Senators see no need for subprime “bailout”

[LA_Renter]

WASHINGTON (Reuters) – The Democratic and Republican leaders of the U.S. Senate Banking Committee said on Wednesday they see no need for a federal bailout of the subprime mortgage lending industry.

Both spoke after a morning summit on the crisis among subprime mortgage borrowers, who qualified for loans despite shaky credit, and their lenders. The meeting drew lawmakers, regulators, mortgage industry representatives and consumer groups.

“I’m not interested in (a bailout) at this point. I think this problem can be addressed without going down that route,” said Sen. Chris Dodd, the Democratic chairman of the committee.

Hmmmm……..I guess that idea didn’t poll to well.

http://www.reuters.com/article/politicsNews/idUSN1826513120070418

[LookoutBelow]

Is this good news ? I believe so…yes

[LA_Renter]

“Mortgage servicers should seek to modify the terms of subprime loans before their interest rates are reset higher and set aside dedicated resources and staff to help those borrowers, according to the document.

Fannie Mae and Freddie Mac should work with lenders to make credit available to borrowers who have trouble refinancing out of subprime loans, the document added.

After the conference, Freddie Mac promised $20 billion in new financing to help subprime borrowers stay in their homes.”

Yep, that should fix it. LOL

[barnaby33]

Why yes, yes it is.

Josh

[masayako]

Senators got it all wrong. We should not bail out nobody not because there is “NO NEED”, but because we should not.

IT IS WRONG TO BAIL OUT (REWARD) THE WRONGDOERS AND PUNISH THE FINANCIAL RESPONSIBILE AMERICANS.

This shit makes me mad.

Masayako

[Anonymous]

I agree with masayako, that their principle argument is still wrong, since they were even discussing bailing out irresponsible lenders/buyers. But at least they are coming to the right decision, even if it is for what we believe to be the wrong reasons.

[no_such_reality]

Speaking of which, can someone please tell me why the FBI won’t pick up the low hanging fruit that is now lying on the ground and arrest and try Casey Serin for mortgage fraud?

1. He admits to lying on the loans.

2. It is over a million dollars. Actually over $2 million.

3. It covers four different States.

Granted a million is going to be small potatoes, but this is a single guy, running his mouth everywhere.

IMHO, a nice fat Perp walk on the nightly news of real estate mogul Casey will do the RE industry and specuflippers a lot of good to give them a much needed reality check.

Kind of put a check on the inflated appraisals, raise some eyebrows at the cash back deals, let buyers know that loan-lying really isn’t accepted, etc.

[Cow_tipping]

Yes arrest the Mofo, … he’s just busting his ass to sell 1 last property. BTW … I hope he gets 1099’s for the losses he has created for the banks. Its over 130K on that larchmont house alone.
And yes senator Dood, you get on the ticket … and If I get my citizenship by then, you may merit consideration for my vote. Thanks for not pushing the stupidity any further than you already did.
Cool.
cow_tipping.

[Author]

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