages are non -recourse and Helocs etc are. 2) What is the implication of all this for all the mortgages that were securitised.

  2. Thanks Marc.

    Yes we moved here from the UK 2 years ago. When we moved here the real estate market was at it’s peak. I think many of the wealthy people in Strasbourg have sensed impending DOOM and recently there have been a glut of very expensive houses and whole apartment blocks for sale. Too late in my opinion.

    Living 28 years in the UK and then the last two in Strasbourg (border with germany) allows for insights into the cultures and economies. France and Germany isnt really seeing the effects as yet. They are around 6 months from being hit by the wave..however the early warning signs are there.

    The UK is now being hit for sure with credit card bills spiralling as people rush to pay debts. In the UK we have had liar loans and but overall less exotic products. In Europe lending is quite strict, it has to be.

    Long term fundamentals remains in place. The currency movements will be very interesting to watch as inflation differential kicks in.



  3. Errors Corrected

    Dear Mr Mortgage brilliant stuff as usual. Couple of missing things on this occasion. 1) Need to draw out implication that first mortgages are non -recourse and Helocs etc are recourse. 2) What is the implication of all this for all the mortgages that were securitised. No one ever mentions them and yet they are hugely important.

  4. People please… this “Bail Out” bill is NOT about helping homeowners stay in their homes at all. This “Bail Out” is intended to help and assist lenders and banks and keep the charade of homeownership as an American dream alive and well. Unfortunately this is all a giant nightmare and when everyone wakes up once this “Bail Out” bill is passed, they will quickly realize how little help it is for the “Tax Payer” and how much it will actually cost us (Tax Payers”) all in the end.

    When Paulson was pressed by Senator Bunning as to WHO was going to pay for all of this, Paulson clearly uttered the words “The American Tax Payer”

    We were already told that Fannie Mae and Freddie Mac are insolvent by general accounting standards. That means they are broke! Paulson says there is a 50% chance the Government will have to utilize the back stop provision. Realistically there is a 100% guarantee we will have to use it. If they are insolvent then they must be helped out… period. This back stop is done via a blank check to the Treasury so it doesn’t have to be counted as part of our deficit number until it is used. It is not a finite number because nobody really knows what it will cost us (Tax Payers) all in the end. Billions upon Billions to be sure, but how many is the question. The cost of this “Bail Out” bill will be added to the already bulging burden on the “Tax Payer” for the overwhelming debt that currently exists today. The crux of the plan is for the American “Tax Payer” to assume all the bad paper that Fannie and Freddie currently hold. That means our Government is going to take our (“Tax Payers”) money and buy bad mortgages with it. You and I in essence will be buying the loans that RE speculators and flippers purchased for example. You and I (“Tax Payers”) will become instant homeowners on millions of the worst mortgages being held by banks and lenders across the country. Should make us (Tax Payers”) all proud huh?

    The $3.9 Billion provision is for cities and towns that were worst hit, to be able to use Tax Payer money to buy foreclosed houses from banks and lenders. So take areas like Las Vegas, Los Angeles and Phoenix for example. Now find the worst neighborhoods possible with the most poverty and the most foreclosures in them. These are the homes we (“Tax Payers”) will be buying with our (“Tax Payers”) $3.9 Billion dollars. This will help the lenders and banks get a lot of the crap off of there books. This is mostly in L3 accounts today on the lenders and banks books so they really would like to move it on out before they have to move it onto there actual books at L1 or L2 and take the write downs for such a move.

    There is a workout provision to assist lenders in trouble and already in arrears or about to be, but it is such a small amount of homeowners that will actually qualify. Most of these folks if helped will lose their homes later anyway. In fact it is a fool who takes the Government up on this deal anyway. It is a scam of sorts when you look at it realistically. Here is who will qualify and what they must do in order to take full advantage of this so called deal.

    1. Your home must be your primary residence.
    2. You must have received your home loan between 01/05 – 06/07.
    3. You must be currently spending 40% of your gross income on household debt.
    4. You must be able to prove you can no longer pay your mortgage.
    5. You must retire all other debt on the home (heloc, 2’nd mortgage, etc).
    6. You will not be able to take out any loan against your new mortgage for a minimum of 5 years moving forward.
    7. You must get a new appraisal on your home.
    8. You must agree to pay a 1.5% yearly fee to the FHA as insurance.
    9. You must agree to pay a 3% exit fee if you ever sell or refinance your home.
    10. You must agree to pay all profits and proceeds above what is owed to the FHA if you sell within 1 year of getting the new mortgage. This fee drops to 90% in year 2, 80% in year 3, etc. until you get to 50% where it will stay for the life of the loan.

