Why in the world...

wv-girl said:
I remember reading (somewhere) that a man in Florida went to court after his mortgage provider demanded regular payments(in which he was not making). He said if they could prove that he actually owed them the money, he would pay it. The judge found in his favor--since it couldn't be proven who he owed the $ to. Since there is no paper trail then one would assume that he got a free house. Shucks, where is mine?
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Hehe, yes, you should have heard the screams over this one. Unfortunately most judges aren't making the call in the borrower's favor because the banks can prove they own it now, they just can't trace how it got to them.
 
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Silverbird said:
Unfortunately the originators of a lot of those loans already took their money and left, and are no longer in business. Scary part of it all, it WAS NOT ILLEGAL, unless you can prove that the transaction involved fraud to the consumer/house buyer. Good luck since "everyone knew house prices would keep rising," and in a lot of cases there is no paper trail on where these abominations came and went through their leveraging binge.
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I remember reading (somewhere) that a man in Florida went to court after his mortgage provider demanded regular payments(in which he was not making). He said if they could prove that he actually owed them the money, he would pay it. The judge found in his favor--since it couldn't be proven who he owed the $ to. Since there is no paper trail then one would assume that he got a free house. Shucks, where is mine?
 
Unfortunately the originators of a lot of those loans already took their money and left, and are no longer in business. Scary part of it all, it WAS NOT ILLEGAL, unless you can prove that the transaction involved fraud to the consumer/house buyer. Good luck since "everyone knew house prices would keep rising," and in a lot of cases there is no paper trail on where these abominations came and went through their leveraging binge.
 
wv-girl said:
They are nothing more than empty suits. I mean how MANY times can one person change his mind(Paulson)? That shows that there is mush behind those beady eyes. All of this smoke and mirrors circus makes me wonder what is really going on. Is this a case of the tail wagging the dog? Can less than 20% of ALL mortgages really be causing ALL of these problems? The guilty parties should be caught and put behind bars after giving back what they stole. It is nothing more than plain ole racketeering.
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those 20% of mortgages were leveraged 30-40 times over.
 
Er..because the lack of regulation on dervitives, laws that made it easy to evade taxes and some other regulations by incorporating in the Caymans, and Fannie and Freddie Fun *caused* this and it's easier to throw money at it than pass regulations?:p

I'm still p.o.ed at Paulson, and my conspiracy theory side says that the October infusion was just to kick the BIG recession ball down the road. All its done is put us further in a hole, and encourage begging from industries and labor who aren't getting $700B or whatever it ends up being. Once you give out money, you are stuck, you have just decided to break the US golden rule - you are picking winners and losers.

The lack of strings on the money makes it even worse. Giving out loans with no strings...NO country does this. Everyone else has a master plan of some sort (encouraging certain industries), we are the exception because it discourages innovation. Now we are in a void state, somewhere in the nowhere land between encouraging innovation and keeping industry in line with laws, and industry planning.

Worst.idea.ever.thanks.for.all.the.fish.
 
coach222 said:
...does the US government think it can save the economy? It has NEVER done so in the past and it WILL NOT save anyone now.

What has ALWAYS saved the US economy is the ingenuity and tenciousness of AMERICANS!

Neither bailouts, handouts, give aways, nor welfare will prevent inefficient companies from going bankrupt. LIQUIDITY cannot fix INSOLVENCY!!!

Yep, it will be painfull. Yep, it won't be the first time. Yep, Americans will rise above, AGAIN, and do what no bailout can.

Why in the world does the US government think it can save the economy?
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They are nothing more than empty suits. I mean how MANY times can one person change his mind(Paulson)? That shows that there is mush behind those beady eyes. All of this smoke and mirrors circus makes me wonder what is really going on. Is this a case of the tail wagging the dog? Can less than 20% of ALL mortgages really be causing ALL of these problems? The guilty parties should be caught and put behind bars after giving back what they stole. It is nothing more than plain ole racketeering.
 
C

coach222

Member
...does the US government think it can save the economy? It has NEVER done so in the past and it WILL NOT save anyone now.

What has ALWAYS saved the US economy is the ingenuity and tenciousness of AMERICANS!

Neither bailouts, handouts, give aways, nor welfare will prevent inefficient companies from going bankrupt. LIQUIDITY cannot fix INSOLVENCY!!!

Yep, it will be painfull. Yep, it won't be the first time. Yep, Americans will rise above, AGAIN, and do what no bailout can.

Why in the world does the US government think it can save the economy?
 
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