Pages: 1

 

2009-02-25 18:51:01
Catbox
forgiveness
+505|7019
Here we go....
WASHINGTON – Big banks, scrambling to prevent the government from forcing them to rewrite mortgages for struggling homeowners, are using their lobbying clout to press the Obama administration and Congress to scale back a key measure to rescue borrowers from foreclosures.

But the mortgage industry contends the measure will impose steep and unpredictable costs on its companies, which will be forced to pass them along to borrowers in the form of higher fees and interest rates. The industry spent millions last year on a successful lobbying effort to kill the bill, which almost all Republicans oppose. Opponents call it the "cram-down."

http://news.yahoo.com/s/ap/mortgages_in … y_lobbying

Who's going to win... the banks or congress?  We all know who is going to lose overall... we the people...
I think we need a second and third stimulus... 1 per week till things get better...
Love is the answer
2009-02-25 18:57:00
AussieReaper
( ͡° ͜ʖ ͡°)
+5,761|6456|what

Well who do you support on this side of the Bill? The Democrats or Republicans. Because only one side is in strong support for it, the other is in strong opposition.

No surprise here that the banks don't want to rewrite mortgages, they want the homes to foreclose so they can move on to different rates for the next owner who can pay higher rates.
https://i.imgur.com/maVpUMN.png
2009-02-25 19:28:04
Turquoise
O Canada
+1,596|6708|North Carolina
...if only people would just listen to Ron Paul on this one...
2009-02-25 19:28:33
usmarine
Banned
+2,785|7065

Turquoise wrote:

...if only people would just listen to Ron Paul on this one...
no
2009-02-25 19:32:48
13rin
Member
+977|6782

AussieReaper wrote:

Well who do you support on this side of the Bill? The Democrats or Republicans. Because only one side is in strong support for it, the other is in strong opposition.

No surprise here that the banks don't want to rewrite mortgages, they want the homes to foreclose so they can move on to different rates for the next owner who can pay higher rates.
My guy speaks out....  I love Fidelity.  Mah' broker/bank of choice...

http://www.bostonherald.com/business/ge … position=5

I'll take it a step farther and say that the work projects of the bygone era failed is upon us again.  Where's that learned history doomed to repeat it quote?

Last edited by DBBrinson1 (2009-02-25 19:34:22)

I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
2009-02-25 19:38:22
ATG
Banned
+5,233|6832|Global Command
I support the cram down bill only if no equity was taken from the property. Say you bought two years ago at 435k and the house is worth 189k now.

The cram down deal would still have the banks making profit on the life of the loan, and it should only be a one time thing.

If this doesn't happen people like me, in the above situation will have no real choice but to walk, thereby making the crisis deeper and worse.


And to those who say I should have used my crystal balls and foresaw a complete collapse of equity, home values and building lemme just say right now, go fuck yourself.

Last edited by ATG (2009-02-25 19:38:43)

2009-02-25 21:43:34
Spark
liquid fluoride thorium reactor
+874|6978|Canberra, AUS

Jon Stewart wrote:

Let me briefly explain the rescuer-rescuee relationship...
The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
2009-02-26 07:37:19
FEOS
Bellicose Yankee Air Pirate
+1,182|6714|'Murka

ATG wrote:

I support the cram down bill only if no equity was taken from the property. Say you bought two years ago at 435k and the house is worth 189k now.

The cram down deal would still have the banks making profit on the life of the loan, and it should only be a one time thing.

If this doesn't happen people like me, in the above situation will have no real choice but to walk, thereby making the crisis deeper and worse.


And to those who say I should have used my crystal balls and foresaw a complete collapse of equity, home values and building lemme just say right now, go fuck yourself.
I agree with all of the above.

What I don't get is why the banks didn't take it upon themselves in the beginning to refi the mortgages to a reasonable rate to prevent defaults and foreclosures. When they didn't, they essentially bit off their nose to spite their face. It makes no damn sense from a business perspective for them to not agree to refi the mortgages. They will lose their asses otherwise.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
2009-02-26 14:16:57
Turquoise
O Canada
+1,596|6708|North Carolina

usmarine wrote:

Turquoise wrote:

...if only people would just listen to Ron Paul on this one...
no
why not?  It can't be any worse than the current plan, and most other Republicans don't have much of an alternative proposed.
2009-02-26 19:20:24
13rin
Member
+977|6782

ATG wrote:

I support the cram down bill only if no equity was taken from the property. Say you bought two years ago at 435k and the house is worth 189k now.

The cram down deal would still have the banks making profit on the life of the loan, and it should only be a one time thing.

If this doesn't happen people like me, in the above situation will have no real choice but to walk, thereby making the crisis deeper and worse.


And to those who say I should have used my crystal balls and foresaw a complete collapse of equity, home values and building lemme just say right now, go fuck yourself.
My fidelity guy has valid points.  Just like you were actually wronged by the government.  They had no business fucking with the banks lending practices to begin with. 

Bush tried to fix.  The party that caused it all is now back in power and in their 'fixing to give you some relief' they've also passed every pay off, earmark, pork they've ever in their wildest wet dreams invented.  Obama ran on a platform to curb irresponsible spending, yet he's doing the exact opposite.  We'll be indebted to the Feds for our life time (and your kids too). 

The level of government control he is installing is disgustingly obese, inefficient and partisan.  People fled to the United Stated in the past to avoid assholes that share Obama's flawed ideology.  He bought the Presidency similar to how Brittney and Vanilla Ice types become superstars.  That's the sad, pathetic thing.