    So after reading this laundry list of things you must do and / or agree to, how many people will this “Bail Out” bill actually help? The banks and lenders have no such provisions and can just put their hands out to collect the money and put it right in their pockets.

    Oh, buy the way, this is all a totally 100% voluntary program of which the banks and lenders can decide once they get their money to NOT participate in. How about that? Once we give the GSE Billions upon Billions of dollars of our (“Tax Payers”) money and once we (“Tax Payers”) buy back all of these dumps that were foreclosed on in the areas hit hardest by speculation… I meant foreclosures the banks can just say thanks but no thanks!!! We just don’t have the resources at this time to help you (“Tax Payers”). What a JOKE of a “Bail Out” bill. How stupid are the Sheeple in thinking this will help or assist them.

    I give credit to Paulson though… he is certainly loyal to his buddies in the financial world. I only wish the Treasurer of the USA worked for… well the “Tax Payer” and not the banking and lending industry. This is going to hurt folks… really, really hurt!!!

    P.S. There is also a little last minute revenue provision tossed in that nobody is talking about. It is bill saying all CC or Electronic Payment Processors (PayPal for example) that do over 200 transactions and break the level of $10K must start reporting to the IRS. This provision is expected to raise roughly 10 Billion in new taxes over the first 10 years. How nice they are to already start taxing us (“Tax Payers”) before they take our (“Tax Payers”) money and use it “Bail Out” their banking buddies…

  5. I am happy to report Ron Paul did in fact stand up to this bill on the house floor. While it did pass in the end and is on the way to the Senate now, I am happy that Mr. Paul stood up for the American “Tax Payer” and made it very clear to anyone that would listen that this bill is as he says “The Mother of ALL Bail Outs” He disagrees with the entire bill and thinks that it will only serve to create additional inflation and more pressure on the dollar. This in turn will hurt us even more in the long run than just leaving things alone to correct themselves. We would feel pain in doing so, but a whole lot less pain than will be felt if this “Bail Out” passes in the Senate and gets signed into law. He estimates it will cost us about 800 Billion or so initially. He also thinks we as Americans need to tighten our belts and suck it up instead of pushing bills to add to our deficit and cost us “Tax Payers” more and more money which only serves to keep us in this spiral of high inflation, and a weaker dollar. At some point we will fail as a nation if this continues…

  6. Well, folks, the S*** is finally gonna Hit The Fan.

    The ‘Hidden Hand’ (Zionist Banksters) has turned the Fan ‘ON’. The Fan is facing just about all Americans!

    Mazel Tov, America!

    “We, the (Talmudic) Jewish people (Zionists), control America and the Americans know it.” (A. Sharon).

    Now we ALL know it, right?! Do YOU know it?

  7. The game has been rigged. You can’t beat the ‘House’. It’s gonna take a heckuvalot more than a petition to make the ‘House’ fold its cards and leave the game voluntarily. What did Thomas Jefferson say?

    Every once-in-a-while “…the tree of Liberty must be watered with the blood of Tyrants and Patriots”.

    This is such a time!

  8. The mitigating factor to the hyper-inflationary policy is the collapse of real estate values, i.e. a dramatic deflationary cross-wind. Which force will prevail? Most vote for inflation.

  9. The wheels of economic activity are gonna come to a screeching halt (no oil). Easy credit will be replaced by NO credit. RE will go into cardiac arrest. Prices will decline because demand will reach life-sustaining levels for ONLY the bare necessities of life. The demand for heads-to-roll will inflate into the ‘mother of all bubbles’ – and then EXPLODE! Invest in guillotines!

    The financial markets will degenerate (even more) – into a frenetic search for ‘Greater Fools’. Sorry – they are selling apples and flipping burgers now – IF they’re lucky!

    In other words, there will be a GRAND DEPRESSION!

  10. PS Oooops……I almost forgot: The GRAND DEPRESSION is being brought to y’all by your Zionist ‘friends’ from Israel (who also brought you 9/11 – with its 3000 dead Americans and the ‘War of Terror’ – at a price of Federal Bankruptcy). And that’s not the half of it!

