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Forget Instarefi: Here Comes Instaloanforgiveness
As if the main rumor of the prior week, that the government was going to automatically push rates on all mortgages down to market rates (which as of today hit a fresh record low of 4.49%) was not enough, today James Pethokoukis reports that the latest iteration in the "let's make Fannie and Freddie broker than ever" rumor mill is that the "Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth." As readers will recall, we highlighted a few days ago that the number of underwater mortgages is at least 14.7 million (and likely far more), and amounts to just about $770 Billion in underwater equity. In other words, if the rumor is true, the US taxpayers are about to subsidze over three quarters of a trillion in underwater equity (and bail out banks on the hook for over $2 trillion in impaired debt). There is no indication if the "instarefi" plan contemplated by Morgan Stanley and Merrill Lynch has been scrapped, but what is certain is that the two plans target two very distinct beneficiary groups: the former plan would mostly benefit middle and upper class mortgage holders who are likely preoccupied to bother with a 200-300 bps refi differential. The loan absolution plan, on the other hand, focuses squarely on the poorest 15 million US households of society. While it is distinctly possible that Obama, in all his economic lunacy, will pass both plans, his advisors have likely done the math and are now convinced which way the negative IRR to the taxpayer will be greater: that is certainly the plan that will be undertaken.
Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.
The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.
Keep in mind the political and economic context. The nascent recovery is already running out of steam. Wall Street economists just downgraded the government’s second-quarter GDP estimate of 2.4 percent to around 1.7 percent. And as even Treasury Secretary Timothy Geithner is warning, the unemployment rate may well begin to rise back toward the politically toxic 10 percent level given such sluggish growth. Many in the White House thought the unemployment rate would be dropping sharply by this point in the recovery.
But that is not happening. What is happening is that the president’s approval ratings are continuing to erode, as are Democratic election polls. Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. The political calculation is that the number of grateful Americans would be greater than those offended that they — and their children and their grandchildren — would be paying for someone else’s mortgage woes.
This latest bout of fiscal insanity is happening just as the government is passing yet another $26 billions state bailout package.
U.S. Senate Majority Leader Harry Reid said Thursday the Senate will vote in the late morning to pass a $26 billion aid package to help budget battered state governments with their Medicaid expenses and to retain about 100,000 school teachers.
In remarks on the Senate floor, Reid said the Senate will take up the package at 11 a.m. ET, hold a brief debate and then vote on several procedural motions before passing the bill.
The Senate voted Wednesday, 61 to 38, to end the debate on the bill.
The bill the Senate will pass Thursday provides $10 billion to states to prevent teacher layoffs and $16 billion for the Medicaid health insurance program for the poor.
At this point one thing is certain: as long as the Treasury can keep issuing trillions in new debt without a glitch, there will be nothing to stop the administration, now in its pre-midterm death throes, from throwing the kitchen sinks, and 9 other it bought on margin, at every imaginable problem. The Obama administration is about to take this country down in flames by spending hundreds of billions, trillions, tens of trillions on anything and everything, just like your garden variety drowning man clutches at straws. And as long as the Fed has the bond vigilantes locked up, kneecapped and ball-and-gagged in its basement, there is nothing at all that can be done: we suggest leaning back in your favorite made in China chair and watching the nation''s slow motion collapse as it unravels before our very eyes.
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And once again, as someone who made certain I bought all the house I needed but much less than I could "afford", and who's religiously paid off ahead of schedule on his mortgage (and as a result of these actions is still above water by more than 30% in spite of losing 20% in "value" over the last 2-years), I get to subsidize people who made imprudent decisions up and down the entire lending chain (from financer to borrower).
In other words, in spite of "doing everything right" through the years I'm played as a sucker. Again. As a matter of official Fed.Gov policy.
Damn, but do I loathe these motherf***ers.
I hope for your sake you haven't "saved" anything for "retirement" because that's the next thing they're gonna take.
