tag:blogger.com,1999:blog-4425587034622601550.post87270376665995170..comments2023-09-15T04:27:57.129-04:00Comments on Commentarama: Obama’s Mortgage-Bribe Hail MaryAndrewPricehttp://www.blogger.com/profile/11312364467936820986noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-4425587034622601550.post-11563695198782504682010-08-10T21:01:30.628-04:002010-08-10T21:01:30.628-04:00Yeah Mega, I don't buy it either. Or let'...Yeah Mega, I don't buy it either. Or let's put it this way, I'll believe it when it doesn't happen.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-38046835631260780542010-08-10T21:00:34.450-04:002010-08-10T21:00:34.450-04:00I wouldn't believe the Treasury either.I wouldn't believe the Treasury either.MegaTrollhttps://www.blogger.com/profile/03234420338804013858noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-52844100737482846112010-08-10T20:53:32.421-04:002010-08-10T20:53:32.421-04:00Update: The Treasury now denies that there's a...<b>Update:</b> The Treasury now denies that there's any such plan in the works. Of course, that an a dollar gets you. . . a dollar.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-14865232438429097952010-08-09T19:37:59.409-04:002010-08-09T19:37:59.409-04:00JB, I think you've put your finger exactly on ...JB, I think you've put your finger exactly on the plan. From now on, what laws will apply to you depend on who you are and in what category you can squeeze into.<br /><br />It truly is a sad day for America when we've come to this, isn't it?AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-32127168133744003552010-08-09T19:36:14.591-04:002010-08-09T19:36:14.591-04:00Ah! Now I understand. Sorry but it took me a while...Ah! Now I understand. Sorry but it took me a while. Illegal Immigrants, General Motors, and now homeowners. The Democrats have decided that everyone gets to choose one law they don't need to obey! It's bankrupcy laws for GM and these home owners and the immigration laws for our southern 'neighbors'.<br /><br />I think that I will choose criminal damage to property. Then I can go burn down the homes of those whose debt is forgiven. If the cops catch me, I just tell them that's the law that doesn't apply to me then they have to let me go.JB1000noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-14710820602979442852010-08-09T19:36:01.149-04:002010-08-09T19:36:01.149-04:00Agreed Stan, but the problem is that they're t...Agreed Stan, but the problem is that they're trying to prove "what goes up and stay up" using our money!<br /><br />This smacks of desperation.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-2374463815596618632010-08-09T19:01:08.710-04:002010-08-09T19:01:08.710-04:00Once again an indicator of the political class get...Once again an indicator of the political class getting to near hysterics. This brinks on insanity. Nobody’s perfect, everybody can fall on bad times, but damn…this is only rewarding stupidity and just kicking down the field the inevitable collapse of Fannie & Freddie. Even Barry cannot defy gravity, “what goes up…StanHhttps://www.blogger.com/profile/07395708786509590321noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-80137098370829552912010-08-09T18:09:51.725-04:002010-08-09T18:09:51.725-04:00Writer X, That's pretty much how I felt when I...Writer X, That's pretty much how I felt when I first heard this. And it hasn't gotten better over time. I'm still angry.<br /><br />I really think there is a visceral aspect to this that the analysts have missed. This one angers people like nothing Obama has done yet.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-84652466113501440222010-08-09T18:08:05.553-04:002010-08-09T18:08:05.553-04:00rlaWTX, Yep, if Obama signs this thing, then that&...rlaWTX, Yep, if Obama signs this thing, then that's all it would have taken. Sick huh?