| The corruption of wall street during the Bush years has unfortunately reached monumental proportions.
|
Posted on 07/13/2008 7:29:42 PM PDT by quesney
Doesn’t the gov have a say in a certain number of board members / directors / etc., as part of the privatization? I seem to remember it that way, and that’s why I said what I said. Their hands are still in the kitty...
“Don’t know much about Alexander Hamilton do ya?”
Completely different situation and objective: instead of leaving revolutionary war debt to the states, he wanted to help forge a national identity among 13 discordant colonies by having the federal government assume that debt, which should’ve been the federal government’s responsibility anyway. It was war debt, for goodness sake. I doubt that what’s taking shape today is what Hamilton had in mind.
This is clearly a bad development. However, given the state of things, there were no good choices.
You’re right - and on so many fronts.
Mortgage Welfare
If banks can't sell the mortgage quickly (to likes of FNM) then they won't be offering any such mortgages. A mortgage is a long term loan, and banks just don't have the capital to freeze it for 30 years.
As result, a common man can't get a mortgage. Houses will be bought for cash only, which eliminates new homeowners, and those who want a larger house (or in a more expensive market.) The average price of a typical home will drop somewhat, following the lack of buyers. This will result in "house as an investment" schemes being thrown out of the window, and most people will see their assets reduced. Those who still pay mortgages may be forced to send the jingle mail (lose the house) because the property is no longer worth owning and paying for.
And in the process, driving down the value of all neighborhoods. Ain't the government grand?
| The corruption of wall street during the Bush years has unfortunately reached monumental proportions.
|
Hamilton didn’t just do it cause of the war debt. He truly believed we’d be a stronger country with a federalized banking system.
Just wait.
The morning will not be pretty.
Yeah, it’s a “GSE” or Government Supported Entity.
If banks can't sell the mortgage quickly (to likes of FNM) then they won't be offering any such mortgages. A mortgage is a long term loan, and banks just don't have the capital to freeze it for 30 years.
As result, a common man can't get a mortgage. Houses will be bought for cash only, which eliminates new homeowners, and those who want a larger house (or in a more expensive market.) The average price of a typical home will drop somewhat, following the lack of buyers. This will result in "house as an investment" schemes being thrown out of the window, and most people will see their assets reduced. Those who still pay mortgages may be forced to send the jingle mail (lose the house) because the property is no longer worth owning and paying for.
I understand your point completely. My question to him was how his mortgage being owned by either Fannie Mae or Freddie Mac was going to affect his mortgage.
He answered none which of course is correct.
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<craig_ferguson>I knooowww</craig_ferguson>. The whole reason people are defaulting on their home loans, causing this big mortgage crisis, is that Bush caused corruption on Wall Street! And only you can see through the smokescreen!