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[Politics] Topic: Agrat Bat Mahlat |
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be easy |
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MVP
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#1 Posted: 5/11/2012 3:18:56 PM
spawned the devil son, Bank of Asmodeus
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hell hath no fury, like a TBTF usfedgov "bank", doling out cram downs
But the offer is real, and eligible borrowers could get as much as
$150,000 knocked off the balance of their mortgages. It is all part of
the $25 billion settlement reached this year between federal and state
agencies and the nation’s five largest mortgage servicers over
fraudulent foreclosure document processing (so-called “robo-signing”).
Bank executives say that before choosing which borrowers will get the
offer, they performed a net present value test on each loan, making sure
that the principal reduction modification would net Bank of America or
the investor who owns the loan more than foreclosing on the home. “It
has to be fair to the investor as well,” says Sturzenegger.
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be easy |
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MVP
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#2 Posted: 5/11/2012 3:37:48 PM
How about the banks? What is the timeframe to allow them to mark to fantasy, their assets?
people throw the word "Bubble" around all willy nilly, and every joe shmoe is wondering where the next bubble is. Hard to inflate one, before we even begin to clean up this one's mess. What all real bubbles have in common, is the end game. Supply Demand imbalance, because of over supply. And we have a serious opacity issue, when it comes to the seriousness of this current situation
The boomer pension system is reliant on asset prices not only recovering, but further increases. From their peak levels, seeing as how most folks largest asset is a debt laden piece of overpriced RE
The banks, are reliant on the taxpayer hand outs and trick accounting
The powers that be, and the politicians, are relying on people keeping the faith in their religion of statism, and believing that the currency retains it's value
If i were running for president, my promise would be affordable housing, and the plan is quite clear. Many implications would play out beneficially for the working class. It would mean your dollar would buy you more as well. That's how all bubbles end. stronger dollar/falling prices isn't the problem, it's the solution
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djbrow |
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Covers Linesmen
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#3 Posted: 5/11/2012 3:47:06 PM Its a catch-22. 'Encouragement' with no little regulation in the actually contracts provides for short term explosion and long term disaster thereby creating the current situation where the market cannot seem to work its way back up. |
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MVP
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#4 Posted: 5/11/2012 4:18:01 PM QUOTE Originally Posted by djbrow: Its a catch-22. 'Encouragement' with no little regulation in the actually contracts provides for short term explosion and long term disaster thereby creating the current situation where the market cannot seem to work its way back up.
are you assuming that the market desires to 'work its way back up'?
cui bono? to whom, is that assumption, desirable? As a working American, i want to know that there is long term health for our economy. The economy is broken right now because of inflated real estate (which is really just land values). land encompasses petroleum
would people have interest in buying some of all this housing supply, if prices dropped in half? how about the price of oil and it's effects on the economy, what would the economy look like here in America if gas was 1.00? 
wouldn't working class americans have more disposable income if their energy and housing costs were halved?
Whatever happened to the term American Consumer? was it banned or something, it's like the media decided to black out the term from their dialogue. Or maybe it's out of respect for the dead,,,,,
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be easy |
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MVP
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#5 Posted: 5/28/2012 11:04:38 AM  
Wells fargo wrongly forecloses on family, husband commits suicide as result and next day sheriffs come to evict wife and son
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this death and the blood is on the hands of the mentally inept that cannot think their way out of this mess, so instead they crow for more of the same,,,,"get the truck out of the mud, so we can use it to bulldoze the lifestyle that the real working american folk have earned for themselves"
SHAME ON YOU ALL
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SarasotaSlim |
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#6 Posted: 5/28/2012 12:56:48 PM Fannie Mae and Freddie Mac. regulator, Edward DeMarco of the Federal Housing Finance Agency, has yet to agree to principal reduction in loan modifications, despite harsh criticism from some lawmakers on Capitol Hill .. [ DeMarco probably doesn't like the terms/rules of the modification that say...a borrower with no income would therefore not qualify.]
Level the playing field.... everyone gets a fair shot, everyone plays by the same set of rules...
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MVP
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#7 Posted: 5/31/2012 10:52:04 AM
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AustinHoopDream |
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#8 Posted: 5/31/2012 11:54:24 AM QUOTE Originally Posted by be easy:
welcome to the next leg down
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so by this rifle approach, nyc- phoenix-connecticut are somehow proxys for the entire nation? really expensive ny-connecticut and mega bubble phoenix are indicative of the entire nation? really?
the author picks and chooses markets that make his points....
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captjohn67 |
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#9 Posted: 5/31/2012 12:07:30 PM QUOTE Originally Posted by AustinHoopDream:
so by this rifle approach, nyc- phoenix-connecticut are somehow proxys for the entire nation? really expensive ny-connecticut and mega bubble phoenix are indicative of the entire nation? really?
the author picks and chooses markets that make his points....
point made, but it's no better in small town Alabama either. I don't believe we've seen the bottom either fwiw. |
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be easy |
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#10 Posted: 6/1/2012 8:21:52 AM QUOTE Originally Posted by AustinHoopDream:
so by this rifle approach, nyc- phoenix-connecticut are somehow proxys for the entire nation? really expensive ny-connecticut and mega bubble phoenix are indicative of the entire nation? really?
the author picks and chooses markets that make his points....
They may not be indicative of other markets, but that doesn't mean that the rest of us can decouple from the United States of California,,,,,The dollar is world wide. FHA subsidies that go to the mega wealthy to lever into overpriced shitboxes are upwards of 3/4 million dollars! Thats right, people like me that work for a pittance in flyover country are forced by the federal government to subsidize the insanity. More importantly, i am the backstop for the banks, so nothing is more important then where the bulk of all their (zombie) mortgages are,,,,40+% in Calif.
So you are correct, Real Estate SHOULD be local, but that doesn't mean that it is.
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AustinHoopDream |
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#11 Posted: 6/1/2012 11:19:19 AM
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be easy |
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MVP
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#12 Posted: 6/1/2012 12:29:03 PM QUOTE Originally Posted by AustinHoopDream: we have no business subsidizing mortgages. zap the home interest deduction and presto chango you got $450B over the next five years.
it's weird, but i'd assume we'd end up with more (cleaned up) capital as well. There's a give take. Stop gifting loan owners the income tax write off, and you dis-incentivize current housing prices all the more. Seeing as how so many dollars that made the economy we all came to know and love came from levering against houses, that money continues to (rightfully) evaporate. However, we are in great need of a cleansing, so it is an intelligent first step. Not sure how anyone could/would argue against, as it is atop the list of the most asinine of gov't dollars "spent"
Next step out the implications chain, would be lower house prices make EVERYONE more wealthy, as shelter is the necessary consumption item, so when it comes with a high price tag that only benefits the landed wealth aristocracy, it makes everyone else wealthier, and they can circulate these new found dollars back into the real economy
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