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So if this cut directly has no benefit to homeowners facing foreclosure, and very limited benefits to those who may see a fraction lower payment on say a HELOC or a maxed out credit or 5, then who does this cut benefit? In other words, sure there may be some corrupt elite at the top winning out, but how do they justify the logic for a cut?

The obvious answer is it makes money cheaper to borrow, but that money inevitably has to be paid back, and that’s the whole problem with the housing industry right now. So… again, what good does throwing more liquidity in the form of cheaper debt really do?

The “system” is a joke.

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HLS, I just read it. email me at dcoop14 at hotmail with the guy you know if you have a chance.

Thanks.

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What’s the best way to put some of your savings into gold?

Other than buying those “rare” dollar coinds for $20 a pop.

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Whether one is self-employed or working at a fortune 500 corporation bears no relevance to the legislation passed today.

Agreed, neither party, while both implicit, truly cares about their constituents, but that’s exactly the point. A problem faced by less than 2% of the population led to a bill that will benefit a fraction of that 2%, at the expense of the other +98%.

Criticizing the critics for having an opinion is even more pointless. I took a minute to actually write Feinstein. Here’s her reply:

“Thank you for contacting me to express your concerns regarding recent reports of mortgage defaults by subprime borrowers. I appreciate the time you took to write and welcome the opportunity to respond.

I recognize that the cost of living is high in California and across the Nation, as real estate values have skyrocketed and housing affordability is at very low levels. As such, I am a strong supporter of Federal initiatives to make homeownership a reality for more Americans. The Federal government must be mindful of how lending standards impact Americans and I am concerned about the growing number of negatively amortized home loans and interest-only mortgages, which are especially popular in the areas of California where home prices are the highest. Furthermore, I believe it is important to establish clear national standards that protect consumers – particularly “nonprime” borrowers. While I do not serve on the Senate Committee on Banking, Housing, and Urban Affairs, which has jurisdiction over this matter, I will keep your comments in mind should the Senate consider legislation related to home lending.

Again, thank you for writing. If you have any further comments or questions, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.”

A cookie cutter response no doubt, but I’m going to reply.

So can you – [email protected]

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Thanks HLS.

My next question is what’s the best way to invest in Gold?

Also, did anyone see Greenspan on Cavuto today? Greenspan pretty much blatantly denied any responsibility for the housing bubble.

I’ll look for it if no one else finds it.

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You must be talking about the Democratis congress approval of FHA bailouts http://www.msnbc.msn.com/id/20837318/

At least in part.

Way to go democrats. Now not only are the stupid people spending their future earned money, thanks to the democrats they’re spending yours and mine too.

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HLS, I actually meant to put this under the economy/finance category. Forgive my ignorance, then what rate DOES dictate mortgage rates?

So yeah, what’s the best way to invest in gold these days?

Seriously.

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Rustico, the number should be 0.5%, 1 in 200. The article said 1 in 224 so that’s 0.446%.

Still it’s astounding. How many homes are sold a year in CA?

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Ara has been on all the news channels, for this revolutionary idea of cutting prices.

This is a good sign, though I personally think many of the 2100 are speculative, and may fall through, this is certainly a sign of things to come. Now is a great time to wait for the over correction.

Just came across this BTW – http://www.khovsucks.com/

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Is it me, or does that guy look like OJ simpson?

Get a job dude.

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Ben is still in a tough spot, and the longer he does nothing the tougher it will get before he does.

He is faced with inflation and employment problems. The former says leave as is or even raise, the latter says cut.

The real problem is a decision to help one increases the problems in the other – a rate cut may help jobs (though not the mortgage related ones to any noticeable amount) but will further kill the dollar. No change will probably not be as bad as everyone thinks, but will be the scapegoat for things that would have happened anyway, i.e more foreclosures and layoffs.

I think the bottom line is what does Helicopter boy see as a bigger potential problem – weaker dollar, or slower/spending more job layoffs.

IMO, the job layoffs are coming anyway. You can’t fuel our economy for 5 years on debt, then when the source of that debt dries up, expect anything to prevent contraction.

I wonder what would happen if they raised rates – people might actually start saving money? The dollar might be worth it’s weight? Who knows.

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You gotta wonder how it would have gone if Marty was still around. Last year at play-offs Chargers had it in the bag, and gave it away. This year… well, not even close.

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“… I may rent to you though. I know you are liquid $300K but how’s your rental history/credit? Did you and cooprider14 check out that place in Nestor yet?”

Biker-boi,
I live in LA and do not want to move to San Diego so there goes your argument that everyone wants to live there.

I would consider buying an investment property in SD in 3-4 years when prices are down another 50%.

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“I didn’t see this posted here….wonder why?”

Because it’s no surprise. So the number one answer of 2964 people when asked what state they would want to live in was CA…so what?

If you think San Diego is the only place people want to live in the whole country Duck/CBmtnBkr then why don’t you two team up, by all the foreclosed houses on the market and flip em?

I’m sure you’ll make a killing.

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Interesting he had no idea how bad it was, but knew it was going on, and still decided to leavea one of the most influential positions in the world immediately after.

I’ll have to re-read it. Maybe by didn’t know, he meant didn’t care.

Some believe today’s market slide… could have been slowed had the current Federal Reserve Chairman Ben Bernanke lowered interest rates like Greenspan did early in the decade.

I still don’t get this. Low rates got us here. Lowering them now, will only make things worse after the short-lived rally that comes as an immediate result.

People are out of money, out of equity, and out of credit to fuel our debt society any longer.

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