Finally, I'd be a little pissed if you had a crystal ball and didn't share it with me.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
2009-02-26 19:33:15
ATG
Banned
+5,233|6832|Global Command

DBBrinson1 wrote:

ATG wrote:

I support the cram down bill only if no equity was taken from the property. Say you bought two years ago at 435k and the house is worth 189k now.

The cram down deal would still have the banks making profit on the life of the loan, and it should only be a one time thing.

If this doesn't happen people like me, in the above situation will have no real choice but to walk, thereby making the crisis deeper and worse.


And to those who say I should have used my crystal balls and foresaw a complete collapse of equity, home values and building lemme just say right now, go fuck yourself.
My fidelity guy has valid points.  Just like you were actually wronged by the government.  They had no business fucking with the banks lending practices to begin with. 

Bush tried to fix.  The party that caused it all is now back in power and in their 'fixing to give you some relief' they've also passed every pay off, earmark, pork they've ever in their wildest wet dreams invented.  Obama ran on a platform to curb irresponsible spending, yet he's doing the exact opposite.  We'll be indebted to the Feds for our life time (and your kids too). 

The level of government control he is installing is disgustingly obese, inefficient and partisan.  People fled to the United Stated in the past to avoid assholes that share Obama's flawed ideology.  He bought the Presidency similar to how Brittney and Vanilla Ice types become superstars.  That's the sad, pathetic thing.

Finally, I'd be a little pissed if you had a crystal ball and didn't share it with me.
Obama was anointed at the democrat convention when kerry was running. The press called him a " rock star " of the democrat party.

He hadn't done jack shit, but had a good speaking voice and was nice looking. The press stuck their heads up his ass then and never pulled it out since.

You have to remember; there was a poll that said something like 90% of professional journalist voted for Clinton and about the same for Obama, maybe less, because Fox news and sean hannity weren't so hot back then.

The press is giddy for obama because they are mostly a bunch of brain dead drooling socialist; they were making cover photos on magazines with him with a halo ffs. A fucking halo.

Of course, george bush is no better than the neo-marxist in the obama camp. He was the massive doltish fuckup he was in part to hand power back to the dems, knowing all along that a radical leftist was in the wings.

People don't seem to get it; the two party system is akin to three card monty.

There is no difference between the two, they make phony arguments and phonier disagreements all the while working in unison to give more power, size and scoop to the government.


imo, the damage is done, there is no stopping this madness without bloodshed and revolution.

But...(sigh) this is katrina country. People will not act in the face of impending disaster and doom. There is zero chance there will ever be a revolution. I just don't see it. I think the government could decide to starve 25% of America to death and the other 75% would not do much but bluster and blog, meanwhile figuring out which politicians ass to kiss so they weren't next on the list.
2009-02-26 19:48:45
13rin
Member
+977|6782

ATG wrote:

Obama was anointed at the democrat convention when kerry was running. The press called him a " rock star " of the democrat party.

He hadn't done jack shit, but had a good speaking voice and was nice looking. The press stuck their heads up his ass then and never pulled it out since.

You have to remember; there was a poll that said something like 90% of professional journalist voted for Clinton and about the same for Obama, maybe less, because Fox news and sean hannity weren't so hot back then.

The press is giddy for obama because they are mostly a bunch of brain dead drooling socialist; they were making cover photos on magazines with him with a halo ffs. A fucking halo.

Of course, george bush is no better than the neo-marxist in the obama camp. He was the massive doltish fuckup he was in part to hand power back to the dems, knowing all along that a radical leftist was in the wings.

People don't seem to get it; the two party system is akin to three card monty.

There is no difference between the two, they make phony arguments and phonier disagreements all the while working in unison to give more power, size and scoop to the government.

imo, the damage is done, there is no stopping this madness without bloodshed and revolution.

But...(sigh) this is katrina country. People will not act in the face of impending disaster and doom. There is zero chance there will ever be a revolution. I just don't see it. I think the government could decide to starve 25% of America to death and the other 75% would not do much but bluster and blog, meanwhile figuring out which politicians ass to kiss so they weren't next on the list.
-Yea they did.  Hopefully the press will realize the honeymoon is over and start reporting again.

-I concur with your statements about the press.  When was the last time you saw an Iraq body count on the evening news?  Hannity, and Rush are about to get silenced.  The halo thing relates to my Brittney Spears thing.

-I must disagree with you about the three card monty.  Obama wants to the state to determine things for you.  Republicans aren't that way.  Shit man,  You are the small business owner.  You are the fucking powerhouse of the American economy.  The joker in the Oval office doesn't see things that way.

-There will be no revolution.  Look for a shift of power in the House and Senate (if the gerrymandering census fails) and Obama to be handcuffed.  The narcissist will be voted out.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
2009-02-26 19:54:57
ATG
Banned
+5,233|6832|Global Command
Well, there are almost two years before the mid terms.

Q where the hell were all the conservatives the last eight years?

I say if we keep turning to either elephants or jackasses we are really and truly fucked. Don't be suckered. Unless Newt Gingrich gets back in the game, maybe.
2009-02-26 21:39:47
13rin
Member
+977|6782

ATG wrote:

Well, there are almost two years before the mid terms.

Q where the hell were all the conservatives the last eight years?
They got soft.

ATG wrote:

I say if we keep turning to either elephants or jackasses we are really and truly fucked. Don't be suckered. Unless Newt Gingrich gets back in the game, maybe.
Anythings possible. The whole crystal ball comes into play.. It really depends on how much the super majority forces through.  R's are in serious trouble.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.

 

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