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Old 10-01-2008, 08:58 PM
 
Location: Earth Wanderer, longing for the stars.
12,411 posts, read 15,965,959 times
Reputation: 8722

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If the actual outstanding mortgages in the country amount to less than $200 billion, why can't we just pay them off?

What else is this bailout paying for?

Why did they not come to us, the public, hat in hand and explain what they did wrong and how there is something tagged on to this bill which will prevent it from ever happening again?

How about the guys who made these bad decisions saying 'we are sorry'?

These people are so damned brazen. I would not give them a dime.

I am suspicious.
Originally the GM $26 billion handout was supposed to be included in the bill, but somehow they got that money without taxpayer approval, and outside of the bailout money?

They just cannot come clean. But this entire thing smells fishy.
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Old 10-01-2008, 09:32 PM
 
Location: Charleston, SC
5,615 posts, read 12,444,718 times
Reputation: 2525
Ooooooooo.... Shouldn't have said that. Now I'm going to sit around and dream up all the stuff that I could do if the house were paid off. I'm making lots of early payments but it would be cool to jump ahead to where it's done.
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Old 10-02-2008, 06:41 AM
 
705 posts, read 1,145,306 times
Reputation: 427
The actual amount of mortgages is nearly $14 trillion. Fannie and Freddie alone had over $6 trillion. The $700 billion would cover 5% of all mortgages. The delinquency rate is currently approx 8%. Many of the 8% could be worked out by reducing adjustable rates and converting to fixed. Some are completely lost, particularly California, Florida, and areas like Detroit where real estate values have dropped so dramatically. Florida and Cali were also the area with the most speculators and highest percentage of people in foreclosure on multiple properties. We all know Michigans problem
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Old 10-02-2008, 07:20 AM
Status: "Finally Done With C-D BYE BYE" (set 24 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,528,470 times
Reputation: 15431
Besides, they're too busy funding wooden arrows and the Exxon Valdez people from the '80s...
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Old 10-02-2008, 07:25 AM
 
3,269 posts, read 8,735,063 times
Reputation: 2003
Quote:
Originally Posted by jimj View Post
Besides, they're too busy funding wooden arrows and the Exxon Valdez people from the '80s...
I heard about the wooden arrows last night. What a freaking joke our elected officials are.
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Old 10-02-2008, 07:34 AM
 
Location: Glen Mills
699 posts, read 831,938 times
Reputation: 423
Angry Mortgages Held

Agree with much you say. Mortgages outstanding US is in excess of 11 trilllion. I also wish they would come clean. Its like you know it'll hurt but you don't know how much. What is amazing it seems though the clouds are gathering now for its final storm we did this damage in a relatively short period of time. Perhaps the Banking system is the gun that has to be regulated in the US.
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Old 10-02-2008, 08:30 AM
 
Location: Earth Wanderer, longing for the stars.
12,411 posts, read 15,965,959 times
Reputation: 8722
From an article in the Wall Street Journal:

The
chief economist at Moody’s Economy endorsed proposals that a public agency be set up to purchase defaulted mortgages. The cost, he said, would be up to $250 billion, but probably lower.

Real Time Economics : Zandi: A Mortgage Bailout Would Cost up to $250 Billion

I was misleading and did not mean ALL mortgages in the country.
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Old 10-02-2008, 09:11 AM
 
2,197 posts, read 6,600,133 times
Reputation: 1684
Converting to fixed rate will help few people in CA and other high-risk markets. A lot of them are on Option ARMS, making the no interest payment each month and negatively amortizing the difference. Percentage-wise, they are paying less each month on a growing balance, and you can't refi them, because they can't qualify for a fixed rate. They took the Option ARMS with low teaser rates of about 1 or 2% for a couple of years and are barely hanging on paying just the monthly principal. They can't afford their houses, they shouldn't have bought their houses, so why is anybody pretending we can or should keep them in their houses? A small percentage of borrowers can actually be helped, but the majority of people with Option ARMS simply need to be divested of properties they never should have had and their loans written off as bad debt. No one should buy, guarantee or insure these loser loans-- certainly not the taxpayers.
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Old 10-02-2008, 10:15 AM
 
Location: Kansas City, MO
5,758 posts, read 9,502,257 times
Reputation: 2791
I wouldnt pay off my mortgage even if I had the money to write a check for it tomorrow.

Their is a reason that most millionaires still have mortgages even if they could afford to pay them off.

Mortgages are an asset if used properly.
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Old 10-02-2008, 10:40 AM
 
1,567 posts, read 2,696,483 times
Reputation: 1262
Quote:
Originally Posted by jimmyP View Post
The actual amount of mortgages is nearly $14 trillion. Fannie and Freddie alone had over $6 trillion. The $700 billion would cover 5% of all mortgages. The delinquency rate is currently approx 8%. Many of the 8% could be worked out by reducing adjustable rates and converting to fixed. Some are completely lost, particularly California, Florida, and areas like Detroit where real estate values have dropped so dramatically. Florida and Cali were also the area with the most speculators and highest percentage of people in foreclosure on multiple properties. We all know Michigans problem
exactly
i love people like the op pulling numbers directly out of their ass
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