Comments on: Home, Sweet Home

By: edgar

edgar — Mon, 10 Dec 2007 21:57:40 +0000

Frank is scum, why are you even talking to or about him?

By: alan

alan — Mon, 10 Dec 2007 21:21:09 +0000

I’m not sure what do you mean by real fix. But more than third of homeowners owns homes outright and about third of total households do not own, meaning 55% of total households do not have a mortgage. Among those homeowners that do have mortgage only about 30% at most at the danger of negative equity if prices drop 20% nationally. If you think that 15% of voters are going to get bailout financed by the 85% I’m certainly interested to see how this is going to shape up. You already know which side I am on. I’m fine with stricter regulation and other things but there is snow ball chance in hell I’m going to support any representative that wants to modify existing contracts.

By: JacMac

JacMac — Mon, 10 Dec 2007 21:17:36 +0000

“These were defective credit intruments and should have NEVER been offered to borrowers and should in theory be recalled due to their predatory nature.” ~ Moe

From Moe’s mouth to God’s ears.

Hey Moe, when are you going to write that book?

By: Moe

Moe — Mon, 10 Dec 2007 18:12:57 +0000

They have to get involved. It is their civic duty. They know that much of the market was driven by fraud and steering of our market.

A “real” fix will be placed on this sooner rather than later and after that, heads will roll.

The END.

By: Tom

Tom — Mon, 10 Dec 2007 17:06:53 +0000

The main problem is that politicians are getting invloved. Maybe Barney Frank would be willing to change the tax laws so people can take that money and send it to the lender THEY signed up with. These sale people did not sign up for the tax levels they now pay.

By: Moe

Moe — Mon, 10 Dec 2007 17:00:56 +0000

Cash is king, buy gold were told and where a helmet because the sky IS falling as the result of toxic loan fall out. Mayday, mayday………. I think we have a problem here.

By: Robert Mugabe

Robert Mugabe — Mon, 10 Dec 2007 16:24:17 +0000

There has been a problem. Government involvement at this point – while understandable and possibly mildly beneficial is largely irrelevant – witness the rate-freeze plan that will affect very few borrowers, many of whom will go on to default anyway. Securitization was originally necessary in order to protect banks against interest rate risk: lending on a thirty year fixed basis against short-term deposits led to the S&L crisis. Mortgage-backed securities spread that interest rate risk across the wider society. After the ’70′s, if there had been no mortgage-backed securities market, there would have been no fixed mortgages. But securitization evolved to be a way not only to avoid interest-rate risk but also to avoid credit risk. And therein is the problem of which Barney Frank speaks. Now the loosey goosey underwriting standards are tightening radically and home values will fall dramatically. Cash is king. Spend less than you earn. Spend as little as possible. Let the other guy’s “consumer spending” prop up the economy. Take care of your own. We’ll probably be through this tunnel by 2012.