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Old 02-22-2009, 07:54 AM
Location: Pawnee Nation
7,525 posts, read 14,546,328 times
Reputation: 7001


Will the MB be around in five years?


the big banks are closing down their wholesale lines, HVCC is going to keep MB from ordering an appraisal,
And finally today The PMI Group of San Francisco announce it won’t insure mortgages originated by mortgage brokers!
Obviously those in charge are buying the banks contention that all the problems are from MB's......regulating them and putting them out of business will "fix" everything. Of course they don't like appraisers any more than they do MB's, and they have pretty well made us irrelevant......but I feel that once they eliminate the MB, they will focus on us.

Why can't anyone in the drivers seat (Obama? Are you listening?) recognize that it was the underwriting conditions from WAMU, Citi, BoA, Merrill, Bear Stearns, etc that encouraged (yes, encouraged......nothing "slipped by" it was all forced through) the inflated values, the blind eye to VOI's VOD's and verification of assets?

What needs to happen is the big banks need to fail....be broken up......let the small neighborhood banks absorb the local branches of Chase and BoA.

Stiffen up requirements....verify income, deposits, assets.....order solid appraisals done by professionals at a fair price and with a turn time adequate to do the research required.......then shop those loans to 500 lenders around the country......not have a choice between BoA, Citi, and Countrywide.

Thomas Jefferson said in 1802:

"Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
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Old 02-22-2009, 09:33 AM
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,953 times
Reputation: 952
Excellent post. + rep for you. Love the Jefferson quote. You wouldn't happen to be a Ron Paul fan, would you?
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Old 02-22-2009, 09:24 PM
95 posts, read 217,121 times
Reputation: 41
All very pertinent quotes from Thomas Jefferson:

It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.

I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.

The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.

The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.

Jeez, you think President Jefferson could predict the future?
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