Why doesn't the bailout plan include reforms for some of the problems with the mortgage industry, namely the CEOs, loan officers/brokers, and real estate speculators that colluded in this mess?
Some ideas for the future:
1) Any company that has on its payroll one of the CEOs of companies that had to be bailed out MUST be required from now on to clearly identify to its shareholders that this person is on their staff. These people are threats to taxpayers and investors bc they are clearly willing to take self-serving, risky moves at others’ expense. I would even say that those companies should be FINED by the FDIC for hiring them. It is similar to having a higher insurance premium on your car ins once you have an accident. These people are liabilities. It pains me to see things like CEOs shared between Countrywide and Indymac and yet both companies tanked under the same risky management.
2) Loan officers and mortgage brokers must clearly present upon request how many subprime loans or defaulted loans they have brokered. People should be told to ask them for this information so that they know they are working with reputable agents. Thus far, good brokers that dissuaded people from bad loans just lost business. Bad and sometimes predatory lenders got paid no matter how bad they knew the situation was. If they grossly and knowingly misrepresent themselves, this should be punishable first by a fine, second from being banned from practice, and third by jail-time.
3) People who have foreclosed should not be allowed to take on another home loan for 5 years. This should prevent anyone from dumping their own loans onto taxpayers and buying the devalued property down the street.
Rachna
of CA
@
Oct 03, 2008 04:08:20 AM
Terrible Bill
this dumb bailout is just going to sink us even more deeper into more debt, the previous version of the bill is better than this ten fold, and what's wrong, IT ALREADY SUCKS!
of MD
@
Oct 03, 2008 01:02:14 AM
Financial Crisis or is it Financial GREED???
The people of America are the ones who should be BA ILED OUT, NOT these banks and Institutions. Give the money back to the people who grew America and it will naturally go right back into the economy and banks. Stop forcing the Ameican people to borrow money and listen to the people. The financial report in Time Magazine 1999 foretold of this mess that America is in right now. Its an ALL matter of greed and thinking of ones self AND not others!!!!!
of WA
@
Oct 02, 2008 22:26:44 PM
Is this good for America?
This bill was written to bail the bad debt on Wall Street. We are forgoing the natural economic process, bank fails, some losses are absorbed by stocks, assets sold, and Federal Government takes portfolio and sells it, depositors insured. Now the US government is going to prepay bad debt at full absorbing all of the loss that has been generated by fiscally irresponsible banks.
Hard working Americans have been punished enough by this administration. We are faced with a higher cost of living, high energy prices, our jobs have been exported and now we are going to face a $110 billion deficit.
The rich will be fine, what about the working class? Will this be our future; Take a look at this http://www.BuyMyHouseBeforeTheBankTakesIt.com
Our economy is just as important as our national security. Its time that we address our economic policy, encourage domestic production, discourage outsourcing, and work together to fix America?
william
of CT
@
Oct 02, 2008 14:34:25 PM
Nothing Good Comes From The Bailout.
Whether the bailout passes or not is besides the point. It will not help mortgages. Our banking institutions are in trouble. Everyone should start looking ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
Frank Miller
of TX
@
Oct 02, 2008 13:27:09 PM
Bailout
Well the money had to go somewhere!We convict bank robbers , is this any better??Lets go and get it back. How many of our polititions profited with the fannys.We need to clean house.We need to find out who is spreading the wealth in washington on our dime and confict them before the crazy red necks start a revolution in this country.How much more do you think we can take. THE LOVE OF MONEY, IS THE ROUTE OF ALL EVIL.Lets show the next generation what happens to them if they pull this crap.
PT
of VA
@
Oct 02, 2008 12:24:17 PM
bailout
We're taking our bailout lead from Bush, the same guy who wanted to privatize Social Security -- the same guy who spooked us with images of mushroom clouds and WMD into attacking Iraq. Are we crazy now to give the Bush, who didn't get elected honestly in 2,000, a whopping $700 billion to fool around with in a bailout scheme that in effect amounts to crony capitalism?
Rachna of CA @ Oct 03, 2008 04:08:20 AM
of MD @ Oct 03, 2008 01:02:14 AM
of WA @ Oct 02, 2008 22:26:44 PM
william of CT @ Oct 02, 2008 14:34:25 PM
Frank Miller of TX @ Oct 02, 2008 13:27:09 PM
PT of VA @ Oct 02, 2008 12:24:17 PM
AspenFreePress of CO @ Oct 02, 2008 11:27:15 AM
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