  11. PPS Oh, Yes – there will be an ample supply of heads-to-roll for some time to come!


  13. Look people we are facing literally “the mother of all bubbles” the collapse of the planetary eco-system. I could name a hundred converging factors. This will drive the whole economic system completely haywire. How long can a house stand without its foundation? Inflation, deflation, We are going to get transflation, omniflation. What is that? I don’t know. The labels we are using do not translate. The only solution as far as I see it is a radically new foundation for our sharing and valuing resources of all kind, a foundation that is not pyramid based, that is the concentration of power to fewer and fewer.

    The system we have is fated without a doubt to implode and collapse and devolve. This is physics, math, obvious to anyone with any intellectual honesty. Now at this point there is also a real possibility that the whole will re-organize upwards. That is shown to be possible through the phenomenon of dissipative structures when a complex system is at a bifurcation point. But this can only happen with a new root paradigm that replaces the pyramid paradigm.

  14. Since we don’t own the Federal Reserve-it’s privately owned and always was -by the same guys that own the BIG BANKS.. I refuse to pay for their pozi schemes. PERIOD!

  15. Ponzi is a pyramid scheme and you do pay for it everyday and every minute one way or the other.

  16. The banks will get a complete bail out and the little guy will still eventually lose his home , just to have the same bankster buy back the houses for pennies on the dollar, then the banks will rent out their properties to the little guy viva Section 8, government subsidize rent. G-d bless America.

  17. can’t they just make those loans illegal- force the baks to give what people should have gotten at the time?

  18. sorry i meant banks- and this should not cost taxpayer money- if you can’t afford the house no financing will help you. I was just stupid and our broker- or should i say the joker lied and cheated- we just want the rate we could have gotten with good credit in 2004.

  19. “…there is also a real possibility that the whole will re-organize upwards.”

    That’s an interesting comment, Adam. I especially like the word ‘upwards’ – as, in the direction of Heaven (a Higher, Spiritual Dimension). 🙂

    Think of the coming Paradigm Shift as a Paradigm Flip. The pyramid will be inverted, and instead of having 1% at the top, we’ll SEE! 99% at (or near) the top. “The first shall be last and the last, first.” or “Those who try to save their life, will lose it.” Weird, huh?! 😉

    Be on the look-out for 2012!

  20. Eternal Optimist, a specific comment for you.

    I had an idea once quite a while ago about Christ and Anti-Christ. Instead of Anti-Christ, Ante-Christ (before Christ). Humanity has been moving through time from a base of survival up the “chakras” from Hunter-gather root, Agriculture, Industry power center, Market the fourth or heart, telecommunications throat, brow computers and finally crown or whole system organization We can see we are at the limit from a base of survival. We transcend make the leap and connect to the Soul of the Whole, Christ and reorganize from the top down soul/spirit-based until we have “Heaven on Earth”.

    By upwards I mean also dimensionally.

  21. PPS You might have something there about me being rigid – my wife thinks so, too. Perhaps even a little too rigid – from time to time. On the other hand, I’m very flexible when it comes to understanding the many ways of God. I just love wordplay. 😉

  22. PPPS With regard to “where that all came from”, I suppose you are referring to Holy Scripture. ‘that all’ came from God, Himself, transcribed by ordinary men under His watchful eye, so that not 1 word would end up in the wrong place or be misunderstood. If I were to tell you that I can ‘prove’ that, beyond the shadow of a doubt and using natural reasoning, what would you think?

  23. I do not have anything more to say after this. This has not much or anything to do with the article.

    First of all there are many type of idea sources, induction, deduction, “channeled”, etc. Yes I am a Creative Being. Every being is creative.

    I have been around and am considered “a sharpshooter” when it come to my incisive perceptions.

    I do not have a spiritual master. I do not need an intermediary, a “special priest”.

    No doubt? How do you really know? Probably by Faith. It was revealed to you… That is convenient and kinda easy.

    If you believe the poorly translated statement as literal “No one comes to the Father except through Me”, I do not think you are very flexible when it comes to understanding the many ways of God. I guess by the above statement in your interpretation, Buddhists, Wicans, Hindus, ancients, Islams, Jews, Gnostic Christians, Atheists are all deluded and even , right?

  24. OK, one more comment, 🙂 why don’t you read the writing of Timothy Freke and Peter Gandy – Jesus and The Lost Goddess The Secret Teaching of The Original Christians and their book, The Jesus Mysteries. This is real research in real history and would give you an appreciation of the wealth of knowledge of early root Christianity the stuff brutally suppressed by the Roman Church.

