Bush’s ‘too little, too late’ subprime solution.
By on Dec 7th, 2007 at 9:22 pm
Bush’s ‘too little, too late’ subprime solution.
On The Situation Room yesterday, CNN financial analyst Ali Velshi broke down Bush’s mortgage plan. “Despite the fact that the White House says it’s going to help up to 1.2 million people,” Velshi said, “the best numbers we can get is 240,000 people who are going to be helped by this.” CNN noted that the rules attached to the plan cut out many homeowners who need help. “There’s still a lot of people who stand to lose their homes. That means a lot of people are saying this plan is a little too little and a little too late,” Velshi said. Watch it:
Sort Comments By: Top Rated | Date
58 Responses to “Bush’s ‘too little, too late’ subprime solution.”
View Most Popular
Advertisement
Visit Our Affiliated Sites
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
Reports
In depth studies on select topics
Topic CloudView topics sorted by popularity
Afghanistan
Bailout
Beck
Big Oil
Bolton
Bush
Cheney
Civil Rights
Congress
Earmarks
Economy
Energy
Environment
Ethics
Fox News
GI Bill
Global Warming
Guantanamo
Health Care
Immigration
Iran
Iraq
Justice
LGBT
Lieberman
Limbaugh
McCain
McClellan
Media
Military
O'Hanlon
O'Reilly
Obama
Palin
Politics
Race
Radical Right
RNC Convention
Rove
Terrorism
Third Bush Term
Torture
Veterans
Wiretapping
Women's Rights
ArchivesBlog Roll
Why doesn’t the Pres sac up and have the coureage of his convictions. Stand before the American people and their lenders and say, “If you made a deal you follow through on, then your screwed. We in the the Republican party don’t believe in helping anyone out of their own mess. Go screw yourselves.”
In his heart that’s what he wants to do, and the trolls in here want him to do the same thing.
Hey Repubs, so much for your fiscally conservative party.
December 7th, 2007 at 9:35 pmHelp is on the way… Just in time to prevent the poor beleaguered mortgage holders from getting stuck with houses they don’t want…
Oh, but wait. This was about helping the PEOPLE… Right.
December 7th, 2007 at 9:36 pmI remember when they were telling people to buy homes.
December 7th, 2007 at 9:36 pmThis is going further than just people losing their homes, school districts and towns invested in these SIV’s
December 7th, 2007 at 9:38 pmYeah, lets bail out the banks, and irresponsible homeowners, by borrowing more money from China… that we’ll never be able to pay back.
Wooohooo!!!
Damn, had I known that the guberment would bail me out, I would have bought a mansion instead of a condo.
December 7th, 2007 at 9:55 pmI remember when Alan Greenspan thought that ARM’s were just a dandy idea, and why don’t people do more of them!? I almost choked on indignation. That was like a green light for all involved, from lenders to borrowers. I still can’t believe he was the Chairman of the Federal Reserve. Anyone with half a brain could see this coming (if they paid attention). Economist my %$*!
December 7th, 2007 at 9:58 pmThe American Securitization Forum wrote the rate freeze presented to the public by the President and the Treasury Secretary.
It can be found it at americansecuritization.com
The framework allows servicers to modify loans without borrower signatures.
Source: American Securitization Forum, Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans, Executive Summary, December 6, 2007, page 13, third paragraph from bottom of page
According to the American Securitization Forum’s Framework for the rate freeze, borrowers will not have to document current income to be eligible for refinancing, even if they received initial loans with embellished incomes
Source: American Securitization Forum, Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans, Executive Summary, December 6, 2007, page 3, FICO test
Counseling and modification expenses are to be charged to securitized trust cash flows, so service providers, like Countrywide, which has a representative on the board of the American Securitization Forum, will profit from the process.
Source: American Securitization Forum, Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans, Executive Summary, December 6, 2007, page 7, first full paragraph
Appraised value for modifications are based on the date of origination, even if the current value is much less.
Source: American Securitization Forum, Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans, Executive Summary, December 6, 2007, page 2, second bullet
Some of the firms that may profit from the rate freeze are members of the industry group that authored the plan.
December 7th, 2007 at 10:02 pm2 little 2 late dollar short day late
December 7th, 2007 at 10:04 pmhald-cocked empty suit
This chart shows just how bad and HOW LONG this reset process is going to be;
It ain’t JUST sub-prime, but alt A, and adjustable rate mortgages, and also commercial reality (which nobody is talking about), credit cards (think people who are losing their homes are gonna pay citi bank?), auto loans (which are starting to show problems with rising defaults). All these financial credit instruments will combine to further deteriorate the major banking balance sheet write-offs. This means lower profits and needs for more MONEY in reserves to hold up their bottom lines. Now if they just didn’t have so much CDO and SIV toilet paper they pretended to be gold.
