So why doesn't Robert Murphy complain about the Fed tinkering with the economy by alternately lowering rates too low and then hiking rates too high? That's where most of this mortgage mess came from.
Repeal the law of supply and demand!! Oh wait, that’s sorta the whole premise of capitalism isn’t it? That and taking responsibility.
It is the height of irony that Congress, which created the greatest Ponzi scheme in the history of the world with Social Security, should be passing laws to regulate the supposed sins of mortgage lenders.
Much of this mess would never have happened had the Democrat congressmen in the ‘80s not passed laws mandating that lenders give high-risk credit to low-income people. Remember all the whining about “red-lining” in the ghettos?
How convenient that Americans forget that in almost every case, Congress causes bigger problems with their “cures” for all our ills, yet, incredibly, they are never blamed because liberals and their enablers in the msm never admit mistakes.
This only benefits the lenders since the borrowers could probably rent at a lower amount.
The banks and Wall Street win again.
That is the scariest part.
...contrary to popular belief, the government will not serve to enforce the law. (Or rather, the “law” can change on a dime, depending on the public’s mood.)
And that is what got this whole mess started.
Let the market sort it out. If you can't afford the house, you shouldn't have tried to buy it. Don't expect your defeatocrat friends to bail you out with MY money, which is probably what they will do anyway.
So where exactly has the government stepped in and forced anything on the lenders?
I hear it repeated over and over but haven’t actually seen evidence of it. That would seem to matter... It does to me.
So much for those who took the risk to loan these idiots
the money. They’ll be the one’s getting screwed...that and the next person that tries to get a mortgage.
Does anyone understand this is not what is happening? The government is not invalidating any contracts, at least not under Paulson's plan. This plan was worked up with the banks to help save banks from losing their butts.
Sunk costs are sunk. They can't go back and undo the bad decision made years ago. The issue is, do they want to try to repo and sell a house in a horrible real estate market, or keep some cash coming in from the existing owner?
Making this a crisis is just a way to find somebody else to fund a problem, which will increase the national debt and reward bad behavior.
94% of people are paying their mortgages on time. This is NOT a “Crisis” anywhere outside the Junk Media and mega bank’s board rooms
A billion ain’t what it used to be.
1 Billion dollars equals the value of only 1500 homes in California. In a state with 40 million people it just doesn’t amount to much.