Posted on 09/24/2008 11:07:40 PM PDT by HAL9000
Excerpt -
There is a broad consensus that Congress must act to stave off deeper turmoil on Wall Street. Irrespective of the final agreement yet to be reached, there are several principles that must be part of a broader reform effort that begins this week and continues in the coming months.~ snip ~
I've proposed a new Home Owners' Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We've got to stem the tide of failing mortgages and give the markets time to recover.
~ snip ~
(Excerpt) Read more at online.wsj.com ...
It’s the new New Deal. And like the old New Deal, it will make things worse, not better.
And how about severe penalties for those that defaulted on their mortgages and then stripped their houses selling the copper pipe for scrap etc. We would need to extradite many of them from Mexico. (Central coast of CA)
What I find interesting, however, is that these financial institutions that we are going to try and save by this bail out had no qualms whatsoever about throwing widows out in the street or foreclosing on disabled veterans when the market was doing well, and they thought they could turn a profit by tossing a widow out of the street and reselling or property at an auction. Now that they can't give away those properties, they're trying to unload them on the backs of the widows and veterans whom they were so eager to process into the street just a couple of years ago.
As much as I hate this plan it sounds a heck of a lot better than spending a trillion plus dollars to bailout crooks.
The money would stimulate the economy better than giving it to a small handful of scam artist as well.
Yes it’s so bad I’ll side with Hillary over some corporate socialist that claims to be conservative.
you’d have to do both
I think Hillary! wants both, not one or the other.
Well how about lets get me a free new home just how I want it to be, yada yada yada.
No, I wouldn’t. I’m just saying that the notion of putting the crooks at the front of the line is absurd to me and totally unacceptable.
Theoretically though, couldn’t the govt take it back from the crooks later, via law suits and fines? I mean, the immediate goal is to plug the hole and stop the ship from sinking, we can always take the captain to court later.
life isn’t always fair...fixing social security will also have to be very sucky.
we need to persuit criminal charges against everyone involved. Inc President Clinton, Mrs Clinton, Obama Pelosi Reno, all of them.
I agree, this plan makes more sense than any other I've heard so far.
Yeah but at least the people on social security aren’t crooks and aren’t responsible for breaking it either.
The captain will have stashed himself and his money away on the Caymans. That’s what a couple of billions of taxpayer dollars can buy you.
How about multiple homes. Are the people that were smart enough to buy multiple homes and rent them to the OTAs (Other than Americans)going to get a bailout as well?
Yep I’d rather my money go to help out a brother intstead of a Wall Street mugger anyday.
that’s what makes it worse. they will have to pay more and get less
That’s why we shouldn’t give the crooks on wall street one thin dime.
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