Comments on: Bush Moves Against Home Financing Crisis

Plan Would Help Homeowners Facing Foreclosure Refinance Their Loans, But Not Sub-Prime Borrowers

[donnie900]

I haven''t got any girlfriends, so I shaved my legs and me pubes and got one of dem tubes hooked into arosol cheese and I''m making a movie called "De weird vagggina lady".. I''m gonna be a millionaire some day.

[jumkey]

Jesus you''re thick dogsoul. Bag of hammers stupid.

The subprime lenderers took a HUGE risk lending to bad credit risks. Now that the bill has come due, Bush is going to bail them out with your tax dollars.

Get it yet?

Your Dear Leader has just picked your pocket and robed your house and all you can do is stand there and drool all over yourself.

Gotta love the kool-aid idiots.

[donnie900]

A 250,000 dollar loan is just like being a millionaire and living just off the interest. Ya ever heard that before? "Win a million dollars? Put it in the bank? Just live off the interest?" The interest rate is something like a cop''s salary!

Pornos. Make pornos. Especially the kind with that aerosol cheese.. That sells like hotcakes. Mormons like that stuff..

[v_1618]

www.zeitgeistmovie.com

[sharncedar]

"My modest proposal, most succinctly stated, is, that the people with all the money will have to give some of it up. "

The bankers are already preparing their stories for the coming revaluation of America, they are putting out there that it was the common people''s fault, who are too greedy and are holding too much debt. This will be the story to explain the massive inflation in foreign goods, essentially a repricing of American credit downward.

This happens as the other nations of the world, you know the ones with all of our manufacturing processes and the oil we need so desperately, stop paying as much for the pieces of paper we give them in exchange. These papers, which are now mostly bonds against future earnings of Americans (mortgages) or future earnings of American companies (stocks) or future tax revenues of the US government (treasuries) need to be repriced as the US is frankly more and more not AAA debt rating. Even our future will soon be worthless.

The bankers already have their story and of course it is to blame Americans, just as they blamed the unions and the laborer and etc. as they have sacrificed us.

[donnie900]

"250000.00 30 years no interest 694.44 per month"

Thats crazy! When I was growing up people making 28 bucks an hour lived in 50,000 dollar homes.

Yer monthly payments are completely unfixed! Based on an interest rate that fluctuates! Thats so stupid! You can''t even plan a month in advance! Unbelievable.. If somebody out there is selling people 250,000 dollar homes on 10 bucks an hour, they''re certifiably insane.

[olddummy46]

Part 8 of 8. ALL remaining mortgages written in the last 5-7 years, should be written down to the adjusted value, but not re-amoritzed. This is required in order to have the proper effect on house prices.

I have no illusions that this plan will be adopted. But I have not heard any discussion about the twin problem of our children being unable to even consider buying a house except in a slum. I do not think there is merit in protecting the overinflated price of houses.

The disparity between the very rich and the rest of us has gotten crazy. Powerful people are no longer loyal to America. They have risen above that %u2013 they are internationalists %u2013 loyal to their aggrandized self-image as world wide movers and shakers %u2013 like the nobility of the past. They are loyal to MONEY and POWER. They are short term thinkers who do not understand the basis of the American Revolution %u2013 that we got tired of giving too much of the wealth that was the result of our efforts to the KING. What keeps the people from rising up and not taking it anymore? Fear. How long will fear be greater than anger? Hard to say. But isn%u2019t it interesting that now there is so much talk about %u201Chome grown terrorists.%u201D Is this the way that dissent and correction will be stifled? Constant vigilance is the price of liberty! Beware.

[v_1618]

WHEN BUSH SAID THEY CAN''T AFFORD IT . HE''S TALKING ABOUT THE 80 PERCENT OF ALL THE PEOPLE OF THE UNITED STATES, AND MAYBE ALL OVER THE WORLD BECAUSE OF GLOBALISATION , AND THIS IS NOT NORMAL.. THE GOVERMENT AND THIS OWNERS OF THE FEDERAL RESERVE BANK TELL US THAT IS OUR PROBLEM WHEN IS NOT BECAUSE THEY STARTED IT...
IS A SLAIGHT OF HAND
THE FEDERAL RESERVE STARTED THIS STUPID GAME OF LOANS AND CREDIT IN ALL SOCIETIES AND NOW WE ARE IN PRISION FROM THIS BAZTARD GAME..IS LIKE PUT A VIRUS AND NOW WE''RE INFECTED IN ALL SOCIETIES. AND LATER THE FEDERAL RESERVE SAID TO ALL THE PEOPLE OF THE UNITED STATES WELL IS YOUR PROBLEM NOW.. AND THE FEDERAL RESERVE BANK STARTED THIS PROBLEM ......