    BTW, the identical Christ story was been found in many many cultures dating back many thousands of years. That is a fact! It is nothing new.

  25. How did this turn into bible study?….

  26. yeah- whats up with this? I asked a question between chronicles and john

  27. What’s out here for all to read (written mostly in the inspired wee hours, when you were all sleeping) is a heckuvalot more meaningful and useful (if mostly ‘off-topic’) than kicking around the mortgage mess football – just for fun. Just relax and mix (serious) business with pleasure. 😉

  28. My only hope now that our elected officials have once again chosen to SCREW responsible, tax paying citizens– is for this list to circulate far and wide in the blogs, where millions of Americans are now so pissed off, they don’t know what to do!!

    Every single person that voted YES has been bought and paid for by the massive lobbyist efforts of the GSEs, and should be voted out of office ASAP!! Let’s start a nation-wide movement to remind them WHO they really work for by truly voting them ALL OUT…

    Here is how the Senate Voted. Only 13 Republicans opposed the Bank/irresponsible borrower Bailout bill of 2008:

    Grouped By Vote Position YEAs —72
    Akaka (D-HI)
    Alexander (R-TN)
    Baucus (D-MT)
    Bayh (D-IN)
    Bennett (R-UT)
    Biden (D-DE)
    Bingaman (D-NM)
    Boxer (D-CA)
    Brown (D-OH)
    Brownback (R-KS)
    Byrd (D-WV)
    Cantwell (D-WA)
    Cardin (D-MD)
    Casey (D-PA)
    Chambliss (R-GA)
    Clinton (D-NY)
    Cochran (R-MS)
    Coleman (R-MN)
    Collins (R-ME)
    Conrad (D-ND)
    Craig (R-ID)
    Crapo (R-ID)
    Dodd (D-CT)
    Domenici (R-NM)
    Dorgan (D-ND)
    Durbin (D-IL)
    Feingold (D-WI)
    Feinstein (D-CA)
    Gregg (R-NH)
    Hagel (R-NE)
    Isakson (R-GA)
    Johnson (D-SD)
    Kerry (D-MA)
    Klobuchar (D-MN)
    Kohl (D-WI)
    Landrieu (D-LA)
    Lautenberg (D-NJ)
    Leahy (D-VT)
    Levin (D-MI)
    Lieberman (ID-CT)
    Lincoln (D-AR)
    Lugar (R-IN)
    Martinez (R-FL)
    McCaskill (D-MO)
    McConnell (R-KY)
    Menendez (D-NJ)
    Mikulski (D-MD)
    Murkowski (R-AK)
    Nelson (D-FL)
    Nelson (D-NE)
    Pryor (D-AR)
    Reed (D-RI)
    Reid (D-NV)
    Roberts (R-KS)
    Rockefeller (D-WV)
    Salazar (D-CO)
    Sanders (I-VT)
    Schumer (D-NY)
    Sessions (R-AL)
    Shelby (R-AL)
    Smith (R-OR)
    Snowe (R-ME)
    Specter (R-PA)
    Stabenow (D-MI)
    Stevens (R-AK)
    Sununu (R-NH)
    Tester (D-MT)
    Voinovich (R-OH)
    Webb (D-VA)
    Whitehouse (D-RI)
    Wicker (R-MS)
    Wyden (D-OR)

    NAYs —13
    Barrasso (R-WY)
    Coburn (R-OK)
    Corker (R-TN)
    Cornyn (R-TX)
    DeMint (R-SC)
    Ensign (R-NV)
    Enzi (R-WY)
    Grassley (R-IA)
    Hatch (R-UT)
    Hutchison (R-TX)
    Kyl (R-AZ)
    Thune (R-SD)
    Vitter (R-LA)

    Not Voting – 15
    Allard (R-CO)
    Bond (R-MO)
    Bunning (R-KY)
    Burr (R-NC)
    Carper (D-DE)
    Dole (R-NC)
    Graham (R-SC)
    Harkin (D-IA)
    Inhofe (R-OK)
    Inouye (D-HI)
    Kennedy (D-MA)
    McCain (R-AZ)
    Murray (D-WA)
    Obama (D-IL)
    Warner (R-VA)

  29. […] Mr Mortgage Post on FHA Bailout and Second Mortgages. […]

  30. here is a presidential candidate who gets it “gets it”.



    i’m not for “campaigning” for a candidate but we need someone who gets it.

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