Legitimate Petition

[capeman]

Here is a link to the financial petition put up by the folks over at tickerforum.org.

http://financialpetition.org/

Feel free to pass it along if you will in support of our economy and our livelihoods.

cheers,

chris

[blue_sky]

Signed and forwarded with my endorsement to > 10 people I trust will at least read it. Please do the same.

[blue_sky]

Signed and forwarded with my endorsement to > 10 people I trust will at least read it. Please do the same.

[Daniel]

Sorry, but not a big fan. Some points are reasonable, but some are way over the top (have Congress tell the Fed what monetary policy to follow, outlaw option ARMs, etc). The overly strident tone of the petition doesn’t help, either. It pretty much guarantees that nobody will take it seriously.

[Daniel]

Sorry, but not a big fan. Some points are reasonable, but some are way over the top (have Congress tell the Fed what monetary policy to follow, outlaw option ARMs, etc). The overly strident tone of the petition doesn’t help, either. It pretty much guarantees that nobody will take it seriously.

[cashman]

So Daniel, you’d rather see the collapse of our financial system? What do you think happens to FDIC insurance if several big banks fail? I’ll give you a hint: kiss your assets goodbye.

[cashman]

So Daniel, you’d rather see the collapse of our financial system? What do you think happens to FDIC insurance if several big banks fail? I’ll give you a hint: kiss your assets goodbye.

[capeman]

Rightly so, but at this point one big bank failure might do the job. 😉

[capeman]

Rightly so, but at this point one big bank failure might do the job. 😉

[bsrsharma]

Congress must prevent lending against unverified (“stated”) income or assets, prohibit “Option” (negative amortization) mortgages, ban prepayment penalties and require conservative, proven mortgage practices be followed, including but not limited to the requirement that borrowers be qualified at the highest rate a mortgage can reset to over the life of the loan and the “back end” ratio (DTI) on all mortgages not exceed 36%

This part may not even be Constitutional as it prevents legitimate commerce. What is illegal about two adults contracting, may be a poorly advised, financial relations?

[bsrsharma]

Congress must prevent lending against unverified (“stated”) income or assets, prohibit “Option” (negative amortization) mortgages, ban prepayment penalties and require conservative, proven mortgage practices be followed, including but not limited to the requirement that borrowers be qualified at the highest rate a mortgage can reset to over the life of the loan and the “back end” ratio (DTI) on all mortgages not exceed 36%

This part may not even be Constitutional as it prevents legitimate commerce. What is illegal about two adults contracting, may be a poorly advised, financial relations?

[JWM in SD]

I signed it regardless. It’s the message that counts. Karl is on the bombastic side, but I don’t see anyone else here becoming politically active on these matters and we are probably some of the most well versed on these issues.

[JWM in SD]

I signed it regardless. It’s the message that counts. Karl is on the bombastic side, but I don’t see anyone else here becoming politically active on these matters and we are probably some of the most well versed on these issues.

[Bugs]

Putting additional controls on the GSEs and regulated lenders would be a lot more effective if they were still the primary conduit to the secondary market. We really need to bring these outside mortgage lenders under regulation and compel them to adhere to the same rules as the banks and GSEs.

[Bugs]

Putting additional controls on the GSEs and regulated lenders would be a lot more effective if they were still the primary conduit to the secondary market. We really need to bring these outside mortgage lenders under regulation and compel them to adhere to the same rules as the banks and GSEs.

[Author]

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