[olddummy46]

Part 7 of 8. The second adjustment would be to further reduce the principal balance of the rewritten loan to create a loan to value ratio exactly equal to the loan to value ratio of the original actual loan amount to the actual contract sale price [or the actual contemporaneous appraisal, or the value stated on the final loan application, whichever one the original loan was actually based upon]. The lenders would take the loss for the difference.

Why reduce the loans so dramatically? Because the rampant inflation of housing prices, which has robbed so many of so much, must be undone. The populace somehow believes that high PRICES mean high VALUE. The populace needs to understand that when it takes $500,000 to buy the house that two years ago you could have bought for $200,000, the VALUE of the house did NOT go up %u2013 the DOLLAR went down. Your dollar two years ago is worth only 40 cents today. In other words, it now takes 2 = times as many dollars to buy the same thing. The only persons I know whose PAY has gone up 2 = times in that time are the lenders and the realtors. Hogs get slaughtered. My modest proposal is a CORRECTION as they say.

[sharncedar]

More Bush wisdom. You are doing a heck of job, Bushie.

[olddummy46]

Part 6 of 8. What is the result of the review? The loans that do not meet the pre 1/1/2000 lending guidelines, plus all the loans of the types now being recognized as reckless, would be rewritten.

The rewritten loans would be fixed rate, fully amortizing, 30 year loans, with a principal balance not exceeding the relative adjusted loan to value principal balance as of the date of the loan, at the interest rate for full documentation, best risk rated loans, being offered to borrowers by conservative lenders on the date of the loan. The meaning of my term %u201Crelative adjusted loan to value%u201D which determines the new written-down principal balance, begins with %u201Cvalue.%u201D The %u201Cvalue%u201D would be determined by extrapolation. The inflation in house prices during the period 1/1/1980 through 12/31/1999, would be averaged for the particular market in which the property is located [or nationally]. The %u201Cvalue%u201D of the particular property would then be adjusted from 1/1/2000 forward to the date of the loan. That value would be the maximum possible new principal balance of the rewritten loan

[olddummy46]

Part 5.1. of 8. Some of this got cut off in the last submission, so here it is, and I apologize for clicking the publish button too many times. I%u2019m new at this.

Generally, properly made loans as to which a workout is not possible could proceed to foreclosure, unless the loan was the result of a lender solicitation, and resulted in a loan which would not have met the standard FNMA/GNMA/FreddieMac/FHA/VA underwriting guidelines in use prior to 1/1/2000.

[lars008-2009]

Welcome to Freedom%u2019s Watch, an organization dedicated to fighting to protect the ideals and issues that keep America strong and prosperous.
http://www.freedomswatch.org/

The Real Stars: In Today''s America, Who Are the True Heroes?
http://www.amazon.com/Real-Stars-Todays-America-Heroes/dp/1401911447/ref=pd_bbs_sr_7/104-3631381-4433551?ie=UTF8&s=books&qid=1188576368&sr=8-7

Bush''s war support rising?
The latest poll by United Press International/Zogby Interactive showed that 54 percent think the war is not lost, with respondents splitting sharply along party lines on that question.
http://www.zogby.com/Soundbites/ReadClips.dbm?ID=15553
Majority in poll say U.S. can win war in Iraq
The poll shows 54 percent of Americans said the war is not lost.
http://www.zogby.com/Soundbites/ReadClips.dbm?ID=15533

Porter ties U.S. withdrawal from Iraq to $9 gasoline
http://www.lvrj.com/news/9466252.html

[olddummy46]

Part 5 of 8. My modest proposal, most succinctly stated, is, that the people with all the money will have to give some of it up. Considering how much they have made, they should do so cheerfully, realizing that it will benefit them in the LONG run. They will give it up thusly [I set forth the scheme, with the actual dates and details to be determined %u2013 I don%u2019t really know when the recklessness began, so I am using 1/1/2000]. First, an immediate national moratorium on foreclosures except those related to fixed rate fully amortizing 15 and 30 year conventional, FHA, VA, and similar mortgages dated earlier than 1/1/2000 [other than %u201Chigh cost loans%u201D as defined in the Federal Home Ownership and Equity Protection Act, and any other loans which violated similar or related federal or state consumer protection laws. All such other loans are within the ambit of the moratorium]. Second, a national moratorium on all foreclosures dated on or after 1/1/2000, all of which would require review to determine factors, to be determined. Generally, properly made loans as to which a workout is not possible could proceed to foreclosure, unless the loan was the result of a lender solicitation, and resulted in a loan which would not have met the standard FNMA/GNMA/FreddieMac/FHA/VA underwriting guidelines in use prior to 1/1/2000.

