Bush and Clinton Agree - More Free Ice Cream!
What can it mean when Hillary and GWB agree on something? Nothing good, I can promise you that.
on 12/03/2007 at 01:26 PM
I’m reserving opinion on this issue until I can think it trough some more. The people who took out ARMs without reading the fine print or getting a contractual limit on just how much “A” the ARM has are pretty stupid ... IF they bought far more house than they could normally afford. The banks are also complicit on this one. They pushed this really really hard, and unfortunately signed up lots of folks with less than stellar credit ratings; raise the rates too high and those folks will just walk away, and in a flat or shrinking real estate market the banks will wind up screwing themselves.
OTOH, if the banks start going under we’re all screwed. So some kind of pause-button legislation might be an Ok idea, IF the banks will quickly convert all their ARMS to fixed rate mortgages.
Purely as an aside, a 90 day freeze right now keeps a whole lot of voters in place just as we go into primary season, with so many states having their primaries much earlier than usual. And who are the voters going to thank for not being kicked out in the snow at Christmas time? Can’t pull the Thank You lever for Bush; he ain’t running. Hmmm, who else is left? Ah, the world’s smartest woman! I notice that Guiliani and Obama aren’t onboard for this one. Smooth move, Teflon Hill.
Oh, and its even smoother ... Paulson and the Treasury Department are already figuring out the bill, so she just goes and talks to them, then echoes a bit of their reasoning and people give her the credit. So she gets to buy votes, essentially, and be “a savior” without doing any actual work or having an actual original idea. Slicker than a greased donkey in an ice rink!
WTF !!!
What is it with this whole “do over” mentality nowadays?
There’s a whole lot of places to spread the guilt around regarding
this subprime mortgage lending fiasco, but the final responsibility
lies with the John&Jane Does who signed their names on the dotted line.This is the KATRINA mind set writ large, WAH, it’s not my fault, don’t tase me bro !.
Ah, f*k it!, stick a fork in us, we’re done as a nation, as a culture.
Don’t worry though, Hillary will save us, she and her hubby are good friends with
the Red Chinese, they’ve got lotsa money !
For business reasons I have looked at several houses that are for sell in hopes of finding someplace to replace an apartment that is a two hour drive from the house that I own. I will be keeping the original house, but due to work am looking for another one so that I can build equity instead of paying rent for an apartment. It is shocking the number of houses that have been foreclosed on and the condition the houses are in. The response from the realtors is similar to “They knew they were being foreclosed and didn’t really care.” That seems to be an euphemism that the former inhabitants didn’t give a damn about keeping the house fit for habitation! One house that I looked at was offered at over 120K less than the neighborhood houses. It would have taken that much to bring the house up to habitability! It seems that most people who go into foreclosure with their first or second homes tend to trash the place before they leave! Who will pick up the tab for this kind of behavior? Seems like the nanny state wants to pay the bill.
Instead, we are going to have the federal government stepping in to wipe the collective
nosesasses of all those who bought something they could not afford and tell them it will be OK. Mommy’s here to make it all better kids.There, fixed that for ya!