BTW the Paulson-Bernanke plan pushes a good portion of the sub-prime mess out to 2013. If you look at the chart is where this mess would have finally become resolved in some manner. Why do the republicans ALWAYS want to put bad news and the resolutions of the messes they create off to some future time if not generation?
The do it with Taxes, they do it with the debt their refusal to pay for their own policies, and now they want to do it with the credit mess the private banking industry has made, (with the help of the FED).
Why do republicans never stand up and take responsibility for any mess they create?
December 7th, 2007 at 10:07 pmWatching Bush spewing more lies adds a thorn to this mess.
December 7th, 2007 at 10:22 pmBush: Go back to Crawford and shut the f up until 2009.
These folks that bought houses via subprime loans most likely didn’t put any money down anyways. If the bank forecloses, there is no equity involved. The loans are non-recourse loans, which means the bank is stuck with the house and can’t go after the borrower.
So the borrower can just walk out and move into an apartment with losing a dime.
Why is a government bail-out needed?
Neither Hillary’s or Bush’s plans are needed.
All this will do is lengthen the housing slump and postpone the foreclosures until a few years down the road.
December 7th, 2007 at 10:23 pmBut, Muck - cash bailouts are what happens when the government leaves the free market alone. geez, dude.
December 7th, 2007 at 10:38 pmComment by muckdog
December 7th, 2007 at 10:41 pmWhen buying a home you usually rack up the costs ex: window covers, furniture, yard supplies, tools..
and after foreclosed on, the credit report suffers. I don’t know about where you live, but the credit report is checked before one can rent living space anywhere.
You wrote: All this will do is lengthen the housing slump and postpone the foreclosures until a few years down the road.
All this will do??? The housing market will take a huge dive affecting economics here and globally.
Even as a homeowner, I would love to see the market come down so my kids and most could afford to buy a home. Help widen the middle class. But I fear this coming crash may do more.
These folks that bought houses via subprime loans most likely didn’t put any money down anyways. If the bank forecloses, there is no equity involved. The loans are non-recourse loans, which means the bank is stuck with the house and can’t go after the borrower. Comment by muckdog — December 7, 2007 @ 10:23 pm
So who’s been paying these house payments? What money did they lose? None?
So the borrower can just walk out and move into an apartment with losing a dime. Comment by muckdog — December 7, 2007 @ 10:23 pm
Really? Without losing ONE DIME? Not even the money they wasted on payments? Not even the money they’ll now lose on increased credit card rates, etc., from foreclosure? It won’t cost them at all? ROTFL!!! You’re on dum b@@ch there dog!
Why is a government bail-out needed?
Neither Hillary’s or Bush’s plans are needed.
All this will do is lengthen the housing slump and postpone the foreclosures until a few years down the road.
Comment by muckdog — December 7, 2007 @ 10:23 pm
Actually this BAILOUT is for the banking industry, because they were about to get REGULATED by Congress for their predatory business practices, not to mention they ARE in the process of LOSING their block on bankruptcy courts being able to reset their PREDATORY interest rates (for you biblical types, this is called usury) . So actually the BAILOUT is to keep them being able to screw customers at will…
What BREED of dog are you? Sounds like the INBRED type! ROTFL!
December 7th, 2007 at 10:43 pmSeriously…. a guy said something dumb on the TV that he clearly hadn’t thought through. Maybe add some funniest home video noises to it next time.
Comment by Kilo — December 7, 2007 @ 10:10 pm
Sounds like EVERY TIME BUSH SPEAKS!!! ROTFL!!
December 7th, 2007 at 10:44 pmThe single greatest policy blunder in the housing industry was to increase long term mortgages from 20 years to 30 years. This caused homes to artificially increase in price, at the same time, demographics changed, causing people to move more frequently. In addition, speculators came into the market, leading builders to slap up condos in Miami, which were bought by folks across the country as investments, instead of residences. All these things contributed to individuals no longer building substantial equity in their homes, so when this bubble burst, their “savings” vanished.
Were it in my power, I would gradually reduce the long term mortgage term from 30 years to 20 years, and drastically limit the number of homes that a single family can own. This would take the speculation out of the housing market, so that both mortgages and rents would decrease.
