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Article about the state of Ohio's efforts.
http://news.yahoo.com/s/csm/20071212/ts_csm/ahousethree (broken link)
The "free market" has screwed this thing up so badly. When this many homes become at risk, an entire region's economy can pay the price, so don't be surprised when then politicians have to get involved after the fact, all of which was unnecessary. G-R-E-E-D.
The "full cost" of inaccurate, fraudulent, or inappropriate mortgage originations has been shifted from the perps in the private sector to the GOVERNMENT. Cost-shifting is how those parts of the private sector that can't make a decent profit from normal operations avoid going out of business.
Last edited by ParkTwain; 12-12-2007 at 01:05 PM..
haha... hold while I finish buying my new home from a bank repo. I'll be back in a little to make a comment about her getting a bail out at the taxpayers expense.. The liberals should be happy
Article about the state of Ohio's efforts.
http://news.yahoo.com/s/csm/20071212/ts_csm/ahousethree (broken link)
The "free market" has screwed this thing up so badly. When this many homes become at risk, an entire region's economy can pay the price, so don't be surprised when then politicians have to get involved after the fact, all of which was unnecessary. G-R-E-E-D.
The "full cost" of inaccurate, fraudulent, or inappropriate mortgage originations has been shifted from the perps in the private sector to the GOVERNMENT. Cost-shifting is how those parts of the private sector that can't make a decent profit from normal operations avoid going out of business.
Park.. this points out several issues.
1) The STATE of OHIO created a program to help, exactly how it was intended to be. Not the federal government
2) What does GREED have to do with a bank, requestion their money back that they loaned to Figueroa?
3) I know someone who got one of these bailouts, almost $10K.. She lost the house 4 months later after not continuing to pay her mortgage. Know where that $10K went.. she went on vacation, bought a new car, went Christmas shopping (last year). Yeah, those kids enjoyed their last christmas in that home.
4) Ok, its greedy to expect your money back, but not sure what the banks GREED has to do with her divorce, please explain because this looks more of a bailout of the bank, not the lady who got a divorce, after all, GREED didnt cause the banks to loan money to someone who would ultimately get a divorce.
Story would have been so much better had it talked about someone losing their home because their $35K yearly income wasnt enough to pay their adjustible mortgage on their $600K home.. no wait, no that wouldnt have made the argument of greed to the bank, that would have said,, greedy homeowner, who wants more then they can afford, and the stupid bank for giving it to them.
Not sure what type of reaction you were expecting from people who lean right, but even I support responsibility of the banks.. They made stupid loans, they should foreclose and pay when they sell them at a loss.
No comments yet from the right-wingers. Interesting.
If your problem is with the government bailing this out I won't fight you on it. It's pure bull*****.
If you're trying to make some liberalized statement against the free-market lending that occurred I'll remind you that there are many a people who knew what the score was and not to sign these crappy loans and waited, or bought homes they knew they could afford......
Too many homes being lost or foreclosed on??? Well considering it was primarily speculators that fueled this boom, I'm not going to whine and cry over a bunch of "get rich quick" types that got caught with their peters in the pool pump....
The theory of the Free Market isn't just some rampant business of forcing people to take money and screwing them. That isn't how this happened for the most part. Those that took these loans banking on their property values going up so they could refinance out of their balloon mortgages later got caught trying to burn the system by getting more house than they can afford.
So "No Conservatives willing to comment??". You find that "interesting", do you??? Well I'd just remind you that part of the free-market involves reaping what you sow, so no, I as a Conservative really don't have a problem with what is occurring, other than the government becoming involved in "helping" people out of this crisis.... Again if that's your point than I agree so there would be no need to refute this.....
Article about the state of Ohio's efforts.
http://news.yahoo.com/s/csm/20071212/ts_csm/ahousethree (broken link)
The "free market" has screwed this thing up so badly. When this many homes become at risk, an entire region's economy can pay the price, so don't be surprised when then politicians have to get involved after the fact, all of which was unnecessary. G-R-E-E-D.
The "full cost" of inaccurate, fraudulent, or inappropriate mortgage originations has been shifted from the perps in the private sector to the GOVERNMENT. Cost-shifting is how those parts of the private sector that can't make a decent profit from normal operations avoid going out of business.
In other words, individual consumers will bear the brunt of the home mortgage collapse, while the institutional lending industry will get a government crutch to lean on.
Seems to me that lenders were the more sophisticated parties to these deals, and were MUCH more knowledgeable of the risks. Let them bear the brunt.
If you're trying to make some liberalized statement against the free-market lending that occurred I'll remind you that there are many a people who knew what the score was and not to sign these crappy loans and waited, or bought homes they knew they could afford......
If so many people knew what the score was, where were all the federal regulators on this? Why didn't it all show up in mandatory disclosure and other filings and alert officials that things were headed toward an iceberg? It's one thing if a few people lose their homes, but it's quite another situation when the secondary markets start to collapse. Freddie Mac lost $2 billion in the 3rd quarter with more to come. Looks like Citibank will have to eat $22 billion in the short run, while it's a mere $13 billion for Merrill-Lynch and $8 billion for Morgan Stanley. In Europe, UBS will drop about $20 billion, with Dresdner and WestLB taking major hits as well. And now things are starting to look shaky for the asset-backed securities coming out of the auto-financing markets as people trying to keep their homes are starting to forego their car payments. And what were the Bushies doing while all this was going on? Well, perhaps they were all out giving speeches extolling the virtues and blessings of a free-market economy...
Hey, it's a FREE MARKET. Everyone has access to ALL the SAME information at all levels of the financial sector, right? There's no way this thing got all out of whack on its own, right?
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