Yeah, funny thing about that too. I loaned out the max to myself that I could and have been paying myself back as slow as Fidelity will allow. Used the cash to pay-off the few remaining bills I had (except my 15-year mortgage which I'm 7-years into) and bought some PM's (including lead and apporpriate delivery systems).
Now I'm thinking I should have run up my cards to the max on "stuff", dumped everything into my mortgage, refi'd and then paid 4-figures under the table to some dirtbag appraiser to knock another 40% off my home's "value" so "I don't haf to worry bout payin my mortgage cuz if I hep Barry he's gonna hep me."
The New Normal - hello.
Run up your cards buying non perishables, guns and ammo
FEMA Camp Swift uncovered:
http://www.infowars.com/infowars.asx
http://en.wikipedia.org/wiki/Operation_Northwoods
How is this going to work? Say I'm unemployed and made whole. You can give me all the equity you want but if I can't make the payment I default. The bank takes posession but can't sell it and is forced to drop the price to guess what...pre bail out levels.
THIS DESERVES ITS OWN THREAD
http://www.bloomberg.com/news/2010-01-28/secret-banking-cabal-emerges-fr...
Indeed Sir
The money paragraphs.
"It’s as though the New York Fed was a black-ops outfit for the nation’s central bank."
Now we are approaching the truth.
And now the prior head of that 'Black Ops' outfit is the Secretary of the Treasury.
LOL
TYLER!!!!! Looksie.
CLAWBACK BITCHES!
Thanks Turd....nice dump. It may be 'news' to Bloomberg, but hey, it is good just to see that things are becoming so outrageous that they puppetmasters can't keep the lid tight enough to keep things from slipping through the cracks.
You used "turd" and "dump" in the same sentence. Very nice. Turd approves.
Again - this is just another backdoor bailout of the banksters. Now they won't have to lock up all that cash to balance out bad loans on their books. Here comes the Minsky Meltup! Not having to hold all that cash any longer will bring it into the marketplace. PMs, oil, land, apartment buildings are all about to skyrocket in value as the banksters bid up the price of anything that will hold value for all of the free cash they will be getting.
Buy low now why you still can.
Kengland right, they STILL cant make the payments so its just saddling more lead bars on the back of the rapidly shrinking taxpayer.
In my view, this is unlikely to pass. The more likely scenario would be reduced rates for mortgages for people who are current and conversion of mortgage payments to affordable rent for people who have defaulted/behind on their payments for mortgages issued by GSEs or held by Feds.
The real losers would be cautious people who did not buy homes thinking it was priced too high -- the above government action, would put a floor below the house prices and the cautious will once again be priced out.
Until it collapses again right?
btw, thanks guys!
http://www.cafepress.co.uk/+honk_if_yourre_paying_my_mortgage_bumper_sti...
Hmm... oh, and BTW BERNANKE finally admitted to Congress the Fed ILLEGALLY bought Freddie and Fannie now needs to be paid 100% face value of their $1.25 trillion of technically devaluating paper junk? Sounds to me like the US treasure/gov via taxcows are paying the Fed. Unflipping believable yet fully believable at the same time (of course).
I plan on becoming a blithering idiot (yes, I know I'm already there) and become a ward of the state for my retirement.
Playing cards, board games, trips to the zoo. Not too bad............
Careful there grandpa. Look up eugenics and know that is were we are heading. Killing off the old will become "the new thing", so trusting the butcher to care for the cow might not be a perfect plan.
Trying to kill off a 220 lb. "senior citizen" that runs and lifts weights every day might turn out to be more than they bargained for at $12.50 an hour.
Can you outrun a bullet?
Can you get close enough to me to shoot me before I kill your ass?
I doubt it. Bitch. Easy to be brave behind a keyboard you useless bag of shit.
Settle down there dude, I'm not threatening you, I'm just saying you might want to re-think your optimism about surviving attempts on your life based on your level of fitness! Jesus.
I hear ya. Lighten up Chunk.
TrickyDick was making a valid point about eugenics. You can see it already in the "health care" legislation that was just passed.
You really shouldn't. I am about as pissed off as they come. Fitness in no way prevents elimination. Brains and experience in such matters does make the difference.
