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03/24/2009 05:48:31 PM · #26 |
Originally posted by soup:
i kind of agree with just letting the bastards sink into the hole they created. but at the same time, i'm not sure that is the best thing to do. |
My issue is pumping in $ without ownership... I mean REAL ownership... Board representation, the whole deal. Anyone else but the government would demand that for the size of the investment.
Buying the toxic assets at what MUST be a huge premium to their actual value means giving $ to the large investment firms that will be involved - same set of firms involved in the issue :). If they are priced at the real value then why would the current owner sell... They would not get enough $ from the sale. Catch-22 unless the gov effectively gives away lotsa $ and takes most of the risk. |
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03/24/2009 06:08:03 PM · #27 |
Yes...seems you are still BAILING out the HATED financial world. On another note...if the government buys up bad paper (home loans that are doomed to go bad) what happens to the homeowner who purchased a home they couldn't afford? I've heard that there are some that make $50,000 that borrowed $500,000. Does this person get his note lowered to what he can afford while living in a $500,000 house?
Originally posted by robs:
Originally posted by soup:
i kind of agree with just letting the bastards sink into the hole they created. but at the same time, i'm not sure that is the best thing to do. |
My issue is pumping in $ without ownership... I mean REAL ownership... Board representation, the whole deal. Anyone else but the government would demand that for the size of the investment.
Buying the toxic assets at what MUST be a huge premium to their actual value means giving $ to the large investment firms that will be involved - same set of firms involved in the issue :). If they are priced at the real value then why would the current owner sell... They would not get enough $ from the sale. Catch-22 unless the gov effectively gives away lotsa $ and takes most of the risk. |
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03/24/2009 06:10:05 PM · #28 |
exactly !
the plan is as faulty as the forged, fraudulant, and rediculous loans that were given out to the REAL americans that drive this country !
you and me
so stop funding the madness...............
Originally posted by robs:
My issue is pumping in $ without ownership... I mean REAL ownership... Board representation, the whole deal. Anyone else but the government would demand that for the size of the investment.
Buying the toxic assets at what MUST be a huge premium to their actual value means giving $ to the large investment firms that will be involved - same set of firms involved in the issue :). If they are priced at the real value then why would the current owner sell... They would not get enough $ from the sale. Catch-22 unless the gov effectively gives away lotsa $ and takes most of the risk. |
Message edited by author 2009-03-24 18:10:30.
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03/24/2009 06:12:25 PM · #29 |
no they get kicked out, the bank gets to remove that loan from their books, resell the propery, and forget about it...
part of the problem wasn't that someone borrowed more than they could afford, intentionally, but that the lender took advantage of a situation, and led people that didn't understand how everything worked to believe they could afford more than they could. they loaned the money knowing that laon would likely default. but then immediatlely sold the loan in a lump of other loans. at that point it wasn't of their concern anymore. well until about a year ago anyhow...
and - IMO that's exactly what's going on with these multiple bail out initiatives. the wool is being pulled over our eyes once again.
Originally posted by kenskid:
Yes...seems you are still BAILING out the HATED financial world. On another note...if the government buys up bad paper (home loans that are doomed to go bad) what happens to the homeowner who purchased a home they couldn't afford? I've heard that there are some that make $50,000 that borrowed $500,000. Does this person get his note lowered to what he can afford while living in a $500,000 house? |
Message edited by author 2009-03-24 18:19:35.
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03/24/2009 06:24:19 PM · #30 |
what's happening is a shitload of crooks are getting off scott free. and getting paid for it...
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03/24/2009 06:46:20 PM · #31 |
Originally posted by soup:
what's happening is a shitload of crooks are getting off scott free. and getting paid for it... |
agree, and that these crooks fund a lot of politicians war chest, on both sides! |
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03/24/2009 06:48:33 PM · #32 |
Originally posted by kenskid:
On another note...if the government buys up bad paper (home loans that are doomed to go bad) what happens to the homeowner who purchased a home they couldn't afford? |
Yeah life sux but they should not have been able to buy in the first place, so the banks should issue a foreclosure or work out some arrangement between the mortgagee and the bank - could be delayed payments or some partial forgiveness - a business decision on the banks part based on individual loans, nothing more.
I qualified for a seriously large (SERIOUSLY) mortgage.... I was sensible (read stupid) enough to buy what we could afford... Used a fraction of the mortgage I could qualify for... Let alone all the lair loans that were issued. What about my bailout? I mean the huge banks got a hand out and so do the people getting thrown out... Where is my slice of the slush fund? Instead I get inflated mortgage rates, forced low interest rates, job instability and inflation (the official figures are a joke). Oh and I almost forgot... about $10 a week for the latest tax rebate.... Think I'm going to buy a car with mine :roll:... Matchbox :-)
The too big to fail institutions should have been pushed into a forced controlled liquidation.... Chapter 11 in other words.
Message edited by author 2009-03-24 18:49:59. |
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03/24/2009 07:44:55 PM · #33 |
except - they have nothing to offer...
they shouldn't have loaned money when they knew they weren't going to collect the principal - nevermind the interest - and on top of that asked for no money down... enough said. it isn't the borrowers fault (* in most cases ). it's mis-leading lending.
are the banks griping about the trillion+ $$ they are being loaned - when they know they can't afford to pay it back ?
it's no different on the small scale.
Originally posted by robs:
Yeah life sux but they should not have been able to buy in the first place, so the banks should issue a foreclosure or work out some arrangement between the mortgagee and the bank - could be delayed payments or some partial forgiveness - a business decision on the banks part based on individual loans, nothing more. |
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03/24/2009 08:00:28 PM · #34 |
why did this get moved to rant ?
it's a discussion....
ah - more politics... i see....
Message edited by author 2009-03-24 20:01:02.
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03/24/2009 08:02:15 PM · #35 |
Originally posted by soup:
why did this get moved to rant ?
it's a discussion.... |
I moved it.
It was requested by several members. |
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03/24/2009 10:48:07 PM · #36 |
ah well - discussion over...
it's an important topic IMO. but maybe the wrong field.....
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03/25/2009 10:07:49 AM · #37 |
It's not the borrowers fault? Why not? I know EXACTLY what i can or can't afford with the amount of money we have coming in. I don't expect that we'll get a windfall, or even a raise. If someone came and told me i could afford $3K a month for something when i know we only have $1500 to spend, why should i believe them? Yes, the banks were out to make money, but any idiot that didn't take into account their own expenses is exactly where they deserve to be, and i'm sick of forking over more and more money to bail out folks that should be allowed to reap the results of their own actions.
With our current income and the money we have available, most calculators tell me i could buy a house that costs 4x the amount of our current residence. BUT *I* know what that would do to our budget. So why on earth would i attempt spend money i know i don't have?
Message edited by author 2009-03-25 10:09:41. |
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