Posted on 09/22/2008 3:22:38 PM PDT by politicket
...other additions the Democrats are asking to the administration package, according to a draft of the plan ...
-- Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments.
(Excerpt) Read more at biz.yahoo.com ...
Taxpayers to Congress:
Sorry we won’t be able to file our income tax returns this year. You have completely screwed the American people and we are tired of it!! Good luck collecting!!!
Want a house for free? John McCain is going to try to give you one!
If enough people did that then it would be a great response.
We need to worry about the liquidity in our family as well.
Can I just express one thing... I’m a little ticked right now about all of this. The government (FBI) LITERALLY sat and WATCHED while my family got screwed by a fraudulent mortgage broker, and then got ripped off by a mortgage company that was pretending not to receive payments (not just from us...). No-one was there for my family when the mortgage company falsely filed for foreclosure on us. No-one was there for my family when the CEOs of these corporations ruined my credit, and we lost our home (despite trying everything we could to fix things... after a while it just wasn’t worth it anymore). And NOW - when we’ve finally got back on our feet they want to take MY tax dollars, and scoop up people’s mortgages, and make all sorts of concessions like changing mortgage terms, etc... etc...
I am NOT HAPPY. I’m NOT HAPPY at ALL - and I KNOW I’m not the ONLY person out there right now that feels this way. Granted, I don’t have a degree in economics, but how bad would things really get if we just let these banks fail??? It’s NOT RIGHT that our government is going to take our tax dollars to bail these jerks out. It’s not right that my fellow citizens are going to be able to KEEP their homes, and KEEP their good credit when in a lot of cases it was their OWN DAMN FAULTS for taking a balloon mortgage in the first place.
IT’S JUST NOT RIGHT! And, I’m not even TOUCHING on how this violates our laws...
OK, rant over... I just had to get that out.
If you can prove you can’t pay me back I’ll be happy to mortgage your house. This million will only hold me for a very short while and I’ll need an excuse for yet another bailout when I’m broke again.
Similarly, ‘they’ are cleaning up on the bank failures, too.
==
Bank A fails.
FDIC steps in,
assumes debts of Bank A,
sells assets of Bank A to Bank B — for cents on the dollar.
==
Bank B gets a cheap windfall.
Taxpayers eventually get the bill for the Bank A debts.
Can I use my used car, worth about 2,000, as collateral for a million dollar load? I suppose if I was an illegal immigrant I could just go to Bank of America and get some walking around money, say 500,000.
Actually, your rant was spot on. And do you really want to know the rest of the news? Their plan isn't going to work - and I think some of them know it and they're just trying to buy some time until the elections.
Amen! And my wife and I are both dependent on 401K’s for our retirement comfort. I am retired, she's a couple of years away. I would rather loose that money right now and get the our financial footing back on solid ground than leave the mess for my six grandchildren to work through in years to come.
I continue to work part time at a theme park, great place to work, and my wife is still full time as a preschool program director. She and I both agree we would rather keep this up if it means starting to undo the 50 plus years of liberal BS that has brought us to this point.
I would especially be willing to forgo my 410K for assurances that the a-whole’s who made of with ten's of millions of dollars with a wink and a nod from all those Dems who took money from them for years.
You should still have to pay the full mortgage.
The scenario you outlined is essentially quite common - I know people in this situation - but nothing can be done and it shows the risks of investing in commercial property development. Many things can go wrong, especially in an overregulated environment.
One insurance against this, would be to take out a 300,000 mortgage with a provision that it is to be renegotiated if the property development does not go ahead. But one would find it hard to get a lender who would take such a risk.
re: Can I use my used car, worth about 2,000, as collateral for a million dollar load?
Gosh, I would like to work with you, goodness knows I am a generous person, but my accountant and tax attorney tell me not to accept anything with value as collateral on the loan. It just confuses the accounting procedures.
You’re not an illegal immigrant AND you have property with value. You, my friend, are probably screwed.
Correct. And one of the glories of market economics, is that some people (usually more frugal and far sighted) can profit from some other people's losses. If the market was let to readjust itself in market terms, frugal savers, even with only a small stash, could buy a property for themselves. In later years, they would be laughing. I know people who got their homes cheap in the early 90s, when the high-flyers took a bath.
As it is, they are stuck, poor and saving, paying ever larger taxes and seeing inflation steal their money. Billions rain on privileged financiers who "can't afford" to face the cost of failure.
I'll keep your application on file. I've had about all I can take of this constant complaining about the heat in the Summer and the cold in the Winter. He doesn't make his quota next week I'll have to let him go.
Are you having him dig his own grave, that’s all I want to know.
I want a free house! Where is my free house?
You can have your free house, but only if you are a minority and if you are an illegal minority you get a garage too.
You have heard “too big to fail”. Well you are “too small to matter”. That is the truth. They don’t care.
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