#1 Biden Proposes Mortgage "Reset" In Debate.10-03-2008, 12:52 PMBIDEN: 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.
10-03-2008, 01:20 PM
- Join Date
- May 2008
- Northern Virginia
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."Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
10-03-2008, 01:24 PM
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."
10-03-2008, 01:29 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?At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
10-03-2008, 03:52 PM
- Join Date
- Oct 2008
- Windsor, CT
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! Sheeshwww.klingtocash.com - my blog, helping you save more of your money.
10-03-2008, 03:55 PM
Please keep apples separated from oranges. They’re not even the same color.;)At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
10-03-2008, 08:46 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.May the FORCE be with you!
#9 I think we should bump the amount even higher
10-04-2008, 12:55 PM
- Join Date
- Oct 2008
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 goAnd for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.
10-04-2008, 02:18 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.
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