December 7th, 2007 at 10:53 pmSo the borrower can just walk out and move into an apartment with losing a dime.
Why is a government bail-out needed?
Comment by muckdog — December 7, 2007
The most important issue: After foreclosure, the homes are resold and the foreclosed upon owner PAYS the difference of what the loan was minus the re sold amount.
December 7th, 2007 at 10:55 pmSome banks I hear are offering short sale? which is where - if the loan is $400,000, and the value has dropped down to $300,000, the loan amount will be dropped to $300,000.
But guess what? IRS will tax you on the $100,000 as if it were income.
Best thing for these home
owneres to do is claim bankruptcy.
This would take the speculation out of the housing market, so that both mortgages and rents would decrease.
Comment by Jason M. Hendler — December 7, 2007 @ 10:53 pm
thus jason Hitler screws the Free Market. Good job, Hitler.
December 7th, 2007 at 11:06 pmI for one feel sorry for those people who are going to lose their dream..they got duped into buying a home with a toxic loan.it was loan sharking…they have laws against that……but the thing is..there was so much money to be made..they didn’t care,,,,sound familiar?
December 7th, 2007 at 11:26 pm#18…boosh changed the bankruptcy laws…..remember.makes ya wonder…don’t it.
December 7th, 2007 at 11:28 pmSee what happens when they let the regular joe become part of the “ownership society”?
Real estate is meant to be owned only by the very wealthy lords in the Feudal States of America envisioned above.
December 7th, 2007 at 11:31 pmHey, why Jason is Hitler?
Come on, at least, Hitler was a military genius with an overwhelming charisma to convince German corporations that he was the one to lead the Nazi regime through Europe.
December 7th, 2007 at 11:43 pmJason Hitler is the cowardly shadow of adolph.
December 7th, 2007 at 11:48 pmJason is just a mumbling technocrat robot afraid of women.
December 7th, 2007 at 11:51 pmThis is going to help a couple of hundred thousand, who aren’t already late, who screwed up and gambled on an ARM. The banks are going to eat shit because their profit projections were based on sucking these suckers for the higher rates.
December 8th, 2007 at 12:02 amLet’s make sure we don’t regulate these industries, cause there’s suckers born every minute, ready for the fleecing.
P.S. We found out that our neighbor who passed away last September was working 60 -70 hour work weeks at the hospital to make her ARM payments. Not saying that contributed to her illness and subsequent demise, but the stress couldn’t have helped…
December 8th, 2007 at 12:04 am“The best numbers we can get is 240,000 people who are going to be helped by this.†Yup, that’s like having one bowl of dog food for 15 dogs to eat out of. Bush basically threw one life preserver for the American people in the subprime crisis.
December 8th, 2007 at 12:07 amWere it in my power, I would gradually reduce the long term mortgage term from 30 years to 20 years, and drastically limit the number of homes that a single family can own. This would take the speculation out of the housing market, so that both mortgages and rents would decrease.
Comment by Jason M. Hendler
While I understand what your saying, it would not stop predatory lending practices that depend on the FED to bail the market out.
December 8th, 2007 at 1:31 am(CNN) — A top-ranking Republican on one of the most influential committees in Congress announced Friday that he plans to resign — opening up yet another G.O.P. seat in a year that has already seen 18 Republicans announce plans to leave the chamber.
McCrery (R-LA) #19
wonder why so many of those guys are quitting?
December 8th, 2007 at 1:58 amwonder why so many of those guys are quitting?
Comment by tombaker
— December 8, 2007 @ 1:58 am
I cannot say [dunno=]
December 8th, 2007 at 2:00 amWere it within my power, I would restrict loaners to only being able to calculate interest once during the lifetime of the loan, not every 10 or 30 days or whatever it is set for now. Due to this practice every one who takes out a home loan, will end up spending close to 3 times the amount of the loan, if they pay the loan off over 30 years.
It is also very much the responsibility of the lender. It is similar to the credit card companies handing out credit to everyone and their dog, and then complaining when it isn’t all payed back.
December 8th, 2007 at 2:31 amThis crap is not Bush’s fault, Greenspan helped to create this mess and said nothing when he bailed out leaving bernanke to quell it.
I do not agree with alot of what George does, but the blame here does not belong to him.
December 8th, 2007 at 2:52 amhttp://economistsview.typepad.com/ economistsview/ 2007/ 12/ slick-deal-for.html#c92590304
December 8th, 2007 at 5:36 amThe Have-Mores (Bush’s base) will continue to thrive under the Most Corrupt Admin. in America’s history.
