Forum Replies Created
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AuthorPosts
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CA renter
ParticipantI agree with these kinds of modifications (actually wrote a series of letters to legislators, Federal Reserve, Treasury, Barney Frank, etc. about a year ago with this recommendation).
Why? Because the borrowers should not be able to STEAL hundreds of thousands of dollars from the lenders without any repercussions. Additionally, lenders will be FAR more prudent in the future if they are expected to take the risk of these losses in the event the FB sells at a price that is lower than the original loan. Lending standards would rightly be tighter, and prices (which are determined by future buyers, not current sellers) will drop to affordable levels.
My only concern is that the lenders have been hesitant to go along with this principal reduction program, and I believe this is the REAL reason behind the bailout.
According to the bailout bill, Treasury is allowed to modify mortgages — including principal reductions — and I fear it will be the taxpayer, not the lender, who will end up eating the losses.
Both lenders and borrowers were at fault for their current situation, and both should have to suffer the consequences of their actions. This is ultimately why I am opposed to the bailout. They will try to make both borrowers and lenders whole at our (responsible taxpayers’) expense.
ParticipantI agree with these kinds of modifications (actually wrote a series of letters to legislators, Federal Reserve, Treasury, Barney Frank, etc. about a year ago with this recommendation).
Why? Because the borrowers should not be able to STEAL hundreds of thousands of dollars from the lenders without any repercussions. Additionally, lenders will be FAR more prudent in the future if they are expected to take the risk of these losses in the event the FB sells at a price that is lower than the original loan. Lending standards would rightly be tighter, and prices (which are determined by future buyers, not current sellers) will drop to affordable levels.
My only concern is that the lenders have been hesitant to go along with this principal reduction program, and I believe this is the REAL reason behind the bailout.
According to the bailout bill, Treasury is allowed to modify mortgages — including principal reductions — and I fear it will be the taxpayer, not the lender, who will end up eating the losses.
Both lenders and borrowers were at fault for their current situation, and both should have to suffer the consequences of their actions. This is ultimately why I am opposed to the bailout. They will try to make both borrowers and lenders whole at our (responsible taxpayers’) expense.
ParticipantI agree with these kinds of modifications (actually wrote a series of letters to legislators, Federal Reserve, Treasury, Barney Frank, etc. about a year ago with this recommendation).
Why? Because the borrowers should not be able to STEAL hundreds of thousands of dollars from the lenders without any repercussions. Additionally, lenders will be FAR more prudent in the future if they are expected to take the risk of these losses in the event the FB sells at a price that is lower than the original loan. Lending standards would rightly be tighter, and prices (which are determined by future buyers, not current sellers) will drop to affordable levels.
My only concern is that the lenders have been hesitant to go along with this principal reduction program, and I believe this is the REAL reason behind the bailout.
According to the bailout bill, Treasury is allowed to modify mortgages — including principal reductions — and I fear it will be the taxpayer, not the lender, who will end up eating the losses.
Both lenders and borrowers were at fault for their current situation, and both should have to suffer the consequences of their actions. This is ultimately why I am opposed to the bailout. They will try to make both borrowers and lenders whole at our (responsible taxpayers’) expense.
ParticipantI agree with these kinds of modifications (actually wrote a series of letters to legislators, Federal Reserve, Treasury, Barney Frank, etc. about a year ago with this recommendation).
Why? Because the borrowers should not be able to STEAL hundreds of thousands of dollars from the lenders without any repercussions. Additionally, lenders will be FAR more prudent in the future if they are expected to take the risk of these losses in the event the FB sells at a price that is lower than the original loan. Lending standards would rightly be tighter, and prices (which are determined by future buyers, not current sellers) will drop to affordable levels.
My only concern is that the lenders have been hesitant to go along with this principal reduction program, and I believe this is the REAL reason behind the bailout.
According to the bailout bill, Treasury is allowed to modify mortgages — including principal reductions — and I fear it will be the taxpayer, not the lender, who will end up eating the losses.
Both lenders and borrowers were at fault for their current situation, and both should have to suffer the consequences of their actions. This is ultimately why I am opposed to the bailout. They will try to make both borrowers and lenders whole at our (responsible taxpayers’) expense.
ParticipantI agree with these kinds of modifications (actually wrote a series of letters to legislators, Federal Reserve, Treasury, Barney Frank, etc. about a year ago with this recommendation).
