government foreclosure bailout
Friday, August 20th, 2010
Alternatives to bailout?
I'm a big fan of Dave Ramsey, but have never seen him be so bright and full of common sense today. He and his economist friend devised a way to tackle the financial crisis without having to spend $ 700 + million dollars. Read the article and tell me what you think about your plan. http://www.daveramsey.com/tdrs/index.cfm/2008/9/23 / Fix-the rescue – with the mark to market? ictid-Si = sptlt not read the article, basically it comes to investing an accounting standard for lenders temporarily and make the federal government to secure these mortgages they can not be sold, thus making them marketable again. Basically these companies can not sell what they have become junk bonds. With government guarantees, will be traded again. In the end the only government would end up paying for the mortgages in foreclosure, costing the Gov't (and us taxpayers) just $ 40-50 billion, compared with $ $ 700 million. What are your thoughts?
Good idea, but here's the problem. The subprime lending was stung all pieces and then put back together again as a product called "mortgage-backed securities." In other words, to make them more attractive to investors 30% who took a no-doc loan, mixed with 30% from 5% loan, added to 30% of a conventional loan, and threw in 10% of a high risk business loan. So that thing called mortgage-backed security that shares a chopped and sold his shares. So should be separated ALL those bad loans before they could understand right from wrong. How do we do? Do all banks, including maintaining accurate records so that someone would able to sort out this mess? Who will pay the staff for the thousands of man hours needed to separate these things? Have you ever built with Legos? Imagine millions and millions of Legos integrated into a few million digits and now you want to take all apart and turn them into many small figurines. That's what separation all these mortgage-backed securities would be like if possible. Now, perhaps, if Paulson and Bernanke, and our fearless leader Bush had decided to dismantle this mess 2 years ago we might be able to do as Ramsey suggests, but does not do that. They left the mess to the Democrats and the next President can clean all this and now they are giving us the bill for their laziness.
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2008 Complete Guide to the $700 Billion Financial Bailout: October 2008 Emergency Economic Stabilization Act, Treasury Secretary Paulson s Troubled Asset Relief Program (TARP), Foreclosure (CD-ROM) $19.95 This comprehensive electronic book on CD-ROM provides complete coverage of the Emergency Economic Stabilization bill – known as the “Wall Street $700 Billion Bailout” – passed by Congress on October 3, 2008. In addition to a full reproduction of the bill and associated legislative material, there is full coverage of the fall 2008 financial crisis with documents from the House, Senate, and White Ho… |