Posted on 09/30/2008 10:00:37 AM PDT by ezfindit
I have just sent this appeal to my representatives in Washington. Feel free to copy and paste and send to your representatives.
Dear Representative,
Please do NOT support the $700 Billion Bailout Plan until the Banks and the Lending institutions indentify the Toxic Loans and DE-BUNDLE them.
It would take very little effort on their part to identify each loan based on a computer search of their existing loans: 1. Full Default = no payments in 3+ months (Toxic) 2. Partial Default = no payments in 1-3 months (Potential Toxic) 3. Good Standing = on-time payments
(Excerpt) Read more at chrisbanescu.com ...
Now we’re talking. This is an opportunity to get it right.
I find it interesting how thw debate shifts but atill includes the bailout.
How hard is it to understand?
STOP THE BAILOUT, STOP IT NOW, NO WAY NO HOW.
Unbundle the loans or bundle them into larger bundles I do not care.
NO BAILOUT
Figure out how to detranch them yet? How do you untie the derivatives?
No, no, no. This problem is much too complicated for you simpletons to understand. Your little plan makes too much sense. It is so ... Mainstreet. We must throw hundreds of billions at the problem. After all, how else can we skim funds and redirect them without you knowing it? Nothing else but the 700B bailout will work.
Your friends,
The Elitists in Washington
I’ve been told they can’t be “de-bundled”. Let’s say you own a “piece” of the bundle. What percentage of the total is the one you’re pulling out? How much do you get paid? What is the value of the remaining bundle?
My idea iss to let these borrowers refinance at the beginning rate irregardless of their FICO score with no down payment, no appraisal and no closing costs . Then if they default they’re outta’ there! If they pay the mortgage after five years the rate can be re-adjusted back to the current rate at that time. This way the holder of the mortgage still has some money coming in. They’re currently getting nothing.
Now I’m sure someone will explain why my idea won’t work.
It just amazes me that they want to tax the rich and then they want to bale out the rich. Which is it?
Yes, let’s turn it around on them, Democrats “Welfare for their rich donors”
Well, how did they get tranched? Just de-tranch it. And how did they get the derivatives tied? Just untie it. It is called reverse engineering. Or is it just a gordian knot? Then just take a sword to it, like Alexander the Great did.
Hoist the main sail. This should be the battle cry.
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