Nuance of language means everything. The Patriot Act sure was not at all patriotic and this has nothing to do with cramming anything down.
Nice to see that the Republicans are stuck in the past, playing failed politics that the nation and our new president have rejected.
please join us in rebuilding our country.
We are all Americans and we are in fact all in this together.
We either all succeed or all fail. it is far past time that we see this.
of
@
Jan 28, 2009 12:41:41 PM
Three-part mortgage proposal
1) Everybody pays THEIR OWN mortgage.
2) Those who can't pay, or don't feel liking paying their mortgage, can rent.
3) Speculators who lent money to people who can't pay or don't feel like paying their mortgages are out of luck. They lose.
Jim Dwyer
of IL
@
Jan 09, 2009 02:29:15 AM
Badly Needed
This measure has been needed for a very long time. What a joke that trade organizations like The National Association of Mortgage Lenders would oppose this!! Their members would absorb incredible losses if this goes thru...and rightfully so!! it's about time!
Jay
of MD
@
Jan 08, 2009 19:18:47 PM
Remember this word in 2009: Cram-down
Cram-downs are inevitable because we’ve got to get the leverage out of the economy. A lot of people bought houses at wildly inflated prices and now their liabilities are greater than their assets. As long as that is true, we won’t get out of the recession.
Do you think cram-downs only will apply to bankruptcies? That wouldn’t be fair to neighbords who don’t declare bankruptcy; it might even amount to a taking. The threat of big cram-downs might make investors and mortgage originators agree to sensible cram-down policy. Read more on cram-downs at http://blog.jimgogek.com
jgogek
of CA
@
Jan 08, 2009 17:18:07 PM
Good
The sooner we make lenders take the hit for bad loans they made and bought, the better.
True, it will cause rates to go higher and future loans to be more selective. EXACTLY AS BOTH SHOULD BE.
of @ Jan 28, 2009 12:41:41 PM
Jim Dwyer of IL @ Jan 09, 2009 02:29:15 AM
Jay of MD @ Jan 08, 2009 19:18:47 PM
jgogek of CA @ Jan 08, 2009 17:18:07 PM
of @ Jan 07, 2009 13:05:07 PM
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