Perhaps we should call Joan in from the carport?

Why do you think the $7500 credit toward buying a home passed?.. the problem is that is too little and in this information age… lots of potential buyers are still waiting.. I SAY RAISE THE HELP to get in.. if anything! lower FHA’s requirements from 2 year wait to 1 year!

The person loosing today .. would have a 1 year of saving.. (staying in a home without paying).. and another 1 year to rent and THINK!.. then buy again.. PROBLEM SOLVED!

We are not close to the problems in ’30s.. similar but not there yet…so far just a bad recession.. past results do no garantee the present.. It’s going to be a long time before balance reduction if any! (and not for all)

With the next tsunami coming that’s going to last few years, why would the government help someone like Javagold now.. rather than see the full impact first..

Not to mention that FORCLOSURES are the way the market heals itself .. it’s NORMAL! and within the AMERICAN MODEL!

How does revenge against “CEO’s” correct the downward cycle of housing? How does it help correct our economy?

I am not an attorney, but common sense tells me that “CEO’s” are going to point the blame for creating the exotic/special programs to our government, stating they were complying with their directions and regulations, no judicial relief.

They operated within our banking department rules/laws, again no judicial relief.

While dumb and greedy, the credit default swaps are the main reason our financial system is falling apart, of which there was no criminal intent nor regulatory oversight for, just greed.
This is the only gambling that was really being done in housing by Wall Street.

Since you seem to be better informed than I, would you happen to know exactly how much in mortgage assets the “banks” own versus the private investors of the MBS?

According to the Federal Reserve web site the total amount of mortgages outstanding is 12.1 Trillion Dollars.

If the banks owned all 12.1 Trillion Dollars of outstanding mortgages and the entire total was issued within the last five years and had to be reduced by 40% to conform to the present value, the total “loss” would be 4.84 Trillion Dollars.

Since we know the above is no where near true, why the following:

Taxpayers funds have been spent, outlaid, guaranteed to Wall Street to the tune of over 7 Trillion Dollars.

It’s interesting you mention the UAW union, because I consider your opinion as about as obtuse, callous and judgemental as one who’d applaud the suffering of a worker for picking the wrong industry to work in between 2003-07.

One can argue that the UAW worker had the same indicators of a fledgeling status quo as did the bubble buyer. They after all, earn well above the national and regional average in income despite their major skill being limited to bolting seats and shit to a chassis.

You know, they could have gone to night school and learned how to process soy or install or solar panels.

Re: HOLC – I must give you a hand noticing that the words “principal reduction” were not explicitly stated in the link. You are certainly sharp for a renter.

What is implied is that the loans were rewritten based on the current assessed value at the time when assets values were deflating (keep with me). An assumption has to be made that the new assessed value was (here’s the kicker) LESS in 1933 than it was in, let’s say 1930.

Here’s your homework, Joan:

Did the Gov buy HOLC mortgages for more, the same or less than the underwritten value?

Feel free to contemplate the answer while pacing in your car port.

“The ONLY people who should be bailed out are the pension, mutual, insurance funds, etc. who were duped by inept/corrupt money managers and regulators”

Joan Said:
Good post, well said. I could not agree more. I think it is so laughable that the MSM threw the public raw meat in the form of the poor UAW worker with that fabricated $70 an hour BS. The MSM has actually convinced most Americans that the other guy’s pension is frivolious or greedy. They got us chewing on each other while the Wall Street crooks skulk away with billions.

And the part about punishing Realtors, thats good too, full support here! Man oh man, does it take a genius to figure out that most people will say or do just about anything to make $29,000.00 for two hours worth of lieing (oops I mean two hours worth of work, it was work they did, deffinately work, sorry Realtors).