Are you Epic Beard Man? :)
Ripped Chunk
"Can you get close enough to me to shoot me before I kill your ass?"
Will you be sleeping at some point? On the toilet? In the shower?
Fuck it maybe just use the SUV like Death Race 2000.
Always a way to die.
I was looking for "now that's the way to die". Amazingly, couldn't find it.
You get this, instead.
http://www.youtube.com/watch?v=C29-gLZLt9s&feature=related
Classic! Love it Turd
Gee, I had a feeling I couldn't make it through a day without a "Gully Rationalization" I am a light sleeper. Where I live, critters run through the yard all night and I wake up evey time they do as do my dogs Frank & Ozzy. See ya soon!
lol I've met a old timers I wouldn't want to match up with, so not saying your old and feeble. I was more refering to being a ward of the state. In their control, they will drug you up. No one is immune to a chemical attack after all.
That was my plan, free drugs. You can see from my respone to Caroll O'Conner up there that I need to chill!
Yes you need to chill. You are attacking people who are on your side.
Peace Bro. Stay safe
Every so often people get riled for no reason. By the same token, people hitting the junk button are just like people that masturbate, Anyone can do it.
I can masturbate? By myself? Really?
Shit, where was I when they taught that in grade school? :>)
Being raised by wild cougars perhaps?
Ripped Chunk
We all sleep.
Gee, I had a feeling I couldn't make it through a day without a "Gully Rationalization". I am a light sleeper. Where I live, critters run through the yard all night and I wake up evey time they do as do my dogs Frank & Ozzy. See ya soon!
Assume you will ask: Critters being Black Bear, Coyote and Fox. Not talking about the neighbors cats and dogs. They get taken by the Coyotes and Foxes if you are stupid enough to leave them out at night.
We do.
Wait until the Lithium/ Prozac and/or whatever else they plan to put in the water to keep the natives from getting restless kicks in...the last of the 'boomers' will probably all 'say goodnight' with a smile on their face. The culture creators have had this issue on their minds for somethime:
Bertrand Russell:
“Scientific societies are as yet in their infancy. . . It is to be expected that advances in physiology and psychology will give governments much more control over individual mentality than they now have even in totalitarian countries. Diet, injections, and injunctions will combine, from a very early age, to produce the sort of character and the sort of beliefs that the authorities consider desirable, and any serious criticism of the powers that be will become psychologically impossible.” - The Impact of Science on Society, 1953
“Ordinary men and women will be expected to be docile, industrious, punctual, thoughtless, and contented. Of these qualities probably contentment will be considered the most important. In order to produce it, all the researches of psycho-analysis, behaviourism, and biochemistry will be brought into play.“ - Education in a Scientific Society p.251
“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.”
~ Aldus Huxley
Here is one of the new generation of 'just-close-your-eyes-and-take-your-medicine' types who knows just what is good for all of us.
"It’s a brave new world indeed where Oxford professor Julian Savulescu argues for the “Ethics of Enhancement.” In his 2002 paper, “Genetic interventions and the ethics of enhancement of human beings,” Savulesco argues for using gene therapy and drug therapy to make “happier, healthier people.” It could mean adding both mental-boosting and mood-enhancing chemicals to the things everyone eats or drinks."
Sonds like the perfect addition to the 'wellness' component of the Obama health plan. A mood enhanced debt slave is a happy debt slave. Soma anyone?
Lithium! Yummy! I can almost focus after my lithium dosage kicks in.
Drugs have been used for centuries....keeps the middle class busy. Methamphetamines / cheap alchohol / prozac are already used.
Did someone mention eugenics?
Luckily Obama has an expert in his Science Czar:
http://www.amazon.com/Ecoscience-Population-Environment-Paul-Ehrlich/dp/...
These people are really sick fuckers, don't be fooled.
Problem with that plan is you'll just be worked until youre dead. No card games, no trips to the zoo unless its to clean elephant shit. SOmetimes I wonder if everyones brain is wrecked from the fouride in the water. Sure seems so.