Why? Because the borrowers should not be able to STEAL hundreds of thousands of dollars from the lenders without any repercussions. Additionally, lenders will be FAR more prudent in the future if they are expected to take the risk of these losses in the event the FB sells at a price that is lower than the original loan. Lending standards would rightly be tighter, and prices (which are determined by future buyers, not current sellers) will drop to affordable levels.
My only concern is that the lenders have been hesitant to go along with this principal reduction program, and I believe this is the REAL reason behind the bailout.
According to the bailout bill, Treasury is allowed to modify mortgages — including principal reductions — and I fear it will be the taxpayer, not the lender, who will end up eating the losses.
Both lenders and borrowers were at fault for their current situation, and both should have to suffer the consequences of their actions. This is ultimately why I am opposed to the bailout. They will try to make both borrowers and lenders whole at our (responsible taxpayers’) expense.
ParticipantIt would be better for me as an individual if asset prices fall, and that’s what they’re trying to avoid.
I WANT TO SEE…
-people buy things with savings, not debt.
-“We the People” take control of this country away from the banks and give it back to the citizens.
-a REAL economy, where we build things and make things better for people, not an eCONomy where we just sell inflated assets back and forth to one another.
-a balance between labor and capital, which would have helped to prevent this “crisis” from happening in the first place.
For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money. The sheeple didn’t notice this shift because they had more shiny, plastic “stuff” to show off to one another — all bought with debt that had to be paid back with interest.
The entire system needs to be brought down and rebuilt from scratch. That’s why I don’t want to see a bailout of the scum who brought us this “crisis”.
ParticipantIt would be better for me as an individual if asset prices fall, and that’s what they’re trying to avoid.
I WANT TO SEE…
-people buy things with savings, not debt.
-“We the People” take control of this country away from the banks and give it back to the citizens.
-a REAL economy, where we build things and make things better for people, not an eCONomy where we just sell inflated assets back and forth to one another.
-a balance between labor and capital, which would have helped to prevent this “crisis” from happening in the first place.
For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money. The sheeple didn’t notice this shift because they had more shiny, plastic “stuff” to show off to one another — all bought with debt that had to be paid back with interest.
The entire system needs to be brought down and rebuilt from scratch. That’s why I don’t want to see a bailout of the scum who brought us this “crisis”.
ParticipantIt would be better for me as an individual if asset prices fall, and that’s what they’re trying to avoid.
I WANT TO SEE…
-people buy things with savings, not debt.
-“We the People” take control of this country away from the banks and give it back to the citizens.
-a REAL economy, where we build things and make things better for people, not an eCONomy where we just sell inflated assets back and forth to one another.
-a balance between labor and capital, which would have helped to prevent this “crisis” from happening in the first place.
For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money. The sheeple didn’t notice this shift because they had more shiny, plastic “stuff” to show off to one another — all bought with debt that had to be paid back with interest.
The entire system needs to be brought down and rebuilt from scratch. That’s why I don’t want to see a bailout of the scum who brought us this “crisis”.
ParticipantIt would be better for me as an individual if asset prices fall, and that’s what they’re trying to avoid.
I WANT TO SEE…
-people buy things with savings, not debt.
-“We the People” take control of this country away from the banks and give it back to the citizens.
-a REAL economy, where we build things and make things better for people, not an eCONomy where we just sell inflated assets back and forth to one another.
-a balance between labor and capital, which would have helped to prevent this “crisis” from happening in the first place.
For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money. The sheeple didn’t notice this shift because they had more shiny, plastic “stuff” to show off to one another — all bought with debt that had to be paid back with interest.
The entire system needs to be brought down and rebuilt from scratch. That’s why I don’t want to see a bailout of the scum who brought us this “crisis”.
ParticipantIt would be better for me as an individual if asset prices fall, and that’s what they’re trying to avoid.
I WANT TO SEE…
-people buy things with savings, not debt.
-“We the People” take control of this country away from the banks and give it back to the citizens.
-a REAL economy, where we build things and make things better for people, not an eCONomy where we just sell inflated assets back and forth to one another.
-a balance between labor and capital, which would have helped to prevent this “crisis” from happening in the first place.