December 8th, 2007 at 8:39 amIran stops accepting U.S. dollars for oil
TEHRAN, December 8 (RIA Novosti) - Iran has stopped selling its oil for U.S. dollars, the Iranian ISNA news agency said on Saturday, citing the country’s oil minister.
“In line with a policy of selling crude oil in currencies other than the U.S. dollar, the sale of our country’s oil in U.S. dollars has been completely eliminated,” ISNA reported Oil Minister Gholamhossein Nozari as saying.
He also said “the dollar is no longer a reliable currency.”
http://en.rian.ru/
December 8th, 2007 at 9:10 amWhen asked if military action remained an option, the president answered, “The best diplomacy - effective diplomacy - is one in which all options are on the table.”
The talk you useless pirce of shit Bush
December 8th, 2007 at 9:12 amIf anyone is worried about this being a bailout or really helping people losing their homes, forget about it. This is just a political ploy on the part of this administration to help Republicans up for election. If you look at the states where the foreclosures are the highest, those are the states where Republicans are in trouble. George helping the ordinary citizen? Nah!
December 8th, 2007 at 9:28 amSadly, I agree that a bailout is a terrible idea. The real solution to this problem is for the mortgage companies to renegotiate the contracts with the people and, if necessary, to extend the term of the contract to adjust for the interest increases. That way, the mortgage payer could continue to purchase the house with an affordable payment, the mortgage holder wouldn’t end up with property which isn’t providing them any income, and the taxpayer wouldn’t be saddled with the debt of people who got in over their heads on home purchases.
December 8th, 2007 at 9:37 amlets be clear on what a “homeowner” is.
1) If you’re living in a house and have the means of paying off the mortgage under the terms of the mortgage, you’re a homeowner.
2) If you’re recently living in a house with a mortgage you can not afford and never could afford the mortgage’s terms (including potential ballooning), you’re not a homeowner: you’re a fraud, a fool, and squatter, but you’re not a homeowner.
I’d be glad for the government to help out no. 1 if unexpectedly personal conditions change. No.2, not so much nor the companies that sold you the mortgage knowing that you didn’t have the resources to cover its upside risks.
December 8th, 2007 at 10:27 am.
Republicans are still boohooing about ‘planted’ questions at CNN’s R debate. Remember the D’s debate when they were asked questions by rightwingers? Yep, gun nuts cradling their weapons calling them ‘their babies’ and all.
The Democrats didn’t whine about ‘plants’, but R’s are so used to being in a room filled with their own ass-gas that they are whining and whining like a pack of children.
Boo-hoo Republicans, if you can’t face a retired gay general, how can you face Al Qaeda?
-GSD
December 8th, 2007 at 10:39 amthis is ot but ever since that o’reilly post about progressive/satanic blogs dreamcrusher has dropped out of the tp troll scene. has anyone else noticed this as well?
December 8th, 2007 at 10:43 amComment by BERT CONVY — December 8, 2007 @ 9:35 am
bert! so how do you feel being called a satan worshiper by billy o’reilly?
eh?
(merry christmas)
December 8th, 2007 at 11:17 amIran proposes OPEC to switch from dollar
Iran’s President Mahmoud Ahmadinejad has proposed a basket of the world’s strong currencies as a basis for OPEC crude oil pricing.
Speaking at the third session of the summit of OPEC’s heads of state in Riyadh on Sunday, he called on member states to establish a new oil market that serves humanity.
http://www.presstv.ir/ detail.aspx?id=31619§ionid=351020103
December 8th, 2007 at 11:46 amBut guess what? IRS will tax you on the $100,000 as if it were income.
Best thing for these home
owners to do is claim bankruptcy.
Comment by had enough
This is the kicker. This is something most people don’t realize. It also works with credit card balances and other loans. If the bank agrees to a payoff of a lesser amount, you are off the hook with the bank but on the hook with the IRS. The bank writes it off as a loss so the IRS needs to collect from you to make up for that writeoff.
As for declaring bankruptcy, I’m not sure you would be able to declare bankruptcy under those conditions. The new bankruptcy bill leaves very little you can write off. Does anyone know if it would apply to an amount due to a bank or the IRS due to foreclosure?
December 8th, 2007 at 11:47 amThis plan is not a zero sum game. For every person that get help there is another person that is hurt by this very same transaction.