Like you, I did the same. If this story is true and it happen, they're gonna have one mad, poed, very irate MF screaming his ass off. This is just out of control. That would be the last nail in the coffin. I would not pay another payment on my mortgage if this happens. Somehow, I doubt this will ever fly. You wanna talk revolt, just give my neighbor a 40% debt reduction because he was an sucker and tell me sorry because I lived within my means. If it happens, there will be a problem...a big one.
I thought the same thing when they passed the bailout when people were calling into their congress critters 100-1 up to 300-1 against it. They voted it in any way and while we have had an election since that betrayal...same as it ever was.
Something has gotta give but not enough people understand what is going on. And some of them that do either feel powerless/hopeless, or they think their own life is okay enough so they are not going to rock the boat.
Me, I have been crazy pissed. I am now learning how to manage a long, slow, burn, that just occasionally blows out of control. These fucking elections (our primaries are today) GD joke.
NOVEMBER INCUMBENT BLOODBATH !!!! MAKE IT HAPPEN !!!
Remember it is going to take 3 or 4 general election cycles to get our point across. Stay in tune, be vigilant.
I repeat my mantra:
Vote
Reload
Vote again
That's change you can believe in.
I'm estimating that this would make about 25% of the voters happy, and the other 75% really, really pissed. Politically, it would be suicide. That is not how to win elections, especially before a midterm.
About 2/3's of the population owns a house, and of this, about 40% have no mortgage, IIRC. Of the remaining, there's a good portion which are non-FHA loans. And of the remaining, it's somewhere between 30-40% or so which are underwater (this is approximate, off the top of my head). Taken all together, it's a small portion of voters who would benefit. And a very large portion who would be really screwed. Paying for this, no less.
I don't think the Obama administration, or the Democrats as a whole, are really that stupid. Perhaps they are, but in general they seem to understand the basics of political calculus. So I just don't think this is going to happen, either before or after the mid-terms.
And what's really amusing is that nearly all of the rocket scientists on Wall Street seem to have completely overlooked this little fact. How much are these bozos getting paid, again?
I would think the % of Americans that own their home free and clear is much lower than 40%. I'd guess around 20%. If that.
Owner occupied, it's about that; about 25% to be more precise. Here are the full numbers if you want to get specific:
http://www.census.gov/compendia/statab/2010/tables/10s0963.pdf
But there's more than just owner-occupied. Still, even if you assume a total of 25%, my point still stands.
I agree with your point that it would only benefit a small number of people and should be political suicide. But that small number of people could also be his political base that he needs to get out and vote in November. Either way, I wouldn't put it past him. I would have made your same observation about bailing out banks and car companies in the summer of 2008.
I don't think the Obama administration, or the Democrats as a whole, are really that stupid.
These are same people who promised us an orgy of spending would lead to prosperity and a "recovery summer". These are the same people who thought kissing the ass of Muslims in Iran would lead to peace, and not to attacks in Times Square. Need I go on?
Heh. I see that Karl D. must've read my post:
http://market-ticker.org/archives/2557-Dont-Bet-On-It-Mass-Forgiveness.html
He also gives some other good reasons why this won't happen, as well.
My loan is not with Fannie or Freddie and my wife and I have equity in our house because we paid off 70k of our mortgage in the last 4 years. So I get a big bag of shit and my kids are stuck paying the bill.
I should have taken all the equity out of my house and blown it on frivolous crap.
The worst part of this story is that they are doing it strictly because of politics. Their poll number suck. So let's spend 1/2 trillion buying off some voters so hopefully we don't lose power. Isn't that criminal? These assholes should be shipped to Guantanamo.
I did the same thing and I am not under water, but F@#$ the A holes who bought a house they couldn't afford. The people running this country suck!
@docj
Clearly, you have been infused with the spirit of the devil.
If you were a true Christian conservative, then you'd hold the truths contained in the Holy scripture closer to your heart than your wallet. Your attitude regarding thy neighbor is despicable, and you have declared yourself an enemy of Christianity. Hark! There is a pagan amongst us!
