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View Full Version : Biden Proposes Mortgage "Reset" In Debate.



Gingersnap
10-03-2008, 01:52 PM
BIDEN: Well, mortgage-holders didn't pay the price. Only 10 percent of the people who are -- have been affected by this whole switch from Chapter 7 to Chapter 13 -- it gets complicated.

But the point of this -- Barack Obama saw the glass as half- empty. I saw it as half-full. We disagreed on that, and 85 senators voted one way, and 15 voted the other way.

But here's the deal. Barack Obama pointed out two years ago that there was a subprime mortgage crisis and wrote to the secretary of Treasury. And he said, "You'd better get on the stick here. You'd better look at it."

John McCain said as early as last December, quote -- I'm paraphrasing -- "I'm surprised about this subprime mortgage crisis," number one.

Number two, with regard to bankruptcy now, Gwen, what we should be doing now -- and Barack Obama and I support it -- we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.

http://i36.tinypic.com/2wcjvbr.jpg

CNN (http://www.cnn.com/2008/POLITICS/10/02/debate.transcript/)

linda22003
10-03-2008, 02:20 PM
Yeah, that was odd. And this morning I heard some "former Bush economic advisor" (didn't catch the name) recommend that EVERYONE (not just people in trouble, EVERYONE) be given a 5.25% 30 year fixed mortgage. Everybody's just making stuff up, now.

LibraryLady
10-03-2008, 02:24 PM
Glenn Hubbard


In the Wall Street Journal yesterday, former White House economist Glenn Hubbard offered a $400 billion to $600 billion plan through which the government would refinance all U.S. mortgages into 30-year fixed mortgages at 5.25 percent through Fannie and Freddie. And just the other day, I talked to another prominent conservative economist who suggested a somewhat similar plan. I asked whether all these plans didn't smell of socialism. The economist's answer: "I think that bridge has already been crossed."

http://www.usnews.com/blogs/capital-commerce/2008/10/03/up-next-son-of-the-mother-of-all-bailouts.html

LogansPapa
10-03-2008, 02:29 PM
Decrease in property value allows you (if you’re bright enough) to go to your county and state assessor and apply for a lower tax rate. Would this be any different? Would a lending institution like to get on-time payments for a piece of property revalued at a current price - for the duration of the new loan, or simply take a total loss on some long gone virtual figure?

Kristin
10-03-2008, 04:52 PM
So if you rolled all your car loan and credit card debt into your mortgage and now you are upside down, you should just be able to have the value reset to something you can afford? I think I'm going to quit my job, file bankrupcy and tell the courts that I can't afford my $1,900 a month mortgage. Could we reset it to $500 a month please? Then I'd have a ton of equity in the house, I could sell it and keep the cash. That sounds like an awesome idea. Sign me up! Sheesh

LogansPapa
10-03-2008, 04:55 PM
Please keep apples separated from oranges. They’re not even the same color.;)

SarasotaRepub
10-03-2008, 09:46 PM
Anyone suggesting this crap is out of their fucking mind IMHO.

This would just encourage morons to go out and buy a house for way more than they can afford thinking they can later get some dipshit judge to lower their payments and maybe give them some instant equity.

Nuts, totally fucking nuts.

Goldwater
10-04-2008, 06:45 AM
Anyone suggesting this crap is out of their fucking mind IMHO.

Welcome to the economy sir, where everyone is a fucking mental case.

Jeff
10-04-2008, 01:55 PM
If we make it a cool 100 trillion dollars think of how much credit we could free up. It would be great. We could bail out the entire world. Could I get the senators and congressmen to pat me on the back. How my idea is so brilliant I would fit in Washington just perfect. I could give Kristin her sweetheart deal and still have enough money to buy dye for LogansPapa so he can invest in high yield apples and oranges. Then we could send rum and wooden arrows to SarasotaRepub to keep him quite about my mental state. mwhahaha :eek:

got to go

Kristin
10-04-2008, 03:14 PM
too much pork

LibraryLady
10-04-2008, 03:18 PM
What I know about economics would fit....oh you know the rest.

But I just saw this:


When I heard Joe Biden talk about giving courts the power to reset mortgage principles I thought he’d simply misspoken. Today I see it is a central point in this garbage “bailout” that I am less-and-less persuaded we “absolutely” needed, this “quickly” - mostly because I so distrust the manner in which this whole episode has been served, and the bad faith in which certain moves were played.
The Anchoress (http://theanchoressonline.com/2008/10/03/the-dc-nuke-the-saving-monks/)

SarasotaRepub
10-05-2008, 01:18 PM
Here's how to get your mortgage forgiven!!! (http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html)

:eek:

SarasotaRepub
10-08-2008, 08:22 AM
GAAAAAAAAAAAA! McCain wants to do the same thing! :mad::mad::mad::mad: