Battling a dangerous wave of home foreclosures, Federal Reserve Chairman Ben Bernanke called Tuesday for additional relief and urged lenders to help distressed owners by lowering the amount of their loans.
This situation calls for a vigorous response," Bernanke said in a speech to a banking group meeting in Orlando, Fla. Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise "for a while longer," Bernanke warned.
This is an act of desperation. The Feds know there will much pain as the economy falls firmly into a recession.
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What about everyone gets 10% of their debt cancelled?
ReplyDeleteGreat, so if the banks do that to one person on the block whats stopping others of not paying thier mortgage and also asking the bank to drop thier principal also. Dumb...Quit being pressured by the politicians because it is an election year and have the balls to so no to them.
ReplyDeleteI'm sure the lancester really hates this!!!!
ReplyDeletehe was the BIGGEST oponent of the nanny state and this SCREAMS nanny state!!
so come on Lance tell us how much you are against this and you sure better be...
No way. The lance-meister is on record saying this kind of thing is OK b/c homeowners are "invested" in their community. "lance" believes you MUST buy at ANY price to be a true patriot. If you're not buying, you might as well be Pol Pot or Hugo Chavez.
ReplyDeleteThe government mandating that the lenders give borrowers a discount is "nanny state".
ReplyDeleteThe government brokering a multilateral and all-around beneficial solution is "the government doing its job".
It is to the mutual benefit of lenders, borrowers, and society in general that the borrowers stay in their homes and the lenders make a profit off of their lending activities.
No one wins if the borrowers must vacate their homes and the lenders sell off the properties at a loss ... Except of course for the opportunists out there hoping to profit off of the bad fortune of others.
Lance said...
ReplyDelete"The government mandating that the lenders give borrowers a discount is "nanny state".
The government brokering a multilateral and all-around beneficial solution is "the government doing its job"."
Too often the Govt's answer is "do this 'voluntarily' or we will make you do this via regulation - and you wont like this." This is probably a better way than enacting new laws which can be difficult to tweak if they are too harsh, but in a lot of ways what the govt is doing here is a distinction without a difference.
"opportunists out there hoping to profit off of the bad fortune of others..."
ReplyDeleteIt is called "capitalism" lancey - boy...same as when you sold your condo at a bubble price and the person who bought it and now could not sell it today at that same price.
Did you cash in on they're bubble-buying mistake/misfortune?
"Bad fortune" is different than "bad decision". Don't confuse the two.
ReplyDeleteAnonymous said...
ReplyDelete""Bad fortune" is different than "bad decision". Don't confuse the two."
I don't think BHs can differentiate between a "bad decision" and "bad fortune".
Being the victims of circumstance (or beneficiaries thereof) vs. being the champions of their own fate, is a common thread linking BHs. The ubiquitous "they" is the reason prices are such that the BH can't buy what he feels entitled to; "the general economy" will change to allow the BH to buy what he feels entitled to; the list of factors outside of themselves influencing when they can buy goes on and on ...
It isn't ever the BH doing what needs to be done to buy what he feels entitled to. It's always "fortune" changing so that he can get what he feels entitled to.
Given this fact, is it any wonder that the BH can't differnetiate between "bad fortune" and "bad decision"? When one thinks they play no part in the circumstances offered them, it becomes a self-fulling prophecy .... and "decision-making" doesn't factor into the BHs' fate ... It's all "good fortune" or "bad fortune".
"lance" said - Given this fact, is it any wonder that the BH can't differnetiate between "bad fortune" and "bad decision"? When one thinks they play no part in the circumstances offered them, it becomes a self-fulling prophecy .... and "decision-making" doesn't factor into the BHs' fate ... It's all "good fortune" or "bad fortune".
ReplyDelete----------------------------
This is just more unintelligible keyboard-pounding "lance" babble.
The "lance" strawman is that all "BH" are always someone can't afford something.
Lots of BH have plenty of cash, he/she just doesn't want to pay what something is not worth or buy something with decling value.
Fundamentals, not "fortune" you fool.
ReplyDelete> People paid a lot more than they could afford for houses, nationally as well as throughout the DC Metro area.
> They paid more than they could afford because poor financing made it appear as if the outrageous price could be supported by their income.
> Incomes must be able to support sales prices or else property won't sell.
> If property isn't selling, prices go down.
I don't have words to describe how embarrassingly, annoyingly, willfully ignorant you are Lance.
aua, I don't let "lance" annoy me.
ReplyDeleteI point out his nonsensical drivel so lurkers on these threads don't act on his idiotic rantings.
That's what he is after, you know?
He isn't trying to convince us, because he knows that won't work.
He's hoping to get one or two suckers that are on the edge and happening to run across his postings on these threads to go ahead and pay too much for a house like he did.
The site moderator really should censor out his stupidity. He's standing in the middle of a snowstorm screaming that everyone should take off their coats because it's a beautiful, tropical day.
ReplyDelete