“ATTENTION PEOPLE OF PHILADELPHIA – YOU NO LONGER HAVE TO PAY YOUR MORTGAGES! “

[equalizer]

TG,

Philadelphia Ordinance An ordinance banning predatory lending, banning public investment in predatory lenders, and requiring loan counseling for borrowers of high-cost loans was passed by the unanimous vote of the Philadelphia City Council in April 2001. It was overturned by state legislation in June 2001.

A working reseach paper looked into loan laws: "State and Local Anti-Predatory Lending Laws: The Effect of Legal Enforcement Mechanisms" http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1005423 Very detailed analysis shows that laws have some effect, but do NOT drive out supply. North Carolina's tough law did not reduce supply overall, for people under 50K, yes it did, for people over 50K income, supply went up.

There was a story in WSJ last month about parties to blame for the loan mess. A few members of Congress tried for some regulation of mortgage industry as did some states. The housing lobby killed all bills and the one that did pass in one state, the lending industy BLACKMAILED the state to repeal the bill. So, this bill may be junk, but it happened becuase the lobby killed good bills years back. http://online.wsj.com/article/SB120406115972594515.html

GA had the tough anti-predatory law that would place buyer of predatory loan at risk (aks stolen property) and S&P and Fitch blackmailed the state so they watered it down. Funny how S&P and Fitch were WHOLLY resposible for this subprime mess, yet they interefered with state law that would likely have reduced the mess in the first place. http://econospeak.blogspot.com/2008/01/regulatory-neglect-and-subprime.html

[temeculaguy]

See that’s why I need not post things past midnight after a night of drinking, but thank you for the links equlizer. All of them make valid points but my economic beliefs are vintage Adam Smith. Lobbyists, corporate evildoers will be had by karma as will the fb’s. Government over-control of markets always fails, blackmailing or however you want to paint it, it’s still a defense to meddling in the market as much as it was meddling itself and it never works for either side. Lenders that took risks are licking their wounds right now, borrowers who shouldn’t have are doing the same, who are you to prevent them from learning lessons, there were no gun pointed at anyone’s head and that is when the gov’t should step in, not before.

Lets say every locality could adopt protectionist mortgage rules, would that benefit you and I, no it wont. The government cannot make stupid people smart, it cannot eliminate risk and it certainly cannot control markets without penalty.

All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse. -Benjamin Franklin

[temeculaguy]

See that’s why I need not post things past midnight after a night of drinking, but thank you for the links equlizer. All of them make valid points but my economic beliefs are vintage Adam Smith. Lobbyists, corporate evildoers will be had by karma as will the fb’s. Government over-control of markets always fails, blackmailing or however you want to paint it, it’s still a defense to meddling in the market as much as it was meddling itself and it never works for either side. Lenders that took risks are licking their wounds right now, borrowers who shouldn’t have are doing the same, who are you to prevent them from learning lessons, there were no gun pointed at anyone’s head and that is when the gov’t should step in, not before.

Lets say every locality could adopt protectionist mortgage rules, would that benefit you and I, no it wont. The government cannot make stupid people smart, it cannot eliminate risk and it certainly cannot control markets without penalty.

All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse. -Benjamin Franklin

[temeculaguy]

See that’s why I need not post things past midnight after a night of drinking, but thank you for the links equlizer. All of them make valid points but my economic beliefs are vintage Adam Smith. Lobbyists, corporate evildoers will be had by karma as will the fb’s. Government over-control of markets always fails, blackmailing or however you want to paint it, it’s still a defense to meddling in the market as much as it was meddling itself and it never works for either side. Lenders that took risks are licking their wounds right now, borrowers who shouldn’t have are doing the same, who are you to prevent them from learning lessons, there were no gun pointed at anyone’s head and that is when the gov’t should step in, not before.

Lets say every locality could adopt protectionist mortgage rules, would that benefit you and I, no it wont. The government cannot make stupid people smart, it cannot eliminate risk and it certainly cannot control markets without penalty.

All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse. -Benjamin Franklin

[temeculaguy]

See that’s why I need not post things past midnight after a night of drinking, but thank you for the links equlizer. All of them make valid points but my economic beliefs are vintage Adam Smith. Lobbyists, corporate evildoers will be had by karma as will the fb’s. Government over-control of markets always fails, blackmailing or however you want to paint it, it’s still a defense to meddling in the market as much as it was meddling itself and it never works for either side. Lenders that took risks are licking their wounds right now, borrowers who shouldn’t have are doing the same, who are you to prevent them from learning lessons, there were no gun pointed at anyone’s head and that is when the gov’t should step in, not before.

Lets say every locality could adopt protectionist mortgage rules, would that benefit you and I, no it wont. The government cannot make stupid people smart, it cannot eliminate risk and it certainly cannot control markets without penalty.

All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse. -Benjamin Franklin

[temeculaguy]

See that’s why I need not post things past midnight after a night of drinking, but thank you for the links equlizer. All of them make valid points but my economic beliefs are vintage Adam Smith. Lobbyists, corporate evildoers will be had by karma as will the fb’s. Government over-control of markets always fails, blackmailing or however you want to paint it, it’s still a defense to meddling in the market as much as it was meddling itself and it never works for either side. Lenders that took risks are licking their wounds right now, borrowers who shouldn’t have are doing the same, who are you to prevent them from learning lessons, there were no gun pointed at anyone’s head and that is when the gov’t should step in, not before.

Lets say every locality could adopt protectionist mortgage rules, would that benefit you and I, no it wont. The government cannot make stupid people smart, it cannot eliminate risk and it certainly cannot control markets without penalty.

All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse. -Benjamin Franklin

[Aecetia]

When businesses were burned in the L.A. riots, many did not return. I think this is in effect the same tactic, but this time the businesses are being burned by the government. I think the outcome will be the same. They will leave and not return until the law changes.

[Aecetia]

When businesses were burned in the L.A. riots, many did not return. I think this is in effect the same tactic, but this time the businesses are being burned by the government. I think the outcome will be the same. They will leave and not return until the law changes.

[Aecetia]

When businesses were burned in the L.A. riots, many did not return. I think this is in effect the same tactic, but this time the businesses are being burned by the government. I think the outcome will be the same. They will leave and not return until the law changes.

[Aecetia]

When businesses were burned in the L.A. riots, many did not return. I think this is in effect the same tactic, but this time the businesses are being burned by the government. I think the outcome will be the same. They will leave and not return until the law changes.

[Aecetia]

When businesses were burned in the L.A. riots, many did not return. I think this is in effect the same tactic, but this time the businesses are being burned by the government. I think the outcome will be the same. They will leave and not return until the law changes.

[Author]

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