Hard Money Loans

A tax framework announced by President Obama creates more winners than losers by boosting worker pay, aiding the jobless, rewarding companies and saving wealthy families billions of dollars

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Washington, DC, United States (AHN) – President Barack Obama on Sunday looked forward to accountability and responsibility from the newly-elected Republicans in the House.

“My expectation is, when I sit down with Mitch McConnell and John Boehner this week, along with the Democratic leaders, that there are a set of things that need to get done during the lame duck, and that they are not going to want to just obstruct, that they’re going to want to engage constructively,” he said.

The President made the comments Sunday to journalists aboard Air Force One as he returned from a 10-day trip to India, Indonesia, Korea and Japan.

Obama noted that “I believe it is a mistake for us to borrow $700 billion to make tax cuts permanent for millionaires and billionaires. It won’t significantly boost the economy, and it’s hugely expensive. So we can’t afford it.”

The president, however, expressed his willingness to learn “how they (the Republicans) intend to spend–how they intend to pay for it,” as he recalled that, “during the campaign at least, the Republicans expressed some strong feelings about (those tax-cuts).”

“I want to hear from them how strongly they feel about it, particularly given that they’re also saying they want to control the deficit and debt,” he added.

“Campaigning is very different from governing,” noted Obama. “All of us learn that. And they’re (the Republicans) still flush with victory, having run a strategy that was all about saying no.”

The American people “want to see us make progress precisely because they understand instinctually how competitive things are and how we have to step up our game.” Obama hoped that “we should be able at least to get through the lame duck, making sure that taxes don’t go up for middle-class families starting January 1st, that some of the key business provisions that can assure economic growth get done.”

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The Obama administration announced a permanent replacement to the acting director of the Federal Housing Finance Agency. Joseph A. Smith Jr. will be nominated by Obama to become FHFA director, an announcement from the White House said. FHFA regulates Fannie Mae and Freddie Mac.

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New Delhi, India (AHN) – Traditional earthen lamps, delicious sweets, noisy fireworks and loads of fun is how Diwali or Deepawali is usually described in India and wherever the Hindu community celebrates this important festival that marks the victory of good over bad.

This is also the day when Hindus worship the goddess of wealth, Lakshmi, and the god of hosts, ‘Ganesha,’ invoking the former to become rich and the latter to remove all obstacles from their path to wealth and happiness.

Diwali is the time when people visit relatives, friends, neighbors and colleagues and exchange gifts and sweets. The whole country wears a festive look, complete with multi-colored patterns called rangolis made by hand, while kids and adults alike blast their way through fireworks worth thousands of rupees.

The bonhomie marking this festival is visible even along the India-Pakistan border. At several posts along the border, troops from both sides exchange sweets and dry fruit in a clear departure from the otherwise hostile situation between the two traditional rivals.

In a significant gesture, U.S. President Barack Obama, who began a three-day visit to India on Saturday, will celebrate the festival Sunday with students of Holy Name High School in Mumbai. Recognizing the significance of Diwali, also known as the “festival of lights,” President Obama also conveyed his wishes to Indians through a White House statement. In it, he said, “Diwali is a time for celebration, but it is also a time for reflection and a time when we must remember that there are always others less fortunate than ourselves. This holiday reminds us all that we should commit ourselves to helping those in need. To those celebrating Diwali in India, I look forward to visiting you over the next few days.”

U.S. Secretary of State Hillary Clinton issued her own message. “We join the people of India to celebrate this joyful festival, the auspicious partnership between our two countries, and the great friendship between our people. I wish all people of Indian descent a very happy Diwali and a safe and prosperous year.”

Although fun and frolic, sweets and savouries are the common thread in Diwali, the festival is celebrated in different ways in different regions of the country, in keeping with the diverse cultural fabric of India.

In Punjab, Hindus and Sikhs visit the sanctum sanctorum of Harmandir Sahib, also known as the Golden Temple, to pay obeisance to the God Almighty. while in Mumbai Diwali is marked with a traditional bath with fragrant oils called the “Abhyang Snan.”

In Kolkata, the capital of West Bengal, a culturally-rich eastern state of India, Diwali is signified with Kali Puja, an incarnation of Goddess Durga, the goddess of courage and bravery. The Kolkatans throng Kali temples throughout the capital city, prominent among which are those at Kalighat, Dakshineswar and Tarapith.