For decades, our entire economy had its foundation built on a mountain of debt. They called this “growth”. As long as people (poor/middle-class workers) buried themselves deeper and deeper in debt, the creditors (wealthy) got more power and money. The sheeple didn’t notice this shift because they had more shiny, plastic “stuff” to show off to one another — all bought with debt that had to be paid back with interest.
The entire system needs to be brought down and rebuilt from scratch. That’s why I don’t want to see a bailout of the scum who brought us this “crisis”.
ParticipantWhat we have here is a truly global economic crisis that has been triggered by defaulting loans. There is plenty of blame to go around but make no mistake, if the powers that be do not address the coming wave of future defaults then things are get to get much much worse.
—————–The “crisis” was not triggered by defaulting loans, but by the origination of those guaranteed-to-fail loans in the first place. Falling housing prices are NOT the problem; falling prices are the solution to too much debt and the resultant artificially-inflated prices.
Perhaps you consider falling asset prices a bad thing, but many of us think it’s the best thing that could ever happen to this country.
We’ve been trying to fake our way through the falling wages/inflated prices stagflation for too long. Best to have debt destruction (via foreclosures and bankruptcies) and deflation so we can get back to REAL growth, not this credit-driven, artificial eCONomy where we just pass paper back and forth.
Jobs will be lost and asset prices will tumble, but that is the pain we deserve for allowing Greenspan to paper over and inflate our way out of every recession that would have kept the economy in check.
ParticipantWhat we have here is a truly global economic crisis that has been triggered by defaulting loans. There is plenty of blame to go around but make no mistake, if the powers that be do not address the coming wave of future defaults then things are get to get much much worse.
—————–The “crisis” was not triggered by defaulting loans, but by the origination of those guaranteed-to-fail loans in the first place. Falling housing prices are NOT the problem; falling prices are the solution to too much debt and the resultant artificially-inflated prices.
Perhaps you consider falling asset prices a bad thing, but many of us think it’s the best thing that could ever happen to this country.
We’ve been trying to fake our way through the falling wages/inflated prices stagflation for too long. Best to have debt destruction (via foreclosures and bankruptcies) and deflation so we can get back to REAL growth, not this credit-driven, artificial eCONomy where we just pass paper back and forth.
Jobs will be lost and asset prices will tumble, but that is the pain we deserve for allowing Greenspan to paper over and inflate our way out of every recession that would have kept the economy in check.
ParticipantWhat we have here is a truly global economic crisis that has been triggered by defaulting loans. There is plenty of blame to go around but make no mistake, if the powers that be do not address the coming wave of future defaults then things are get to get much much worse.
—————–The “crisis” was not triggered by defaulting loans, but by the origination of those guaranteed-to-fail loans in the first place. Falling housing prices are NOT the problem; falling prices are the solution to too much debt and the resultant artificially-inflated prices.
Perhaps you consider falling asset prices a bad thing, but many of us think it’s the best thing that could ever happen to this country.
We’ve been trying to fake our way through the falling wages/inflated prices stagflation for too long. Best to have debt destruction (via foreclosures and bankruptcies) and deflation so we can get back to REAL growth, not this credit-driven, artificial eCONomy where we just pass paper back and forth.
Jobs will be lost and asset prices will tumble, but that is the pain we deserve for allowing Greenspan to paper over and inflate our way out of every recession that would have kept the economy in check.
ParticipantWhat we have here is a truly global economic crisis that has been triggered by defaulting loans. There is plenty of blame to go around but make no mistake, if the powers that be do not address the coming wave of future defaults then things are get to get much much worse.
—————–The “crisis” was not triggered by defaulting loans, but by the origination of those guaranteed-to-fail loans in the first place. Falling housing prices are NOT the problem; falling prices are the solution to too much debt and the resultant artificially-inflated prices.
Perhaps you consider falling asset prices a bad thing, but many of us think it’s the best thing that could ever happen to this country.
We’ve been trying to fake our way through the falling wages/inflated prices stagflation for too long. Best to have debt destruction (via foreclosures and bankruptcies) and deflation so we can get back to REAL growth, not this credit-driven, artificial eCONomy where we just pass paper back and forth.
Jobs will be lost and asset prices will tumble, but that is the pain we deserve for allowing Greenspan to paper over and inflate our way out of every recession that would have kept the economy in check.
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