Reducing Principal

[bubble_contagion]

I just called US Bank and explained that my car is not worth tha same as new. They checked the Kelly Blue book and agreed to adjust the principal on the loan to it’s net present value. My payments are now almost half. If you or anybody you know could benefit from a similar arrangement call the bank, they are literaly giving money away.

This is what B.B. is telling the banks to do with home loans. Yeah right.

[tangouniform]

As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.

The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.

We’re past the “I told you so” phase…

[tangouniform]

As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.

The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.

We’re past the “I told you so” phase…

[tangouniform]

As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.

The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.

We’re past the “I told you so” phase…

[tangouniform]

As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.

The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.

We’re past the “I told you so” phase…

[tangouniform]

As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.

The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.

We’re past the “I told you so” phase…

[pnilesh]

Maybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…

[pnilesh]

Maybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…

[pnilesh]

Maybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…

[pnilesh]

Maybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…

[pnilesh]

Maybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…

[cr]

The irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.

This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.

You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?

If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?

[cr]

The irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.

This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.

You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?

If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?

[cr]

The irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.

This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.

You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?

If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?

[cr]

The irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.

This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.

You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?

If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?

[Author]

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