Leviticus 19:18 Thou shalt not avenge, nor bear any grudge against the children of thy people, but thou shalt love thy neighbour as thyself: I [am] the LORD
For the Bible says eight separate times, love thy neighbor as thyself. Rather than loathing those motherfuckers [your words] you should remember that we all all God's children, and most of his children are Republican.
Faith, Family, Flag...2012
Fuck you.
No. Seriously. Fuck you.
That is all.
I pray for you, my brother in Christ.
Psalm 4:4 In your anger do not sin; search your hearts and be silent.
Yeah, and The Devil himself used the words of Sacred Scripture against none other than Our Lord on not less than 3 occasions.
So, once again, Fuck You.
If you know Red Neck, he is being flippant. Relax!
To some people, "flippant" and Scripture are a pretty toxic mix.
Just saying.
He's not being flippant. He's doing his usual...spamming the comments with his mean-ol-Republicans line as a way to cheerlead for his Party of Government.
Those evil Republicans may be mean, but not nearly as much as the Omnipotent Government control freaks forcing themselves into every aspect of our lives.
please, no swearing & try to keep religion out of it ........ there are ladies on this website, too.
Comrade, there is no god. There is no afterlife. What you see with your own eyes is all there is.
I sincerely hope you will find the strength to face life without a congregation and your mortality without fairy tales.
The Truth About Religion
http://www.youtube.com/watch?v=TjGkRFFBd0A&feature=related
Amen brother Red Neck, but let's apply this verse as well.
2 Thessalonians 3:10 "If a man will not work, he shall not eat."
1+ Spoken like a true American!
I'll take that for the compliment it was intended, Augie!
With thanks -
@red neck
You forgot the "Thou shalt not steal" part.
Asshole
if your neigbor loved you, he/she would not have entered into an agreement that they could not complete.
Be not like the foolish virgins
Who took oil in their lamps
Yet none in there lousy vessels
And decide to trod to Canaan land
And when their oils gone out
They turn to the wise virgin and say
May I have some of your oil
to throw in my lamp to meet the bridegroom
Wise one say to them say
go ye rather to them that sell and buy for yourself
and when they turn back they were all gone out late
and could never ever ever see the bridegroom at all.
Matthew 5:5 "Blessed are the meek, for they shall inherit the earth." - Anyone who behaved in such a cavalier manner with their personnel finances, living well beyond their means because a morally bankrupt government and financial system allowed them to do so are anything but meek.
Hey- what about "Thou shall not steal"? Ever heard of that one?
And "Thou shall not lie"? (like they did on their mortgage applications)
Fuck off with your bible quoting asshole. These people don't give a fuck about making their neighbors pay for their shit, so why the hell should anyone give a fuck if they have to actually live in a house/apartment they can afford?
Douche
Redneck is not serious. If you follow his posts you will see that he experiments with how outrageous he can be posting. He tries to get in touch with his inner "Dick." Light bomb, set in place, run away. Boom. Watch the fallout. He is a performance artist, in character so to speak.
That he's not "serious" in any way is painfully, bone-jarringly obvious.
Let's just say he picked the wrong day to dump a turd on my porch.
Trying to get in touch with his "inner dick". Good one. I'll have to remember that one for my supervisor.
Red, you rock.
And the fact that you have been junked 27 times as of this writing shows that you've got your finger on some portion of this forum's collective anatomy.
Sure, because we need more dicks rubbing on raw nerves.
Simply awesome.
Hey redneck,
how 'neighbourly' was it of those a-holes to take out mortgages they couldn't afford and then look to the responsible members of society to bail them out? What Christian advice would you give to them? What did Noah do to the wretched sinners who were clawing at his boat trying to get in because he lived with foresight and they lived in exuberance. You can quote the Bible to say anything you want it to.
You know what, screw you, I was raised Christian and it was the 'holier than thou' attitude that made be branch out and expose myself to knowledge that supports the argument that your religion has become nothing more than a bunch of dogmatic bullshit.
and i'm a dumbass...
nice work, clever use of sarcasm :-P
Just out of curiosity, why are you paying off your mortgage early as opposed to setting up a sinking fund? You don't remotely strike me as someone who is so undisciplined he must beg other people (e.g. tax withholdings, the banks) to take his money so he can't spend it.
If worse comes to worse and you're worried about the consequences of a bank collapse, you might be able to have some right to set-off in such an event if you had an account with the same institution issuing your home note... long shot of course...
Just buy cds with the money and narrow their spread... flip the bird... have a nice day. Or use it for a rainy day... or even something incredibly lucrative... never know what may come along.
Point being, no sense in paying them with good money when the possibility exists you can repay them with monopoly money later... or weasel a deal through the administration's ridiculous repayment policies... if worse comes to worse, you just pay the shit off...
I made a couple of early payments early on, but stopped doing that a couple of years ago. Everything that's not already locked-up in "legacy" saving habits of mine is pretty liquid right now.
But 2-years of education and enlightment is not nearly enough time to completely reverse the effects of some 40-years of financial ignorance. Savvy?
Much ado about government disinfo.
Tax revenues fell a third in 2009 and 2010.
Money multiplier still well below One.
Meawnhile FEMA Holding camp bust pending:
http://www.infowars.com/infowars.asx
Is it not a good idea to stay a month or 2 behind on mortage payment's & see how this all shakes out? Just askin.
Me first. I had my hand up before anyone else so I should be the first. And while you're at it, could you also forgive me for that little.....er.....transgression with Mary Jane 2 years ago? And how about that time when I tried a little weed (but I didn't inhale)? And could you maybe do something about my last 4 tax returns? There might be a few "errors' in there. Not saying there is but since you're in a forgiving mood, could you take a look for me?
Thanks.
P.S. Is there a time limit with this forgiving thingy? I mean, say 5 years or maybe 10. Because I have a few more skeletons in my closet. In fact, you might say my cup runneth over.
Are you a registered Democrat?
Yes? You're covered on all the above.
No? Sorry, no free house for you. Also, we're going to need all of your financial account numbers. Thanks.
I appreciate you getting right on this. In order to speed this gift from God along, I'll just post all my account numbers here on line. That's OK, right?
Thanks again. I knew I could count on the Buma coming through when all the time outs were gone, it's 4th down and goal to go.
Ya gotta love the political Hail Mary baby.
Is all this money going to come from Obama's secret stash? Obama be praised our lord and savior!
http://www.youtube.com/watch?v=fOZ-Etb0k0Q
http://www.youtube.com/watch?v=P36x8rTb3jI&feature=related
Well, Obama's father fought in WWII after all...NOT!! We have crossed over to the twilight zone people.
http://www.moonbattery.com/archives/2010/08/another-whopper.html
I heard that Obama's father fought in WWII because we was Tojo.
But this might just be a rumor.
+100 hail marys
CD, if i had known about this forgiveness thingy i would have leavered up on my "errors in judgement" by about 1000x.
Full disclosure.....i inhaled.
I was thinking about all the lost opportunities myself.
LOL
I figured as much, what will that silly shit eating grin on your avatar puss 24/7/365. :>)
This is a slippery slope...weeeee!
Not to quote you, CD, but Tyler should have highlighted the whole thing here.
I wanted to add to your thought becuase I'm thinking about all those conventional loan holders who don't stand a chance getting the same loan forgiveness a Freddie/Fannie loan would allow. The banks would never allow it... unless they were bailed out to perpetuity.
And we thought the first exercise in moral hazard was a bad one.
Addiction, viewed and reflected upon from a point after recovery has truly begun, can usually be traced to a certain point. For some it was after years of drinking, drugging etc. For others, it was the first beer or quaalude.
There is no reason to believe economic addiction of this type is any different, since it's people we're ultimately talking about here. And don't forget that the family of the addicted (in this case, the USA/world's citizens) are often just as screwed up as the addict/alcoholic.
