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WHY.. is it that they can't seem to come to agreement on stopping foreclosures..
Massive restructuring of loans (sounds like that bankruptcy portion the Dems were trying to get in there would have done that!). !!!!
WHY? because the banks have NO INTEREST in that. .. They just want someone else to take on their mistakes and pay them for it!!!
This whole thing is ridiculous.. the Dems who voted yes, shouldn't have BECAUSE there wasn't enough in their to stop the real problem in the first place.
The Republicans who voted NO voted NO because they don't want gov't intervention.or regulation that is..however de-regulation is what caused this mess......
Oiy vay!!! LOL
This is what I"m understanding from what I have been reading..
WHY? because the banks have NO INTEREST in that. .. They just want someone else to take on their mistakes and pay them for it!!!
I would venture to say that the American people who are paying their bills responsibly are opposed to it.
I suspect that the parties don't want foreclosures talked about too much because the level of ineptitude would be exposed: Republicans for their failure to fix F&F; Democrats for what it would do for the image of government charity. (If you made $10/hr with no kids, the government would pay 80% of the price of a house if you lived in it for 5yrs... It wasn't only a theft of tax dollars, but it also caused an artificial pressure on housing prices which effected the entire nation.)
(Regarding source: I was in the mortgage industry and arranged these loans. They were called CRA's (for Community Reinvestment Act) and you'd put together up to five different mortgages for one buyer on one property but four didn't need to be paid unless you sold before five years. We also received great bonuses for setting them up.)
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This whole thing is ridiculous.. the Dems who voted yes, shouldn't have BECAUSE there wasn't enough in their to stop the real problem in the first place.
Actually, the bill required the Treasury to reduce principals and interest for foreclosure candidates.
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The Republicans who voted NO voted NO because they don't want gov't intervention.or regulation that is..however de-regulation is what caused this mess...
Some Republicans want regulation; some don't. I would say this isn't an issue at all of regulation, but poor regulation and regulations that rewarded bad practices.
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This is what I"m understanding from what I have been reading..
If you want to read on the subject, check section 110 of the bill.
WHY.. is it that they can't seem to come to agreement on stopping foreclosures..
Because - "you" (the consumer / borrower) took on the debt voluntarily. Why should "you" (the consumer) be bailed out because you took on more than you could afford?
Because - "you" (the consumer / borrower) took on the debt voluntarily. Why should "you" (the consumer) be bailed out because you took on more than you could afford?
This isn't about ME GreatDay.. my ordeal is already finished.
Bottm line.. something needs to be done..bu it can't be done so one sided. . this bailout without fixing the the foreclosure problem would have been useless..
Allow bankrutcy to restructure these mortgages ,justlike any other debt.. keep people in their homes.
after all, you have to stop or slow the bleeding before you transfer more blood..or the new blood will just bleed out anyway!
I would venture to say that the American people who are paying their bills responsibly are opposed to it.
I wonder if those you refer to here are not in many cases merely those who take up the pride of the Pharisee in believing themselves to be morally superior people simply because they have not (yet) been adversely impacted by events that are entirely beyond their own control. Such "responsible" people can be turned into "irresponsible" people in the blink of an eye.
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Originally Posted by One Thousand
I suspect that the parties don't want foreclosures talked about too much...
I suspect that if this were the case, they would stop using the word so often.
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Originally Posted by One Thousand
Regarding source: I was in the mortgage industry and arranged these loans. They were called CRA's (for Community Reinvestment Act)...
By "mortgage industry", did you mean a CRA bank or did you mean an outside private broker working an LMI neihhborhood in hopes of building bundles of financing that could be offloaded to CRA banks at a profit? Were you working on residential or commercial properties?
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Originally Posted by One Thousand
Actually, the bill required the Treasury to reduce principals and interest for foreclosure candidates.
Encourage, assist, and maximize are all words that have a different meaning from "require".
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Originally Posted by One Thousand
I would say this isn't an issue at all of regulation, but poor regulation and regulations that rewarded bad practices.
That would appear to me to make it an issue of regulation after all.
Because - "you" (the consumer / borrower) took on the debt voluntarily. Why should "you" (the consumer) be bailed out because you took on more than you could afford?
The Shepherd is out to punish the sheep again. Most borrowers could afford the debt at the time they took it on, and they could afford it still on sensible, market-based terms. What do we do with small business owners who find themselves in similar circumstances? Do we have a separate standard for homeowners? Do we treat the former with kid gloves while casting the latter into the lake of fire? Some morality that is...
Bottm line.. something needs to be done..bu it can't be done so one sided. . this bailout without fixing the the foreclosure problem would have been useless..
No, this bailout is an imperative. It doesn't purport to resolve all aspects of the problem...just the one it targets, and the need for resolving that one is critical.
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Originally Posted by TristansMommy
Allow bankrutcy to restructure these mortgages ,justlike any other debt.. keep people in their homes.
That was proposed for inclusion but was knocked out in an effort to bring more Republicans on board. It, along with other and broader measures related to reorganization of problem mortgages, will be back. But as we are fighting what has been allowed to become a many-headed monster, this particular one may not be in the spotlight at all times.
No, this bailout is an imperative. It doesn't purport to resolve all aspects of the problem...just the one it targets, and the need for resolving that one is critical.
That was proposed for inclusion but was knocked out in an effort to bring more Republicans on board. It, along with other and broader measures related to reorganization of problem mortgages, will be back. But as we are fighting what has been allowed to become a many-headed monster, this particular one may not be in the spotlight at all times.
I don't see how it's ever going toget passed..or anything for that matter.. I guess we'll just wait and see
To paraphrase Pelosi, this vote cannot stand. Sooner or later -- the difference hanging primarily on degrees of partisan and ideological demagoguery -- yesterday's result will be reversed. There is no alternative. Barring some form of imminent divine intervention, in the end it will happen simply because it has to happen...
The American People - the Voters - have been contacting their Representatives in record numbers - And, what have they been telling their Representatives?
Vote NO -
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