Comments on: Are We There Yet? http://www.noquarterusa.net/blog/18537/are-we-there-yet/ Fri, 25 May 2012 12:42:00 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Peggy Sue http://www.noquarterusa.net/blog/18537/are-we-there-yet/#comment-1163757 Peggy Sue Mon, 23 Mar 2009 17:53:38 +0000 http://www.noquarterusa.net/blog/?p=18537#comment-1163757 So, the fantasy game continues and the taxpayer is left holding the bag, which will stretch out to perpetuity. Even the "yes we can" crowd needs to push back and think about this seriously. I probably won't be around for another 40 years, but my kids will. We're strapping massive debt obligations on their backs and trying to call it "fair play." It's a con game, just an upgraded model. Same old, same old. Wake up, people! So, the fantasy game continues and the taxpayer is left holding the bag, which will stretch out to perpetuity. Even the “yes we can” crowd needs to push back and think about this seriously. I probably won’t be around for another 40 years, but my kids will. We’re strapping massive debt obligations on their backs and trying to call it “fair play.”

It’s a con game, just an upgraded model. Same old, same old.

Wake up, people!

]]> By: Linda C. http://www.noquarterusa.net/blog/18537/are-we-there-yet/#comment-1163630 Linda C. Mon, 23 Mar 2009 13:10:17 +0000 http://www.noquarterusa.net/blog/?p=18537#comment-1163630 Since we no longer have the banker as the lender anymore, they have used a "carrot technique" to get these loans modified when they are held by a third party. When you send your mortgage payment to the bank, they only act as a processing center. The bank probably sold the loan and therefore has no control over it anymore. The third party holder of the loan is better off financially if they let the home foreclose. The feds could force the actual loan holders to accept the modified mortgages, but they aren't going to do so. If the third party is going to make more money by letting the home foreclose versus modification, then there is a problem. The government isn't addressing this problem but only making the modification an attractive alternative to these third party people versus the total cost of foreclosures to the country. Geitner, Summers et al are wedded to the idea of selling mortgages as securities in neat chopped up packages which got us into this mess in the first place. As the demand for these securities grew there was a push from Wall Street, paid off politicians, as well as community organizers to lower the credit worthiness of the borrower. Poor people got houses, Wall Street could sell these securities, plus the insurance on these securities. The wealthy got even wealthier and poor people were stuck with mortgages they didn't understand, and couldn't pay on property that many times was fraudulently over valued. The idea that massive consumption based on debt would bring us wealth into perpetuity has not changed with the Wall Street folks, Geitner or Summers. They want to tax payers to foot the bill for what they believe is only a "confidence problem" and continue on their merry adventures at our expense. Since we no longer have the banker as the lender anymore, they have used a “carrot technique” to get these loans modified when they are held by a third party. When you send your mortgage payment to
the bank, they only act as a processing center. The bank probably sold the loan and therefore has no control over it anymore. The third party holder of the loan is better off financially if they let the home foreclose. The feds could force the actual loan holders to accept the modified mortgages, but they aren’t going to do so.
If the third party is going to make more money by letting the home foreclose versus modification, then there is a problem. The government isn’t addressing this problem but only making the modification an attractive alternative to these third party people versus the total cost of foreclosures to the country.

Geitner, Summers et al are wedded to the idea of selling mortgages as securities in neat chopped up packages which got us into this mess in the first place. As the demand for these securities grew there was a push from Wall Street, paid off politicians, as well as community organizers to lower the credit worthiness of the borrower. Poor people got houses, Wall Street could sell these securities, plus the insurance on these securities. The wealthy got even wealthier and poor people were stuck with mortgages they didn’t understand, and couldn’t pay on property that many times was fraudulently over valued. The idea that massive consumption based on debt would bring us wealth into perpetuity has not changed with the Wall Street folks, Geitner or Summers. They want to tax payers to foot the bill for what they believe is only a “confidence problem” and continue on their merry adventures at our expense.

]]> By: JRD http://www.noquarterusa.net/blog/18537/are-we-there-yet/#comment-1163598 JRD Mon, 23 Mar 2009 10:48:49 +0000 http://www.noquarterusa.net/blog/?p=18537#comment-1163598 A-merican C-ommunists O-pposing R-equirements N-essary TO OBTAIN A MORTGAGE!!!!! A-merican
C-ommunists
O-pposing
R-equirements
N-essary

TO OBTAIN A MORTGAGE!!!!!

]]> By: CG http://www.noquarterusa.net/blog/18537/are-we-there-yet/#comment-1163575 CG Mon, 23 Mar 2009 09:19:42 +0000 http://www.noquarterusa.net/blog/?p=18537#comment-1163575 incredible... oh the profits... thank you for sharing your observations, I confess ignorance on this one. Gee, that really is REAL MONEY you're talking about, 60 billion here and 60 billion there! You know when it comes to easy money, especially the taxpayer variety, it will be accompanied with a good amount of fraud, once the angles are exploited. incredible… oh the profits… thank you for sharing your observations, I confess ignorance on this one. Gee, that really is REAL MONEY you’re talking about, 60 billion here and 60 billion there! You know when it comes to easy money, especially the taxpayer variety, it will be accompanied with a good amount of fraud, once the angles are exploited.

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