Recently I learned that part of Obama’s new bailout policies are to write off people’s mortgages to bring the price of their homes to the current market value. This way people aren’t paying mortgages that they will never be able to recover. Now a person I know has been in some trouble, and she learned that the bank might write off one of her mortgages “as part of Obama’s new policies.” | Read More »
Barney’s Bubble Babbling
To hear Congressman Barney Frank tell it, he was a lone voices of fiscal reason when the surge of ill-considered mortgage debt fueled the now-popped housing bubble. Unfortunately for Frank, this is the age of the Internet. Bloggers have proved more than willing to collate inconvenient evidence. Thanks to Ed Morrissey on HotAir.com, then, we have two testimonies of Frank-ish speechifying. Here’s Frank in 2009: | Read More »
2 ½ Years to Live
Cross -Posted at The Minority Report In 2½ years I am going to die. I know, it shocked me too. I had a cancer earlier in my life and with the work of some really fine doctors it went into remission during the 80’s. The cancer is a very rare form of cancer, one of the first cases was in France in 1715 and the Doctor who treated it | Read More »
, Fannie Mae
, tea party
Got any better ideas he asks… of course there are better ideas!
Obama reportedly commented regarding his proposed budget stating: “If there are members of Congress who object to specific policies and proposals in this budget then I ask them to be ready and willing to propose constructive alternative solutions,” Obama said. “‘Just say no’ is the right advice to give your teenagers about drugs. It is not an acceptable response to whatever economic policies are proposed | Read More »
When Did Playing By The Rules Become A Crime?
When did playing by the rules become a crime? The housing legislation that the Democrat Congress is set to consider today includes something called “cramdown” It’s a provision of the bill that gives judges the power to rewrite someone’s home mortgage when they default and file for bankruptcy, reducing the principal balance on the loan. That is, if someone takes out a $150,000 mortgage on | Read More »
It’s Time to Encourage Responsibility in Home Ownership
It seems to me, and many of my constituents back home in Pennsylvania, that Congress is spending all of its time and energy rewarding those who acted irresponsibly. We must not ignore those who have played by the rules and lived within their means. Our current economic problems aren’t limited to the sub-prime housing market, reckless borrowers or predatory lenders. Millions of Americans who pay | Read More »
Obama the Predatory Lender
The long-awaited details of President Obama’s $75 billion housing rescue plan were made public today and, incredibly, Obama is proposing more of the same of what got the housing market into trouble to begin with as medicine to heal the market’s ills. Under the plan, the government will subsidize mortgage holders to reduce borrowers’ monthly payments to a maximum of 31% of gross monthly income. | Read More »
Who found the lost money?
Now I’m no economist; I had to get married to get my checkbook balanced. That said, I think I do have a peasant’s common sense about some things and I want some of those fancy MBAs and other biz school weenies out there to enlighten me on this. So, in keeping with the irrational exuberance of the last decade I’m hypothetically one of those people | Read More »
City of Houston considers paying credit card bills for some homebuyers
www.thepoliticalclass.com City of Houston considers paying credit card bills for some homebuyers Yes – you read the title correctly. The Houston City Council wants to pay off credit card debts so that certain people can buy homes. Full story here. Houston taxpayers could start footing the bill to help first-time homebuyers pay off debts and improve their credit scores, under a proposal before City Council | Read More »
Bagdad Bob Gibbs Claims No Moral Hazard in Housing Plan
“It is not going to help a lender who knowingly made a bad loan.” Bagdad Bob Gibbs Of course it’s not going to help a shady mortgage originator that sold off the cash flows to the aiding and abetting Fannie Mae & Freddie Mac. That mortgage originator took his or her cut long ago and passed the risk off to Fannie & Freddie, who used | Read More »
Fannie Mae to Loosen Credit Requirements: Since It Worked So Well the First Time Let’s Do It Again!
Here we go again… once again this administration is returning to failed liberal policies repackaged as golden solutions in order to save you from a catastrophic Armageddon. President Obama and Congressional Democrats have turned to using FEAR to scare the public into bad legislation, something this administration accuses the previous of doing and said it wouldn’t do, and has relegated itself to lying about the | Read More »
Of Karl Marx, Consumerism and Banks
The complete market failure to accurately assess the mounting system-wide financial risk being assumed by the private sector, while the market simultaneously assumed an uninterrupted rise in buying power and real estate values, feels like one big Groupthink-based-failure. Groupthink-encouraged-Wall-Street-adopted-bad quantum math equals a really big problem. So consider this the anti-Groupthink muse of outcomes to our financial crisis, and let’s start with a seemingly unrelated | Read More »
, CITI Bank
, Financial Crisis
, printing money
, The Federal Reserve
Chgo Trib: ‘Higher’ Home Foreclosures Report Ignores Most Paying Mortgages Just Fine
This is the kind of sensationalistic reporting that just makes all “news” agencies look like scaremongers. A recent Chicago Tribune report on homes in foreclosure in Illinois focuses on “higher” rates and says alarming things like, “Illinois foreclosures were up 49.55 percent.” These numbers the Trib bandies about seem shocking. Up 49.55 percent? WOW! But this same report doesn’t quite report the whole truth. The | Read More »
Light at End of Housing Market Tunnel?
Consulting firm MDA DataQuick of San Diego has reported that Southern California home sales jumped a whopping 65% in September over the September 2007 figure. The leap was spurred by a big drop in the median home price in the region which fell 33.2% to $308,500 in September from $462,000 a year before, and 38.9% below the median peak of $505,000 in Spring 2007. The | Read More »