I am at a loss of words.
Here's two : Outrage, bitchez.
I wonder how the 'forgiveness' will affect GSE loans that will be pushed back onto the originating banks? I smell another bank bailout!!!
The loan loss writedowns in Q2 make sense now, don't they!
This is just fucking madness. What country do I even live in anymore?
Why not just take the $770B and write the 15 million homeowners all checks for about 100 grand each? What the fuck is the difference? Its all lunacy. There are no longer any consequences of any kind for any bad decisions on the corporate or personal level. Big Momma Government will take care of it all.
A wise man once said: "Always, the last act of a dying government is to raid the treasury".
Enough said.
At least with another $100k they would be able to buy vacation homes!!!!!
;-)
LMAO Ted! It's taken you this long to come to that conlcusion? It started in 08
Ummm...because $770B / 15M == $53k?
OK, so my math is off a little bit. I think you get the point.
Because 15 million times 100000 is 15 trillion, which is far more than 770 billion.
The Chicago Wealth Transfer Project:
Forgive the debt of the profligate, inflate away the savings of the thrifty.
The Terrifying Protest of China's Poor- The Kindergarten Massacres
Yesterday a man wielding a knife killed three children at a kindergarten in eastern China's Shandong province, the latest in a string of attacks that has shocked parents and has forced government leaders to focus on the underlying causes of the violence. Police have detained a 26-year-old man, Fang Jiantang, who admitted to killing the children, state-run Xinhua news agency said Wednesday. Xinhua described the man as self-employed. There was no immediate word on what motivated his murderous rampage.
The three children died at the school, and three other children, along with four teachers, were taken to a hospital, Xinhua said. The attack occurred in Zibo, a manufacturing city with a population of more than four million. The assault took place Tuesday afternoon, but Xinhua didn't issue a report until a day later.
Reached for comment, officials at the education bureau of the Boshan district of Zibo said Communist Party officials in Beijing had ordered them not to release details of the attack. An employee at the state-run Zibo Daily said the paper was told not to run the story in Wednesday's edition.
The Terrifying Protest of China's Poor- The Kindergarten Massacres
Liar Loan, and NINJA Loan DO Over?
????
Obama get all he shit fo free...ain't that how it work for everbody?
The stupidity of our legislators is astounding, nothing else I can say...
My God, if it were only stupidity!
The total destruction of the American middle class and the "American Way of Life" accelerates. There was a time when there were more of us than them in government. Alas, that time is long since past.
There was a time when there were more of us than them in government. Alas, that time is long since past.
They won't be around long having spent themselves and ourselves in bankruptcy, the recovery will be one way...us and not them.
....will pass both plans....
Hmmm! Sounds like we need a third plan!
As an FHA mortgagee, they need to convince the Ginnie Mae (FHA Mortgages) to join the party as well. I'm about 30% under water (after putting down only 3% to begin with), and am looking for a bailout.
Current on my mortgage, with a $145k/yr annual income and 740 FICO score. Loan forgiveness for me will be about $60,000.
Thanks Obama!
Why stop with Fannie, Freddie, and Ginnie? Why not just declare a mortgage jubilee? What's a few trillion more?
ssssssshhhhhhhhhhhhhhhhhh, Big Momma may be listening.
Walt LMAO :)
Why stop with Fannie, Freddie, and Ginnie? Why not just declare a mortgage jubilee? What's a few trillion more?
Exactly, why not? I'd be furious to find out my neighbor got help, but I did not.
I think that's the point. They want us to all kill each other.
That would solve a bunch of problems, unemployment, social security, medicaid, and general overconsumption.
With wheat prices soaring my guess this current round of vote buying is more circus than bread.
Actually, this whole wheat issue might be more significant than anyone thinks.
We sit atop a tinderbox waiting for a spark. Famine and food shortages ought to do it, don't you think?
How do I get my mortgage transfered to Fanny or Freddie?
+1 - Perhaps we can get a recommendation from Ginnie or Sallie...