<br /><br />Sorry to hear about the debt problems and the problem with the ex. But if he left you for anyone connected to Pelosi, then you're better off without him! :-)AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-15627146506346570302010-08-09T18:07:19.990-04:002010-08-09T18:07:19.990-04:00No story has made me angrier than this one.No story has made me angrier than this one.Writer Xnoreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-35161972991778707602010-08-09T17:37:01.593-04:002010-08-09T17:37:01.593-04:00I have this lovely pile of unsecured debt that my ...I have this lovely pile of unsecured debt that my ex & I ran up - our own dumb fault - that I am ignoring until I finish grad school and make more than 25K/yr. <br />NOW, you tell me that all I needed to do when the ex left me for a 20 yr old intern in Pelosi's office (true story!) was buy a house I couldn't afford and add the debt onto the loan!?! Then I could get it forgiven and just owe what the house is now worth!!! Why didn't you tell me sooner??!! <br />< gag cough blech >rlaWTXhttps://www.blogger.com/profile/09319344164726195144noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-32391971418454905542010-08-09T17:11:41.488-04:002010-08-09T17:11:41.488-04:00Tell me about it Crispy! This November and Novemb...Tell me about it Crispy! This November and November 2012!AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-74803320261401194232010-08-09T16:52:23.921-04:002010-08-09T16:52:23.921-04:00Unbelievable, Andrew! November can’t come soon en...Unbelievable, Andrew! November can’t come soon enough.CrispyRicehttps://www.blogger.com/profile/07302075204880024936noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-40316185349196101962010-08-09T14:49:46.413-04:002010-08-09T14:49:46.413-04:00No Mega, it's not hopeless. People just need ...No Mega, it's not hopeless. People just need to let their voices be heard. With the election near, politicians will be particularly susceptible to public pressure. So now is the time to apply that pressure.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-23036569733597162772010-08-09T14:48:10.706-04:002010-08-09T14:48:10.706-04:00That's what I thought. So it's hopeless?That's what I thought. So it's hopeless?MegaTrollhttps://www.blogger.com/profile/03234420338804013858noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-13117143983054089732010-08-09T14:46:08.574-04:002010-08-09T14:46:08.574-04:00Mega, I'd say the thing to do is to spread the...Mega, I'd say the thing to do is to spread the world. Call your Congressman too and let them know that they need to stop this.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-31990912976729841062010-08-09T14:39:39.389-04:002010-08-09T14:39:39.389-04:00Wow, this makes me angry. Anything we can do abou...Wow, this makes me angry. Anything we can do about it? Also, nice find. I haven't seen this anywhere else yet.MegaTrollhttps://www.blogger.com/profile/03234420338804013858noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-29377895999207710602010-08-09T14:37:13.568-04:002010-08-09T14:37:13.568-04:00DUQ, We don't know yet. Right now it's be...DUQ, We don't know yet. Right now it's being discussed behind the scenes, but no one knows for sure. If people don't start pointing this out though and standing up to it, they'll just suddenly do it. The most likely date for an announcement is August 17.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-26200482452502694422010-08-09T14:36:03.648-04:002010-08-09T14:36:03.648-04:00Ed & Joel, That is sort of the definition of s...Ed & Joel, That is sort of the definition of slavery. Though this is a little different. I don't dispute the government's right to do necessary things and to tax us accordingly, but I don't see this as anything less than robbery.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-82666758859030842042010-08-09T14:30:26.865-04:002010-08-09T14:30:26.865-04:00Is this happening for sure? Do we know yet? Than...Is this happening for sure? Do we know yet? Thanks for the heads up.DUQnoreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-67691145691068331842010-08-09T14:03:53.021-04:002010-08-09T14:03:53.021-04:00@Joel, I see it as slavery. They want to put me t...@Joel, I see it as slavery. They want to put me to work forever so that these other people don't need to pay their debts or lose their investments. That's slavery to me.Ednoreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-65724615916407488012010-08-09T12:46:50.306-04:002010-08-09T12:46:50.306-04:00Lawhawk, Very true. There are people who genuinel...Lawhawk, Very true. There are people who genuinely got squeezed, but the vast majority are gamblers.<br /><br />Many of these people knew that long term rates were at historic lows, but still tried to squeeze another couple points out with an ARM. Many took interest only loans knowing they were not paying off principal and that a huge balloon payment would be due. Many took zero down loans, knowing they had no cushion of equity. And many took these loans out assuming that they would keep getting enough raises that they could "grow into" their mortgages.