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Bush: US will work with partners on credit crisis
AP via My Way News ^ | Oct 11, 2008 | MARTIN CRUTSINGER

Posted on 10/11/2008 9:09:30 AM PDT by TenthAmendmentChampion

Edited on 10/11/2008 9:14:17 AM PDT by Admin Moderator. [history]

President Bush emerged from a meeting with foreign financial officials on Saturday and pledged a global response to the credit crisis that will lead toward a "path of stability and long-term growth."

"The United States has a special role to play in leading the response to this crisis," the president said. "That is why I convened this morning's meeting here at the White House and it is why our government will continue using all the tools at our disposal to resolve this crisis."


(Excerpt) Read more at apnews.myway.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Front Page News; News/Current Events
KEYWORDS: bailout; bush; bush43; creditcrisis; g7; g7summit; globaleconomy; subprimemortgages
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To: Terry Mross

I say, maintain the amount owed, re-negotiate the mortgage payments, and pray.


21 posted on 10/11/2008 10:00:01 AM PDT by durasell
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To: durasell

That has to be done at each bank’s discretion. Forced policy like that has been called “cramdown” and the banks are resisting (naturally) a policy that requires them to devalue their already-scarce assets.


22 posted on 10/11/2008 11:31:55 AM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: TenthAmendmentChampion

I’m not all that sure the banks have the expertise.


23 posted on 10/11/2008 11:33:10 AM PDT by durasell
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To: Terry Mross

I heard a plan where a house would have its additional equity removed from the loan calculation but would still be due at sale.

So a $400K house with high $3500 payments might be revalued at $300K for loan purposes, with payments at say $2500 instead. But the loan principle would still be $400K and when the house was sold the borrower would owe the bank the full $400K. I don’t know if this would work... it might.

It doesn’t solve the problem of people walking away from no-down sub-prime loans because they have no stake in the property.


24 posted on 10/11/2008 11:35:34 AM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: durasell

You are no doubt right. The banks have billions of dollars of loans on their books that have no knowable value.


25 posted on 10/11/2008 11:36:45 AM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: TenthAmendmentChampion

I was referencing the manpower involved. The loans have also been bundled and sold and leveraged...it’s a hideously complicated issue.


26 posted on 10/11/2008 12:19:01 PM PDT by durasell
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To: durasell

...If the federal government would get out of business and politics, and leave us alone, we, the people can figure this out...


27 posted on 10/11/2008 12:53:59 PM PDT by gargoyle
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To: backtothestreets
Dade county Florida has 40,000 unsold condos.how do you get rid of these.
28 posted on 10/11/2008 12:55:22 PM PDT by G-Man 1
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To: gargoyle

GOVERNMENT OUT OF POLITICS NOW!


29 posted on 10/11/2008 1:14:23 PM PDT by durasell
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To: durasell

...Politics out of government, Politicians out of government, fire them, now!!! They say, we gotta tighten our belts, and get through this...I’d love to tighten my belt around their scrawny, little, chicken necks... Ahhhooyea, I feel better...


30 posted on 10/11/2008 1:26:19 PM PDT by gargoyle
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To: TenthAmendmentChampion

That’s actually not a bad idea. I do believe most people would take this plan and stay in the house.

But what is to be done with the vacant properties that have already be foreclosed on? If the government bought one for today’s value they’d have to sell it for today’s value so that’s a loss for the government.

McCain says with his plan the borrower has to have been qualified at the time of purchase. The question is “qualified under what guidelines?” Because most of those in foreclosure or facing foreclosure didn’t qualify and that’s why they got a subprime loan. Sometimes I wonder about McCain.


31 posted on 10/11/2008 1:32:36 PM PDT by Terry Mross
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To: G-Man 1

Offer immediate American citizenship to hardworking immigrants who want to live here and be real Americans. I am talking about the cream of the crop from India, Bulgaria, Poland, Czech Republic, etc. who hate communism.


32 posted on 10/11/2008 1:36:28 PM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: gargoyle

Bankers out of finance now!


33 posted on 10/11/2008 1:57:44 PM PDT by durasell
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To: durasell

...Yer zeal is admirable. I’m for individuals taking responsibility for their actions...Government bailing out irresponsible bankers, businessmen, let them go on the road to perdition...


34 posted on 10/11/2008 3:24:53 PM PDT by gargoyle
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To: gargoyle

Let me be very clear on where I stand — and I could be wrong: I believe the geopolitical deck is being re-shuffled via this crisis. Whether America comes out on top or not is far from clear and depends on our response.


35 posted on 10/11/2008 3:28:08 PM PDT by durasell
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To: backtothestreets

Arson works.


36 posted on 10/11/2008 10:08:21 PM PDT by Pelham (No Banker Left Behind Act of 2008)
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