The second thing, some of the people walking away from these loans are doing so not because they can’t scrape together the payments but because the amount they owe is now considerably more than the current value of the property. This plan does nothing to address the problem created by declining property values.
Lastly, I don’t see how bringing the original lender into the picture helps. They long ago bundled these loans up and sold them off leaving others holding the bag. While I could see some of these features being part of a more comprehensive plan I don’t see where this nets out well as a stand-alone package.
December 8th, 2007 at 11:50 amwonder why so many of those guys are quitting?
Comment by tombaker
Because they have heard from their constituents and they have discovered that their Bush worship has made them ineligible for another term. They know that they will be defeated if they run again so they are quitting now to hop on the lobbyist pig feast.
December 8th, 2007 at 11:53 amThey long ago bundled these loans up and sold them off leaving others holding the bag. While I could see some of these features being part of a more comprehensive plan I don’t see where this nets out well as a stand-alone package.
And this is that caused this mess in the first place. If we passed legislation that said a bank could not sell the loan they made, they never would have made the sub-prime loans in the first place. They are now bundling loans into a package and selling them like stocks. The speculators who buy into these packages thought the risk was not that great because the profit was that great. A few defaults didn’t really affect their bottom line.
All these messes we have seen with the financial industry starting with the savings and loan debacle all show that it is time the government needs to regulate the industry. Free market be damned, all the free market has done is allow these crooks to prey on the less astute borrower out there.
December 8th, 2007 at 12:00 pmThis no-win situation is the precise sort of thing you get when the government de-regulated the finance industry.
In part it owes some of its genesis to the Clinton era of de-regulation (AKA, when the Republicans thought lowering lending standards was just a dandy idea and Clinton, plus mega-institutions which were too-big-to-fail in much the same way as the Titanic was too-big-to-sink were brought back in vogue.)
But, to a larger extent it is due to the conditions brought about under this president. Without the war in Iraq, oil would not have gone up the way it has done, with more money spent on researching alternate energy sources, oil wouldn’t have mattered as much, and without the world’s ill will, you would have an easier time with this crisis.
Gore, would have presented you with a president who can actually speak in public and swing world opinion behind you. Whatever the trolls might think about his environmental policies, they cannot argue against his ability to persuade people without the need for a constant menace.
Of course, a president who can reason with people as opposed to simply threaten them, to the rightwingers, is a weak president. This is because the rightwing viewpoint of the world is a comic book drawn by an idiot. Scientists are evil guys out for world dominance, the UN, which owes a lot of its existance to the US, is a cabal of evil geniuses and there is a war on Christmas. Oh, and torture gets results.
Needless to say, now that you are having economic problems, the rest of the world is at the point where it is just about to tell you guys where you can stick your empire.
If you want to save your economy the following has to take place:
First: Slash the salaries and bonuses of exetutives and directors. These guys are driving Porsches while their employees are getting made redundant. This will be unpopular with all lobby groups because CEOs across the board do not like being held to account and they like their employees about as much as they like cancer.
Second: Introduce new laws based on making sure that people who take loans can pay those loans. What they rightwing idiots on these boards, and everywhere else don’t recognise is that when people en masse and banks start looking threatened, the people who weren’t taking loans but in fact saving money, sometimes lose their money too.
Third: Get a president who wants to be president and who understands that running a country is not easy. GW Bush is known for the massive amounts of leave he has taken, the Republican Congress and Senate were the same. Some of those lazy, incompetent and downright corrupt idiots still have power and are still blaming big government. Big government is not the problem, the problem is incompetent government.
Fourth: Get out of Iraq. Your money is being tied up in a war which is essentially meaningless to you. Iraq could go up in flames, end up being divided up amongst Turkey, Saudi Arabia, and Iran and it would not effect the oil price as badly as having America in the Middle East wasting its money on a war it cannot win because victory is still undefined.
Sun Tzu once said something along the lines of “Victorious generals seek victory and then go to war, generals who lose go to war and then seek victory.”
Fifth: A massive audit of everything Bush has touched, complete with criminal cases being drawn based on the incompleteness of any records. Bush’s Africa AIDS plan was hindered by a lack of bookkeeping and internal controls, the same can be said about the Iraq war, and about No Child Left Behind, it is a pattern. Check to see where you are losing money for no real gain.
Sixth: Bring in environmental legislation to bring America’s products up to world standards at the very least. People aren’t going to buy an American car, if America has a reputation for producing gas guzzling mobile carbon dioxide factories. You might not agree with Global Warming, but if you want your car companies to start making profits again, you had better start acting like you agree.
