No EFFING Bail Outs for FBs or Loser Lenders!!!!!
There is NO way I will go away quietly if one red cent of my money is used to bail out the stupid and incompetent that created this mess.
Might be a good idea to start writing your congresspeeps and representatives, because something crooked this way comes!
“Andy Sobel (This Stupid guy again!!!) is selling his San Diego condo for $60,000 less than he owes on his mortgage. He’s six months behind on his payments, but it’s all he can do to avoid foreclosure. He’s also writing to Rep. Barney Frank, chairman of the House Financial Services Committee.”
“‘Please don’t let this happen to anyone else,’ Sobel says he’s writing, and will explain how he was ‘duped’ into buying his first home in 2004 with an adjustable-rate mortgage designed for him to pay only the interest each month, no principal.”
“‘I know there are a lot of people like me, families — this ruins some people,’ Sobel says. ‘If there is going to be any kind of bailout, we should be part of it.’”
“‘I have two public policy goals,’ said Senator Christopher Dodd, who is a presidential candidate. ‘One is to make sure that what’s been going on stops. That is the easier of the two issues to address. And the second is what can we do to keep people in these homes. What if anything can be done to prevent flooding the market with these delinquencies.’”
“‘I’m not averse to legislating on it,’ Mr. Dodd said. ‘My preference is to see whether it could be better managed by the regulators knowing that legislation can be so difficult to get through.’”
“Tom Zimmerman, an analyst with the international investment company UBS who tracks the mortgage industry, said that lenders had not done adequate underwriting, that is, determining the risk of particular loans. ‘What was bad underwriting in ‘04 and ‘05, became atrocious in early ‘06,’ he said.”
“‘It was all about return, yield spread and profits,’ said Robert Simpson, president of Investors Mortgage Asset Recovery, which helps mortgage companies recover money lost to fraudulent borrowers. ‘Let’s be clear that what we’ve done is bury people in debt.’”
"Investors in mortgage loans, including investment banks, pension funds, and international bondholders, jumped into risky subprime mortgages because they were paid for that risk, getting higher interest rates than they would have received for investing in, say, Treasury bonds.”
“The reason that the risky mortgages paid more, of course, was that there was a very real possibility that lots of borrowers would default.”
“If the government, or its proxy, now steps in and purchases those mortgages, or otherwise systematically bails out borrowers, it will create a hazard for the future. The next generation of mortgage lenders won’t take the high risk of subprime home loans seriously, because they’ll expect that, in the event of another crisis, the government will step in and bail them out again.”
FB's, Loser Lenders and Shyster Real Estate agents... you made your bed! Now you lay in it!
"our lawmakers should not forget to call human nature to account. In 1886, 40 years before the birth of former Fed chief Alan Greenspan, the Great Plains was the scene of a terrific real-estate boom, financed by the most reckless kind of lending. There was no Fed, and there were no rating agencies, just lenders and borrowers taking leave of their senses. They returned to them, eventually. They always do.”'