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2007-12-18 Home Front Economy

Greenspend urges bailout of underwater homedebtors

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Posted by Anguper Hupomosing9418 2007-12-18 00:00|| || Front Page|| [11133 views ] Top

#1 Tell me again why I'm paying off the stupid bets of other people? I forget.

Posted by Spanky Ebbaling6562 2007-12-18 01:17|| 2007-12-18 01:17|| Front Page Top

#2 IRIN > MORE DOLLARS SPENT ON HAIR CONDITIONER THAN ON GLOBAL WARMING. US$162.0 Milyuhn given to UNO by wealthy dev nations for assistance to Least Dev Countries [LDC's] as per Global Warming, but of which only US$10.0Milyuhn has been effectively dispensed so far.

HAIR CONDITIONER? IOW, iff its NOT the Sun, its ANY AND ALL WIMIN/WOMEN = FEMMES FATALES THAT ARE PER SE RESPONSIBLE FOR WARMING??? *You always knew since childhood there was something inherently evil about MAX FACTOR + CURLING IRONS, etal. didn't you Moriarty!?

Posted by JosephMendiola 2007-12-18 02:33|| 2007-12-18 02:33|| Front Page Top

#3 SPACEWAR > STUDY: URBAN SPRAWL CONTINUES TO GOBBLE UP MORE LAND. Mega- and Hypertropoliseseseseseseses ..........@Cities.
And now you know, AGAIN, why Cold War Suburbia + Subprime Housing Mortage "Crisis" [suburban private home homeownership] isn't a crisis.

Posted by JosephMendiola 2007-12-18 04:05|| 2007-12-18 04:05|| Front Page Top

#4 Well. Mr Greenspan, if you and your successor had set the rates at numbers which reflected the true cost of loaning money (which we are discovering now), we wouldn't be in this sorry mess. That would have ameliorated things on the loaners' end, both from the supply side - less questionable loans given in the first place - and in terms of fewer defaults.

One the borrowers end it's no different. It isn't my responsibility to make sure that every problem that another person faces has a rosy ending. Government guaranteed outcome egalitarianism is the enemy's core meme, not America's (at least the real America's). And I'm reasonably certain that the bulk of the people defaulting wouldn't dream of returning the favor of bailout if it were someone else in a different flavor of need.

Gene Burns once famously said that freedom is meaningless unless it includes the freedom to fail. That applies remarkably well to this whole issue.

Posted by no mo uro 2007-12-18 06:03|| 2007-12-18 06:03|| Front Page Top

#5 Resurrect the Bank of the United States. We'll no longer 'bailout' financial institutions that 'manage' themselves into such positions, rather we'll absorb them into the Bank leaving the paper holders with what they deserve instead of the people of the county left holding the proverbial bag. Then see how many institutions seek such remedies.

Posted by Procopius2k 2007-12-18 09:37|| 2007-12-18 09:37|| Front Page Top

#6 Too many folks taking on mortgages they knew they'd be barely able to cover. I have little sympathy for that. I'd bet in a lot of cases the homeowners involved also had satellite t.v., air conditioning, multiple cars, cell phones, etc. People that can't modify their own behaviors shouldn't expect the rest of us to pay for it. The American dream is "earned" not "deserved".

Posted by Broadhead6 2007-12-18 09:40|| 2007-12-18 09:40|| Front Page Top

#7 Lots of fraudulent liar loans too.

Lie about your earnings to get a loan, you should get a free shelter (in jail).

Posted by Bright Pebbles 2007-12-18 09:43|| 2007-12-18 09:43|| Front Page Top

#8 It wasn't even necessary to lie to get a mortgage, though. When me & the Tsar got one last year, we got all the formalities over with in the same amount of time as the average coffee break.

I wish I was kidding. But we had a lot of documentation (tax returns, bank statements, etc.), and we weren't asked to provide any of it. All they wanted to document was how much our down payment was, and where it was coming from. That was it. I thought for sure the fact that the Tsar wasn't at least a green card holder might cause a little bit of a problem, but....nope. Sign right here, please.

And before we even made our first payment, the HELOC junk mail started piling up, telling us we needed to access our "excess equity". (WTF?)

Meanwhile....one of our neighbors treated their house like an ATM after watching too much HGTV. I sure hope that newly renovated kitchen helps them short-sell their house....

Posted by Swamp Blondie 2007-12-18 15:15|| 2007-12-18 15:15|| Front Page Top

#9 Swamp Blondie, the bank had access to your credit report, and thus to all your account information, which no doubt was checked while y'all were sipping your coffee... or when you made the appointment. They knew how much money you had, how much you owed, and whether y'all paid your bills on time. They probably know more about your finances than you and the Tsar do.

Posted by trailing wife">trailing wife 2007-12-18 15:37|| 2007-12-18 15:37|| Front Page Top

#10 True, tw, they had access to our credit scores. But there are serious errors on many credit reports. I had a creditor that refused to admit that I paid them off no matter how much documentation I provided until recently. (I still have no idea why all of a sudden they decided to tell the truth earlier this year, but there you go.)

There were plenty of people using other people's credit reports to get loans, too. We were never asked to provide any identification through the whole process to prove that we really were Mr & Mrs Tsar. We were never asked for our driver's licenses, or in the Tsar's case, passport or alien ID. For all they knew, it could have been some other couple with crap credit pretending to be us.

The Tsar had to provide more proof to get a driver's license than he did to get a mortgage. That's just wacked.

Posted by Swamp Blondie 2007-12-18 17:18|| 2007-12-18 17:18|| Front Page Top

#11 I'd bet in a lot of cases the homeowners involved also had satellite t.v.

A couple of talking points:

1-Technical debate clarification here: What makes the subprime "no money down" borrower a "homeowner" in the first place.

2- the new standard for the poverty line is "Basic Cable Only"

3- The rev. Jackson has now declared that those subprime loans made in areas Jackson used to describe as "red lined neighborhoods" now make this a race issue... wait no, since Koreans and Hispanics got better loan terms, that means someone (read Countrywide, Wells Fargo) needs to pay reparations... to Jesse.

Posted by Capsu78 2007-12-18 17:44|| 2007-12-18 17:44|| Front Page Top

#12 You're right, Swamp Blondie. I should know better than to argue such things with you, of all people.

Posted by trailing wife 2007-12-18 22:11|| 2007-12-18 22:11|| Front Page Top

23:44 gorb
23:43 Whomong Guelph4611
23:36 JosephMendiola
23:36 Whomong Guelph4611
23:30 Eric Jablow
23:19 Eric Jablow
23:13 twobyfour
23:11 Eric Jablow
23:11 twobyfour
23:09 twobyfour
23:01 Steve White
22:57 trailing wife
22:50 Anonymoose
22:48 twobyfour
22:41 Abu do you love
22:39 Anonymoose
22:38 gorb
22:33 Abu do you love
22:30 twobyfour
22:27 twobyfour
22:26 OldSpook
22:23 Sock Puppet of Doom
22:21 trailing wife
22:12 3dc