I love visiting Aaron Krowne’s blog, www.ML-Implode.com. That website has been a huge hit from day one and it receives an astonishing 100,000 plus uniques visitors daily! This is the most comprehensive website that follows the fall out of the mortgage industry that is on the internet. Bar none.
That is a prime example of creative genius and every time I visit, it gets my creative juices flowing. Since Aaron and I are friends now, I figured I’ll just start throwing my ideas out there and see if he runs with them.
Take for instance this idea: The CEO Implode-O-Meter
Merrill Lynch-CEO-Imploded
Citi-CEO-Imploded
I’m sure we will see this soon develop into the CEO-Imprisoned-O-Meter soon.
The outcries from politicians shows their ignorance of the situation. These loans have been packaged and sold off to investors much like a bond. The government doesn’t have the power to interfere in a contract that has been created between the borrower and the investor who owns the paper. The politicians don’t give a damn about the homeowner caught in this mess. They are using this issue to further their own reelection and to get a democrat in the White House next year. Trying to deal with the loss mitigators is a joke for most homeowners. The situation will get a lot uglier than it even appears now.
I do believe they have the power to intervene on these said contracts when the basis of these contracts were based on massive financial fraud.
This is a scam. A swindling of the American people on a massive scale. Theft, deception.
I guarantee that there will be a massive bail out or moratorium placed on foreclosures before this is all said and done. There are just too many variables and too much money and our economy at stake.
RE: “The government doesn’t have the power to interfere in a contract that has been created between the borrower and the investor who owns the paper.”
True, and such a rule is set forth in our U.S. Constitution under the Contracts Clause. However, in times of emergency or such other dire times, the government has been known to trample on the Constitution.
Of course, all politicians, not just the democrats are using this issue to get elected… and I won’t hold my expecting such great efforts from either party after the election.
Meanwhile, a bailout is completely different than interference with the contracts. Since it would be a good political move, there may be financial aid from the government in limited circumstances. We’ll see.
- Paul
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