LOL: Fed creates an “entity” for bad debt….

[Ex-SD]

What they’re doing is crafting legislation that will make a deal with banks to write down their mortgages to the homeowners and in return the government goes on the hook for the liability if the loan goes bad. This lets the banks clear their balance sheets of problem loans/

Now, this is right out of a Looney Tunes cartoon.
*If they think people will stay in homes that are worth 30-60% less than they’re paying for with their mortgage, they must be smoking some strong stuff. If the banks (with a safety net from the U.S. Govt), renegotiate a $500k loan down to $400k and at a fixed rate and the home is now worth (or will soon be worth) $300k, a LARGE percentage of homeowners are gonna walk away and rent or buy a home that’s selling at true market price.
*And who would finance the mortgage if they ever tried to sell it at the value of the mortgage? And when they can’t sell it, they will walk away.
*And how many people would qualify for a mortgage (down pymt and income requirements) if they could find a buyer? Not many unless the government wants to start another housing bubble by financing homes at values greater than they’re really worth. (sound familiar)
*And how would they get an appraisal?

All this will do is shift the liability of all of these potentially fatal mortgages to the Federal Government, i.e. the taxpayers.
The older I get, the more I am convinced that there are essentially nothing but crooks and thieves. masquerading as Senators and Congressmen & women. Any of us who have saved our money and acted responsibly just keep getting it stuck up our rears and there’s really not a whole lot we can do about it. Charles Schumer is heavily involved in this latest escapade. I have thoroughly disliked Schumer for a long time. It started when he proposed a 50% tax on ammunition many years ago. He was shouted down with his bullet tax and it went away but it convinced me that the man is an idiot and a first class asshole. Since then, he’s done plenty of other things to convince me that I was correct. This STINKS!
Gotta go now and grease my ass up with my daily dose of Vasoline for tomorrow’s schennanigans from Capitol Hill.

[davelj]

More smoke and mirrors. No one wants to accept the fact that these assets simply aren’t worth what everyone wants to will them to be worth. Putting them in the Entity’s hands won’t change a thing. Anyone who wants to buy this crap will still need to finance it and no one has capital to lend for this sort of crap.

My prediction: More smoke and mirrors to follow once people see through this silly ploy. And so on and so on and so on…

[davelj]

More smoke and mirrors. No one wants to accept the fact that these assets simply aren’t worth what everyone wants to will them to be worth. Putting them in the Entity’s hands won’t change a thing. Anyone who wants to buy this crap will still need to finance it and no one has capital to lend for this sort of crap.

My prediction: More smoke and mirrors to follow once people see through this silly ploy. And so on and so on and so on…

[davelj]

More smoke and mirrors. No one wants to accept the fact that these assets simply aren’t worth what everyone wants to will them to be worth. Putting them in the Entity’s hands won’t change a thing. Anyone who wants to buy this crap will still need to finance it and no one has capital to lend for this sort of crap.

My prediction: More smoke and mirrors to follow once people see through this silly ploy. And so on and so on and so on…

[davelj]

More smoke and mirrors. No one wants to accept the fact that these assets simply aren’t worth what everyone wants to will them to be worth. Putting them in the Entity’s hands won’t change a thing. Anyone who wants to buy this crap will still need to finance it and no one has capital to lend for this sort of crap.

My prediction: More smoke and mirrors to follow once people see through this silly ploy. And so on and so on and so on…

[davelj]

More smoke and mirrors. No one wants to accept the fact that these assets simply aren’t worth what everyone wants to will them to be worth. Putting them in the Entity’s hands won’t change a thing. Anyone who wants to buy this crap will still need to finance it and no one has capital to lend for this sort of crap.

My prediction: More smoke and mirrors to follow once people see through this silly ploy. And so on and so on and so on…

[Ex-SD]

U.S. Treasury and Federal Reserve officials are considering a “permanent” plan to address the financial crisis, said Sen. Charles Schumber, who proposed a new agency to pump capital into troubled financial companies.

“The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,” Schumer, a Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. “I’ve been talking to them about it.”

Schumer proposed an agency to inject funds into financial companies in exchange for equity stakes and pledges to rewrite mortgages to make them more affordable. His remarks indicate momentum is building for some wider plan after the Fed and Treasury’s takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

[Ex-SD]

U.S. Treasury and Federal Reserve officials are considering a “permanent” plan to address the financial crisis, said Sen. Charles Schumber, who proposed a new agency to pump capital into troubled financial companies.

“The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,” Schumer, a Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. “I’ve been talking to them about it.”

Schumer proposed an agency to inject funds into financial companies in exchange for equity stakes and pledges to rewrite mortgages to make them more affordable. His remarks indicate momentum is building for some wider plan after the Fed and Treasury’s takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

[Ex-SD]

U.S. Treasury and Federal Reserve officials are considering a “permanent” plan to address the financial crisis, said Sen. Charles Schumber, who proposed a new agency to pump capital into troubled financial companies.

“The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,” Schumer, a Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. “I’ve been talking to them about it.”

Schumer proposed an agency to inject funds into financial companies in exchange for equity stakes and pledges to rewrite mortgages to make them more affordable. His remarks indicate momentum is building for some wider plan after the Fed and Treasury’s takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

[Ex-SD]

U.S. Treasury and Federal Reserve officials are considering a “permanent” plan to address the financial crisis, said Sen. Charles Schumber, who proposed a new agency to pump capital into troubled financial companies.

“The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,” Schumer, a Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. “I’ve been talking to them about it.”

Schumer proposed an agency to inject funds into financial companies in exchange for equity stakes and pledges to rewrite mortgages to make them more affordable. His remarks indicate momentum is building for some wider plan after the Fed and Treasury’s takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

[Ex-SD]

U.S. Treasury and Federal Reserve officials are considering a “permanent” plan to address the financial crisis, said Sen. Charles Schumber, who proposed a new agency to pump capital into troubled financial companies.

“The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,” Schumer, a Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. “I’ve been talking to them about it.”

Schumer proposed an agency to inject funds into financial companies in exchange for equity stakes and pledges to rewrite mortgages to make them more affordable. His remarks indicate momentum is building for some wider plan after the Fed and Treasury’s takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

[Arty]

You Republicans should be ashamed of yourselves. Even a liberal is not this bad! 😛

[Arty]

You Republicans should be ashamed of yourselves. Even a liberal is not this bad! 😛

[Arty]

You Republicans should be ashamed of yourselves. Even a liberal is not this bad! 😛

[Arty]

You Republicans should be ashamed of yourselves. Even a liberal is not this bad! 😛

[Author]

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