Posted on 02/25/2010 2:06:19 PM PST by GreaterSwiss
Edited on 03/02/2010 11:33:56 AM PST by Admin Moderator. [history]
Nice.....
Instead of allowing the market to work itself out banks are forced to keep carrying bad assets on their books.
It's obvious. Obama simply doesn't understand that.
He has this naive collectivist view that banks owe people homes -- even if they can't pay for it.
The One has absolutely no appreciation for the distortion this will create in the housing market. If people can't be held liable for failure to pay their mortgage, lenders will simply cease making home loans.
The man is stone ignorant -- of everything but Marxist doctrine.
What a catastrophe this man is...
He can do anything he wants. He’s O B A M A !
Free homes for everyone. What a message that sends. Don’t pay your mortgage and you’ll be rewarded.
(((Dog)))
Not so’s you’d notice.
He can force more of the banks to take the TARP money by making them take a loss on the loans.
Just in case you haven’t seen THIS little tidbit.
Eeegads...what next?
Don’t worry: you’ll get used to our fascism. :)
I hear that those things can cause Parkinson’s.
How exactly does he propose to do this? Is King Douchebag under the impression that the executive can wave a finger and ban foreclosures?
He is a domestic enemy. Whichaway to the nearest protest!
I want my gum drop house..:-) And I want a flying car...and a free set of teeth...:-)
Unless some recent legislation has given a president this power I don't think he can do this.
Certainly he CAN - would it be legal? No. Would it be constitutional? No. Would it crash the financial system? Yes. Is it the most insane idea yet from a pretty insane administration? Yes. Does it essentially wipe out the remnants of contract law? Yes.
But as we saw with the Chrysler bondholders, Obama is willing to use the power of the federal goverment to practice extortion on corporations. No, as long as he is in control of the armed forces, yes he can.
Is the reason for the second amendment starting to become any clearer?
So how would they enforce this. Will they arrest the banker and charge him in a court of law with violating an executive order. This is BS, there is no way this can be done with out Congress, even then I doubt it could be done with out amending the Constitution. It aint gona happen
...sounds like something Biden would say, but the head clown can't keep up with how many states we have....another brilliant statement by lonely one......HEY ODUMBO....WAKE UP PAY ATTENTION...he calls a summit and falls asleep
I was actually shocked to hear back from B of A today regarding two loans I need to refinance. I have two rental properties with interest-only for 5 years, fixed rates for 7 years. I’m 4 years into them, so I’m looking at having to start paying interest in another year, then the interest rates can go up in another 2 years after that. The interest rates on them are currently 6.875.
I can refi these, without doing the appraisals and income documentation stuff, for 3 1/8 points and get a fixed, 30 year rate at 5.875%.
I went into these loans with eyes wide open... I knew the risks, and chose to take them. Looks like it’ll cost me $12K up front, but I can convert these things to something I can manage to hold onto for the next ten years or so and hopefully dump after that for a possible gain... or at least get my equity back out.
Well that will kill private banking & mortgage industry.
Next the ONLY way you can buy a home is IF the FEDS Freddie&Fanny say you are worthy.
Wake the hell up people.
“We have a hovercraft”
By what authority does he deprive the mortgage holders their monetary value and due process.
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