Seventh: Introduce free public healthcare. You are spending a lot more money on private insurance then it would cost you in taxes to actually cover more of your people. You need that money in the pockets of consumers consuming real products as apposed to running what amounts to a welfare state for insurance brokers.
Eightth: Raise corporate taxes. These taxes are based on profits, and they are too low right now. Higher taxes does not mean less investment in this regard because the companies you will be taxing will still be making profits.
Ninth: Introduce “Morality” customs duties and bans. What these amount to is this: “If you treat your workers poorly, if you ignore environmental standards, if you use slave labour, if your goods have gained a name for trully substandard quality, we will not import from you or we will charge higher duties on those goods we do import.” Be careful of China on this one however, which brings to the final thing you need to do…
Tenth: Pay off your Chinese debt first. It is the most dangerous debt you have got and you need to get rid of it if you are to rebuild America’s markets. A tertiary economy (Based on services) will work in a country as big as America, you need to build your services quickly.
December 8th, 2007 at 12:00 pmthis is ot but ever since that o’reilly post about progressive/satanic blogs dreamcrusher has dropped out of the tp troll scene. has anyone else noticed this as well?
Comment by joe cantwell
Maybe he didn’t drop out. Maybe enough of us reported him for abuse that TP finally banned them. That’s what we need to be doing with these trolls, ignore them and report them.
December 8th, 2007 at 12:02 pmDecember 8th, 2007 at 12:02 pm
Probably tired of trying to work in an inefficient government bureaucracy that wastes peoples money and doesn’t produce anything; especially after working in the private sector and Know what’s actually possible if you let people alone.
Comment by CaptainMantastic
Nope, they have soaked the taxpayer for all they can and they now know that their devotion to Bush has caused their constituents to look elsewhere for representation. We’ve seen what happens when we “let people alone” in government. They lie, cheat, and steal with abandon and when they realize that their gravy train is about to end, they jump ship and go to another gravy train and become a lobbyist.
December 8th, 2007 at 12:07 pmComment by Bruce Gorton — December 8, 2007 @ 12:00 pm
That was strange.
Okay
Should read as follows
December 8th, 2007 at 12:09 pmIran stops accepting U.S. dollars for oil
That’s what happens when you try to bully someone and fail. Thanks a lot Bush. You’re doing a heck of a job driving this country into bankruptcy.
December 8th, 2007 at 12:14 pmComment by bilbobaggins — December 8, 2007 @ 12:02 pm
there’re this:
Fmr. Republican Chair for Orange Co. CA Pleads Guilty To Molesting Young Boys
http://crooksandliars.com/
jeffrey ray nielsen = dreamcrusher ?
December 8th, 2007 at 12:17 pmDespite the fact that the White House says it’s going to help up to 1.2 million people, Velshi said, the best numbers we can get is 240,000 people who are going to be helped by this.
———————–
“Our numbers are much smaller, somewhere about 145,000 families is our estimate of who might benefit from this continuation of their existing mortgage rates”
Michael Calhoun, president of the Center for Responsible Lending, a homeowner and consumer advocacy group, on Thursday’s Lehrer News Hour.
December 8th, 2007 at 1:33 pm35 - funny answer Capt.- quick reply: Enron is what happens when you let the “market” run “free” - and don’t bother, you know as well as I that there are hundreds if not thousands more examples of how moral and ethical our “god-fearing businessmen” really are.
hey -who’s this bert convy, and why is he obsessed with sandy berger - hey bert - if that’s the stinkiest poo you have to fling at D’s, you’ve really run out of ammo bud. try shouting “clinton did it, too” instead - sounds a scoche less “cardboard-sign-steetcorner-crazy”, if you know what i mean.
December 8th, 2007 at 3:06 pmwhen government get out of hand, it’s our fault for not participating properly in the process. we’re supposed to be the boss - and not let those guys sell out to the highest bidders - when we’re all too busy working, watching tv, and recreating is when the trouble starts.
December 8th, 2007 at 6:40 pmOn the news the other day they covered the eviction of families forced out of their homes in Cleveland. The crazy thing is then their houses go up for auction, but no-one buys them. So homes are empty while families are homeless.
Would it not be better for the Government to lend money at the same rate and the same terms of the original loans?
Isn’t there a precedent already for the Government to get involved in the lending market with the creation of Freddie Mac etc?
December 11th, 2007 at 2:17 am