<br /><br />And that doesn't even count the people who refinanced to put their credit card and car debt onto their house, and those who knew that home prices were at a peak but said "hey, it will keep going up forever."<br /><br />Those people all made risky bets, which didn't pay off. We should not be bailing them out anymore than we should bail out people who bought junk bonds that didn't pay off, those who put their money on black in Vegas or those who lost money betting on Enron.<br /><br />Also, these people have already got relief once from us by getting refinancing from Fannie/Freddie to reduce their payments. And they've chosen to default in vast numbers.<br /><br />So why should we pay for them now?AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-56174780236051930252010-08-09T12:31:24.748-04:002010-08-09T12:31:24.748-04:00Andrew: The Democrats, being such good economists...Andrew: The Democrats, being such good economists, accountants and lawyers, must have a provision whereby the buyers whose mortgages are reduced to match their home's current market value will pay the increased equity back directly to the taxpayers when times improve, right? No?<br /><br />Some of the mortgagees realistically entered into these financial arrangements with good intentions and reasonable life business plans. For those people who are being devastated by the Great Recession, I feel true sympathy. But it's not the taxpayer's responsibility to bail them out because they didn't leave enough of a hedge for bad times.<br /><br />But that's the smallest group. The big group is comprised of Las Vegas-style gamblers, fools, people who knowingly got in way over their heads in debt ("living on the come"), and unrealistic dreamers with dollars in their eyes and pennies in their bank accounts. These people ignored all the old traditional rules-of-thumb about savings, percentage of base income going to the mortgage, betting on improved interest rates at some nebulous future date, and other wholly unrealistic expectations. Far too many overbought based on show and prestige rather than family need. An equally large number bought the houses as money-makers rather than as homes and lost on the bet. I feel sorry for their foolishness and losses on their bad bets, but I don't want to pay for their profligacy.LawHawkRFDhttps://www.blogger.com/profile/17800255923675295515noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-71145190045053068822010-08-09T11:31:53.105-04:002010-08-09T11:31:53.105-04:00Joel, "Tantamount" is a strange word. E...Joel, "Tantamount" is a strange word. Economically, the answer is yes. If you are forced to pay a debt that you did not earn and which you cannot pay off, that used to be called "indentured servitude," which was a nice word for slavery.<br /><br />In this case, we could pay it off eventually, but it's an outrage nevertheless. It's one thing to tax people to pay for necessary services or to pay for some forms of charity, but this is something completely different. This is taxing people to make sure that lenders who took stupid risks don't lose any money and that people who spent beyond their means don't need to pay off their debts.<br /><br />And keep in mind that these people did get the homes they bargained for. It's not like the homes turned out to be fake. They paid what they thought was a fair price for the home, i.e. it was what they thought the home was worth to them.<br /><br />They overpaid, but so what? Why should the taxpayer pay them the amount they overpaid? And if we're going to get into that game, then why doesn't the taxpayer pay me the difference between what I thought my last hamburger would be worth and how it actually turned out?<br /><br />Also, keep in mind, for those who simply cannot pay, there is bankruptcy. That's always been the way out for people who overspent.<br /><br />This is not something the taxpayer should be covering.AndrewPricehttps://www.blogger.com/profile/11312364467936820986noreply@blogger.comtag:blogger.com,1999:blog-4425587034622601550.post-37026763419680532902010-08-09T11:16:15.153-04:002010-08-09T11:16:15.153-04:00Andrew and Ed,
Isn't this tantamount to slave...Andrew and Ed,<br /><br />Isn't this tantamount to slavery? Fixing us with an unbearable burden with out our consent?Joel Farnhamhttps://www.blogger.com/profile/15856960977033430002noreply@blogger.com