jtpassat

and there are people out there looking to take advantage.

I remember 2 years ago when I was looking to refinance and I was using some website to price out various mortgages and this one guy called me up to offer me a refinance mortgage.

he offered like 20K in cash in addition to the refi but the interest rate was like 8% when everyone else was 5-6% when I said no, he was persistant stating, don't you want 20K?? don't you want all this money. and for some people that works, they here cash but don't here how much that cash will cost them.

RedY2KS2k

The phrase I heard on TV for the policy I favor is "Darwinian flush." It will be painful, the economy will suck for several years, but it will make America a better place. Sometiimes you have to be willing to suffer a bit for your principles. Ensuring that we never allow this kind of stupidity to sink our economy again is more important than mitigating the short-term effects of the stupidity. But TARP prevented a Darwinian flush in the banking industry...

RedY2KS2k

Jerry is exactly right. The show House of Cards that he mentioned profiled a guy who made $47k per year; he lied on an application by stating he made 4 times that, according to the reporter. He got a mortgage for around $575k. He never intended to pay it back: his plan was to refinance in about a year and take out enough equity to start a business.

There should be absolutely no government aid for anyone like that.

boltonblue

never is a very long time.
or in or case about 70 years.
the feds slowly and meticulously dismantled all of the protection mechanisms crafted as a result of the 29 stock crash ans subsequent great depression under the principles that things were different now.

and they are, through the magic of computers and elaborate mathematic abstractions, wall street has created a rats nest which few can understand.

it's now worse than it was before.

ironically CNBC just had a story that some of the senior partners are struggling to come up with cash to cover margins calls against goldman stock.
hmmm margin calls were have I heard that term before,.... Oh yeah history class talking about the great depression.

BTW in the 80's we did have a miniflush with the RTC, the resolution trust company which took the assets of the failed S&L's i.e. defaulted mortgages, bundled them and sold them off really cheap.
but it got the inventory off of the market and allowed prices to stabilize and recover.

Legal Bill

Great discussion!

paivag

Wow, ironic how 6months ago I said let all these companies and people looking for handouts burn all to hell and most of you Obama supporters didn't think that was a good idea.

Look at you all now. When it finally hits your wallet you cry uncle. Wait till the bill comes for these so called stimulus packages being put together. April 15th will be a very painful time for you next year. Just wait and see.

F'it I am stimulating the economy by hitting up Disney next week, then a wedding in Key Largo in April. Hell I am even going to stimulate the EU when I hit up Portugal this summer.

HARDtoTOP

[QUOTE=Bass,Feb 18 2009, 10:04 AM] this whole thing really drives me nuts

i struggle - don't buy expensive stuff - put off house beatification,

Bass

this was in play before the Messiah got elected

heck i am liberal republican at heart BUT there was no way I could vote for old man crochet and caribou barbie -

HARDtoTOP

HARDtoTOP

Oh and not so fast on that stance, read the title of the article...

http://news.yahoo.com/s/ap/20090218/ap_on_...me_foreclosures