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Originally posted by NorthWolfe CND
Third: If you are behind on your payments, maybe you shouldn't have borrowed money you couldn't pay back.
Originally posted by disgustedbyhumanity
I don't think it is dire. I have reason for new optimism. This will not be a bailout for banks, but it will allow the insolvent banks to go out of business without seriously affecting the rest of the economy..
The way i see it the goverment will buy the bad loans but will not give the banks a good price for them say 25-50% of the loan value. Then the banks will have to write off the losses. Depending on the losses they will stay in business or not.
So now the goverment has these mortgages and in most cases will have paid less than they are worth. I think the most likely scenario is that refinance with the delinquent/upside homeowner lowering the amount of the mortgage to reflect current values. At that point the mortgage will be much more secure and can then be sold into the market for probably 60-70% on the dollar. Everyone wins execpt the banks that issued the mortgage in the first place. Even they win in a way because no one else is willing to pay much of anything for these mortgages even though they have underlying value.
Follow this plan and goverment makes money and leads America into a new decade of prosperity.
Chances are they though that they will let vulture investors buy them instead of helping out the homeowner. We need to make sure that we let our congressmen and women know that this is not acceptable. We can fix this economy for everyone by just adjusting our view on bailing out dumb homeowners.
Originally posted by dgtempe
reply to post by NorthWolfe CND
yOU must be joking!
Alex Jones is a God. Were it not for him i would not be aware of whats really going on.
I suggest you look around you?