Right from the urban landscape dotted with shopping malls, well-lit apartment blocks, glittering sidewalks to the rustic environs, where the poor celebrate this festival in more subdued ways, Diwali presents a juxtaposition of sorts, where the extremes of India are visible.

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Washington, D.C., United States (AHN) – American authorities say packages intercepted overseas contained explosives destined for the United States. President Barack Obama was alerted late Thursday night, according to the White House, and ordered security officials to be on alert.

“Last night, intelligence and law enforcement agencies discovered potential suspicious packages on two planes in transit to the United States,” White House Press Secretary Robert Gibbs said. Based on close cooperation among U.S. government agencies and with our foreign allies and partners, authorities were able to identify and examine two suspicious packages, one in East Midlands, United Kingdom and one in Dubai.”

“Both of these packages originated from Yemen. As a result of security precautions triggered by this threat, the additional measures were taken regarding the flights at Newark Liberty and Philadelphia International Airports,” Gibbs added.

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Washington, D.C., United States (AHN) – President Barack Obama on Friday appointed Elizabeth Warren giving her charge of the creative process involved in the floating of Consumer Financial Protection Bureau.

At the Rose Garden, the president noted in his remarks to the journalists, “The Consumer Financial Protection Bureau, which was one of the central aspects of financial reform, will empower all Americans with the clear and concise information they need to make the best choices, the best financial decisions, for them and their families.”

With the new agency coming into existence, Obama promised to the American people, “Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans.”

Sen. Al Franken (D-Minn.) welcomed the appointment of Warren saying, “The President’s appointment of Elizabeth Warren to oversee the creation of the Consumer Financial Protection Bureau is a victory for America’s consumers.”

“Warren is one of the nation’s foremost experts on consumer protection and a fierce consumer advocate who will stand up to mortgage lenders, credit card companies and other financial institutions,” said the senator, cautioning, “This is big step forward, but the work is only beginning. We must ensure that the new Bureau is as strong as possible and that Warren receives a permanent appointment.” 


Earlier this year, Sen. Franken and 11 of his Senate colleagues had sent a letter to President Obama urging Warren’s appointment.

Later in the day, White House press secretary Robert Gibbs defended Obama’s decision to name Warren, arguing that the agency could have faced delays of months because Republicans would have put her nomination on the back-burner or outright rejected, if she had been nominated director of the agency.

Gibbs told journalists at the daily press briefing, “The president will nominate a director, and Elizabeth will be instrumental in helping the president fill that position,” but did not rule out her being one of the candidates for that position.

Gibbs, however added, “If she said she’s not interested in it, then there’s your answer,” when it was mentioned that she has expressed her unwillingness to take the job as a director.

On the question of the president bypassing rules, Gibbs said, “There’s no circumventing the law in any way of this,” explaining that, “the task of setting up and standing up that function rests in the law with the Treasury. Elizabeth Warren is an adviser to the secretary of Treasury to do exactly that.”

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Obama’s loan modification plan is aimed to ease the housing crisis with an estimated $ 75 Billion dollars dedicated to keep Americans in their current homes. The plan centers around the idea that it is better to keep American families in homes that they can afford through lowering their interest rates versus letting the entire neighborhood suffer through a foreclosure. His plan helps the banking industry as well. The lenders receive incentives after each year the borrower is able to make their payments. This strategy directly attacks the root of the real estate problem where many people did not prove their income and took what are called stated or “liar’s” loans.

By putting together a comprehensive plan with standards, the lenders and banks now have underwriting guidelines to approve modifications that will keep the homeowner in their current home. By placing the incentives after each successful year the borrower stays in the home the banks will now try harder to find a long term solution. The banks and lenders will also benefit with the government backing because the lowering of interest received does not effect their core capital. Being over leveraged and not having enough capital caused the credit crisis of 2008. This immediately sent the economy into the deepest recession since the great depression. Obama’s loan modification plan has the right set of goals to help keep families in their homes, long term solutions, industry standards, and capital preservation needed to be successful. Although the results probably won’t be fully known for years, the families that this will benefit will feel the results immediately.

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