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Posted on 01/05/2012 11:58:11 AM PST by Kaslin
How dare you question the authority of His Majesty King Barry???
So those who are NOT current, I would imagine, facing foreclosure, would have their homes devalued further by virtue of lowered demand? Demand would be lowered because it would be more attractive to stay where you are than consider buying another house. If this happened, then the bank would lose even more on the foreclosures (those who are not current) when they occurred.
These loans I'm sure would not be assumable, so real estate sales and construction would be harmed immensely.
Three months current is probably to weed out those in the first stages of foreclosure.
And you are right, there will be a wind fall for servicers in fees, again. Just like the HAMP/HARP scam.
Rush does not have an element of it quite right. The banks would not take a hit. They would make money on fees.
The Mortgages were sold to pension funds, mutual funds and others as mortgage backed securities. This would impact retirees income, make pension funds more insolvent and rob you of returns in your 401K and IRA. This on top of spending more money the USA does not have.
How can Obama abrogate a contractual agreement between two private parties?
“His Excellency” can do anything
How big of a step would it be for the government going from being the biggest holder of mortgages to outright ownership of land?
It sounds like a backdoor way of eliminating private property.
You may like DP, but for her brain, which disconnects frequently.
Harp 1.0 reminds me of the movie Remo Williams the adventure begins.
http://www.youtube.com/watch?v=JShO5wD-jGE&feature=related
Skip to 12:21
Ding Ding Ding! We have a winner!
That’s what this is all about in the end - Government Motors, Government Banks, no more “private” property!
The problem is that the political caste is so used to lying to a public that knows they’re lying, and they know we know, and not being called on it.
I am tired of them pissing on my head and telling me it’s raining. I’m tired of a slowing of increases being called a cut. I’m tired of hearing how there’s no inflation, because home and consumer electronic prices have fallen, while I’m paying ever more for groceries in smaller packages. I’m tired of hearing how unemployment statistics are improving, but it’s due to more people being out of work while the number of available jobs declined.
I’m tired of them lying to my face and expecting me to accept their lies.
To quote the congressman, “YOU LIE!”
I’m tired of the lies, and I suspect quite a few of my fellow Americans are as well.
Mark
If true, the GOP is screwed.
Maybe we should as this guy.
He hasn’t got it & the Republicans will only make noises as they are fundamentally spineless.
Thinking about this a little more, I don’t understand how Rush can say obama would be giving home owners their value back. If I owe $150,000 on a house that’s currently worth $120,000 and I refinance without an appraisal, I still owe $150,000. The fact is in order to lower the loan there would have to be an appraisal to arrive at current value.
Nor do I see how they could say a person’s payment would typically decrease by $400 or so a month. That would only be true on a $100k loan (approximately) at 8% that’s refinanced at 4%.
FIGHT DAMN IT....FIGHT!
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