How does Mr. Market react to this? Bonds blow up, stock soar?
WTF?????
We did the "right" thing. We saved our pennies, put $80K downpayment on our house. Now that our house has lost $130K in equity, our money(equity) has just evaporated. We owe the bank what is close to the current market value of our house, which means if we stop paying our mortgage, the bank would surely sell because the bank could actually get the market value for the house and be fully compensated for the mortgage. We should have taken the $80K and bought precious metal....which is what we have been doing during Green-Ben-Obamanomics....no more early principal payments for us. I am pissed. To reduce the amount of mortgage interest is one thing, but to reduce the principal is another thing in its entirety.
We stopped the extra principal payments a while back, too. We figured our extra money was better spent at the coin shop.
Welcome to the wonderful world of Moral Hazard, where right is wrong, and wrong is right, where markets melt up on bad news, and where bad guys win and you lose.
You are pissed? Be pissed at yourself. I am pissed too, but for alot different reasons than your bad investment. Shut-up and make your mortgage payments or jingle mail the shack... and with whatever you money you walk away with - buy a foooking mirror.
You know, not everybody has the same financial education you do. Remember, they don't teach finance in school, so why should people be expected to know what is a good investment and what is a bad one?
I'm not saying people shouldn't blame themselves. They should. But when your neighbor's bad investment is bailed out, at your expense, and your bad investment is not, you have every right in the world to be pissed.
Seriously, get off of your high horse.
How about all the people that bought Escalades with their home equity at the same time I was paying rent on a shitty apartment be forced to trade me their homes that they can't afford for my shitty apartment, which I can afford?
Nobody has the right to be bailed out, least of all the people who thought that they could buy an Escalade every time they painted their house and got 50k in equity magically.
QQQBall,
I am pissed at myself, for doing the right thing, paying down debt and paying my taxes. Fool me once, shame on you; fool me twice, shame on me.
And, if you want to say fucking, say it; not some jibberish.
heh Fight Club
Yo dude. Don't ever go back, not for anything.
I could have written that Janice, there are a lot of us on here. Funny that.
y'know, about 5 years ago I was reading lots of stuff on the Interwebs from crazy people telling me to sell my house and buy gold.
I sold my house and bought a farm instead.
My play for the future is that wheat goes to infinity, the dollar goes to zero, and I pay off my jumbo mortgage.
Topsoil bitchez.
What More Need Be Said> http://www.gallup.com/poll/141725/Blacks-Whites-Continue-Differ-Sharply-...
Good....God.....
Ok soooo the banks, many of which posted a profit, did not write down their non-performing loans - so Obama will lop off the negative equity - the banks balance sheets are cleaned up & Timmy gets to sell 'product' (of which many Wall Street Investment houses will enjoy the $$$$ for selling) - hmmmm, I wonder who will pay for this 'Main Street Bailout'?
Can we outsource our treasury & monetary policy to Canada please...
NO FUCKING WAY.
We don't want the black hole clusterfuck.
Come on. You Canadians have been enjoying a free ride on America's (military defenses) coat tails for decades.
After all, think how many of your frozen citizens we employ in the auto industry. Not to mention all those tar sand products we're taking off your hands. And don't forget all that fresh water we're going to steal....er....appropriate when we're finished polluting all our fresh water sources and have drained that huge mid-western aquifer of ours. How do you think we're gonna water Hollywood in 30 years?
Time to pay the piper lizzy. :>)
Let's make a deal.
You can have Quebec. They will REALLY help out with those small debt/deficit issues. In fact, one would go as far as saying that in Canada they are the expert on those matters.
The bonus.......I hear they have some of North America's finest ballet dancers and venues (at least that is what the boys tell me).
So, New York, London, Paris & Berlin aren't the only destinations for all those BL Ukrainian exports... Swapation indeed.. OK Quebec for Illinois then with a dbl trigger .. how about working in a UAH/THB cross on these black holes?
I love the Canadian ballet.
I wish I had something more intelligent to add.
So I take it your vote to swap would be "yes"? :>)