[olddummy46]

Part 5 of 8. My modest proposal, most succinctly stated, is, that the people with all the money will have to give some of it up. Considering how much they have made, they should do so cheerfully, realizing that it will benefit them in the LONG run. They will give it up thusly [I set forth the scheme, with the actual dates and details to be determined %u2013 I don%u2019t really know when the recklessness began, so I am using 1/1/2000]. First, an immediate national moratorium on foreclosures except those related to fixed rate fully amortizing 15 and 30 year conventional, FHA, VA, and similar mortgages dated earlier than 1/1/2000 [other than %u201Chigh cost loans%u201D as defined in the Federal Home Ownership and Equity Protection Act, and any other loans which violated similar or related federal or state consumer protection laws. All such other loans are within the ambit of the moratorium]. Second, a national moratorium on all foreclosures dated on or after 1/1/2000, all of which would require review to determine factors, to be determined. Generally, properly made loans as to which a workout is not possible could%2

[olddummy46]

Part 5 of 8. My modest proposal, most succinctly stated, is, that the people with all the money will have to give some of it up. Considering how much they have made, they should do so cheerfully, realizing that it will benefit them in the LONG run. They will give it up thusly [I set forth the scheme, with the actual dates and details to be determined %u2013 I don%u2019t really know when the recklessness began, so I am using 1/1/2000]. First, an immediate national moratorium on foreclosures except those related to fixed rate fully amortizing 15 and 30 year conventional, FHA, VA, and similar mortgages dated earlier than 1/1/2000 [other than %u201Chigh cost loans%u201D as defined in the Federal Home Ownership and Equity Protection Act, and any other loans which violated similar or related federal or state consumer protection laws. All such other loans are within the ambit of the moratorium]. Second, a national moratorium on all foreclosures dated on or after 1/1/2000, all of which would require review to determine factors, to be determined. Generally, properly made loans as to which a workout is not possible could proceed to foreclosure, unless the loan was the result of a lender solicitation, and resulted in a loan which would not have met the standard FNMA/GNMA/FreddieMac/FHA/VA underwriting guidelines in use prior to 1/1/2000.

[olddummy46]

Part 5 of 8. My modest proposal, most succinctly stated, is, that the people with all the money will have to give some of it up. Considering how much they have made, they should do so cheerfully, realizing that it will benefit them in the LONG run. They will give it up thusly [I set forth the scheme, with the actual dates and details to be determined %u2013 I don%u2019t really know when the recklessness began, so I am using 1/1/2000]. First, an immediate national moratorium on foreclosures except those related to fixed rate fully amortizing 15 and 30 year conventional, FHA, VA, and similar mortgages dated earlier than 1/1/2000 [other than %u201Chigh cost loans%u201D as defined in the Federal Home Ownership and Equity Protection Act, and any other loans which violated similar or related federal or state consumer protection laws. All such other loans are within the ambit of the moratorium]. Second, a national moratorium on all foreclosures dated on or after 1/1/2000, all of which would require review to determine factors, to be determined. Generally, properly made loans as to which a workout is not possible could%2

[frdmuggs2007]

What a horrible administration response (if what CBS reported is factual). Bail out those with good credit histories and likely should have known better but leave the actual poor on the hook. It is better to let them all work it out--perhaps help low income families with good credit because they may have been tricked or seduced into an inappropriate loan by a crooked enterprise.

Another reason why for the first time in 30 years I am trying to figure out which democrat I can vote for.

[dogsoul]

(We should give him credit for not immediately bailing out the unscrupulous lenders who created this problem by giving huge loans to people they knew could not actually afford them.)

Ya know what''s funny... these are the same people who''d be screaming up a storm if banks had refused to extend loans to these very same people... oh they''re racists, oh they''re not interested in the little guy, oh the evil corporations... The fact is that many MANY people took out big loans they couldn''t float for extended periods of time in hopes that they could flip the house in a year or two & make a big score - and that worked GREAT for a number of people... well, it didn''t work for everybody now did it... And just why exactly aren''t the people who voluntarily APPLIED for these loans somehow NOT responsible for those decisions?

And what''s REALLY funny is even when BUSH is acting like a bed wetting liberal - liberals STILL scream from the mountaintops... I swear, if Bush somehow decided to go with socialized medicine, became totally pro abortion, doubled the welfare programs, signed all the Green treaties he could, endoresed Obama & Hillary, surrendered in Iraq, taxed corporations at 80%, and created his own little French Utopia - liberals would STILL be frothing at their mouths about how awful he is.... pathetic.

[olddummy46]

Part 3 of 8. The idea that the lenders, top to bottom, had nothing to lose needs to change dramatically. Pigs get fat, hogs get slaughtered. The time has come to restore responsibility to lending, and to slaughter some of the hogs.

The traditional fixed rate fully amortized 30 year loan, and the underwriting that went with it, as recently as 10 years ago, needs to be restored. Surely there is room for other loans as well. But the reckless instantly adjusting and fast adjusting teaser rate loans, and the reckless lending generally, [which has for the most part now come to a halt as if running into the proverbial stone wall], has caused a second, and far more harmful, problem, which is the horrifying leap in prices that came with the crazy easy money. Any student in the first week of economics 101 can tell you that easy money drives inflation. Crazy easy money causes problems that can be fixed only with a lot of pain.