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How many bad mortgages does 700 Billion dollars buy?

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posted on Sep, 22 2008 @ 09:13 PM
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Kind of an intriguing question isn't it.

It's kind of like how many camels can you push through the eye of a needle.




[edit on 22-9-2008 by In nothing we trust]




posted on Sep, 22 2008 @ 09:31 PM
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Some, but not all of them. I work at a mortgage company and we've got close to a hundred billion worth in our servicing portfolio alone. Granted, they're not all bad, our delinquency ratio is actually pretty low, but still. We're one mortgage company of many, and 700 billion isn't going to buy all the bad ones.



posted on Sep, 22 2008 @ 09:31 PM
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OMG... thank you.. this gave me the laugh I needed after a very mucked up day.



Presently, I am repressing my anger about the mortgage situation at the moment.



posted on Sep, 22 2008 @ 09:32 PM
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reply to post by In nothing we trust
 


that buys 1.4 million $500,000 mortgages, probably about 8% of california mortgages as en example of size....



posted on Sep, 22 2008 @ 09:39 PM
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they will start w/ 700 billion and Paulson (former CEO of Goldman Sachs) is believed to keep upping the total till the bad debt is cleared.

It is also assumed that the gov't will overpay for these "toxic assets" because otherwise it would be pointless for the bad debts to be sold off at prices which make banks take even bigger losses.

the banks CAN sell these mortgages, they just don't like the prices that are being offered to them. LOL. they would prefer to continue marking these products to model, which basically means they can put them on there books at "fantasy prices".

IT will be very telling as to what Paulson and the Treasury dept decide to pay for these mortgages, with Paulson's hands deep in the american taxpayers's pockets how much CAN he pay, and will he "help his buddy's"

WE can do something about this plan to a degree, the bankers are vulnerable now, they are desperate, so are the fox's guarding the henhouse (like Paulson) (Bernanke) ... (insert politician posing as a puppet for some Elite financial entity) , due the ability they have bent us over at will we have gotten a collective attitude of hopelessness, the reason the public has been lied to accepted the b.s is because we allowed ourselves to be fooled and did not come together and voice our dispeasures. That gives people the illusion these financial powers will continue to be ABLE to do what they want, but that does not have to be the case at this time , due to there vulnerability (they are broke) and the public's financial pain (public is angry).

right your congressman, tell him YOU don't trust PAULSON , and demand oversite on the treasury with regards to the bailout plan, or you will never vote for them again (and you will tell 10 friends, or what ever) stuff there mailbox's and phone lines and see what happens.

here is a link to an email blast where you can email most of them (with a group pointed out by the economist linked who he believes may actually not be whipped by big finance) globaleconomicanalysis.blogspot.com...

AMERICAN HAS BEEN BEAT DOWN and indebted DUE TO BANKERS and both DEMS and REpulicans who have both been in the pocket of wall street ( or not had the courage to stand up) and some of us have fallen under the illusion we are helpless, this is not the case. This is what they wish for us to believe (so they can take more money from the taxpayer), there B.S and LIES have been allowed by the average american because economic times were fairly good for many during the PREVIOUS decade of B.S, now with americans feeling pain (they are angry) we are still potentially a VERY POWERFUL NATION of PEOPLE , perhaps we should show the rest of the world (who have lost faith in us as well) , by standing up for ourselves

if there were ever a patriotic thing to do, it is to stand up against the powers trying to sc$%W us AGAIN. people must understand that wall street wil take WHAT we allow them to, the paulson's will give to them what we allow them to, and i believe some members of the congress (may want to stand up to them) but they need the american people to voice there opinion, by the MILLIONS

i love our citizens and i hate the direction our gov't (puppets) and shadow govt (finance sector) is and will take us if WE LET THEM.


[edit on 22-9-2008 by cpdaman]



posted on Sep, 22 2008 @ 09:53 PM
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Originally posted by icu20
that buys 1.4 million $500,000 mortgages, probably about 8% of california mortgages as en example of size....


There are 1.5 million homes in default currently that we know of.

So how are they gonna fit $1 Trillion in subprime loans and $500 in option ARM's into a $700 Billion dollar government buyout?

And that doesn't account for prime loan failures due to a looming recession.



roughly 1.4m households, most of them in California, hold a particularly nasty type of adjustable-rate mortgage called the “option ARM”. Although the overall value of option ARMs is lower than that of subprime loans—some $500 billion, according to Mr Strand, compared with about $1 trillion in subprime loans—their sting is more venomous.

www.economist.com...


.50 cents on the dollar if they are lucky. Realistically these banks should be happy with .20 cents on the dollar.

However, as the 700 Billion dollar jackpot starts to be eaten away we will see more pressure on the FED, by Wall Street, to raise that limit. Giving congress oversight powers is like giving the wolf the keys to the henhouse. Congress has already proved that they are willing to be bribed by corportate interests. A financial industry in chaos will prove to be the worst offenders for governmental bribery.

Grab your gun and a beer, this is gonna be fun to watch.


[edit on 22-9-2008 by In nothing we trust]



posted on Sep, 22 2008 @ 09:59 PM
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reply to post by In nothing we trust
 


Doing some quick math, surprisingly very few. At a half million dollar price, that's 1.4 million homes.



posted on Sep, 22 2008 @ 10:10 PM
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I heard in Fox Bussiness news that Secretary Paulson want it the plan to pay for bad mortgages that the institutions would try to dump to the government for above current book value!!!

And they say that they have the best interest of us in mind!



posted on Sep, 22 2008 @ 10:11 PM
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700 million $ buys ZERO mortgages.



posted on Sep, 22 2008 @ 10:13 PM
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Originally posted by molochrod
700 million $ buys ZERO mortgages.


OH how do you figure?



posted on Sep, 22 2008 @ 10:16 PM
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So how are they gonna fit $1 Trillion in subprime loans and $500 in option ARM's into a $700 Billion dollar government buyout?

you said it yourself.



posted on Sep, 22 2008 @ 10:39 PM
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henry paulson is a LIAR.

here is a quote from a senator that GETS IT

sen Jim McDermott

"This is the third time we've done it with this bunch. First the war, that didn't get paid for. Then the tax cuts, that didn't get paid for, and now King Henry takes over to distribute 700 billion dollars. He's going to be there for four months. And in four months he will make deals and then he'll go out and he'll be able to catch a pass he threw to himself."

Paulson is going back to the PRIVATE sector in 4 months , when bush gets out.

Paulson needs to be STOPPED. i just emailed fox news, and CNBC and dared someone with the cajones to post my email......calling Paulson out

I actually believe america will stand up to this crap, i think the anger will be so elevated that the intelligence agency's may have to plan something so risky and deceptive as to direct american's anger else where very soon.

THIS is a COUP , to transfer powers from congress to the executive branch and money from the people of the nation to the elite's WITHOUT OVERSIGHT!

i am posting my own False Flag Watch, they got 4 months............label me whatever you want, there is a abundance of greedy sociopaths that rise to the top in politics and high finance as well as intelligence agency's and once you learn to think like a criminal you may enter there world (esp when there $$$ and power are on the line) like they are now.



posted on Sep, 22 2008 @ 10:48 PM
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Originally posted by cpdaman
THIS is a COUP , to transfer powers from congress to the executive branch and money from the people of the nation to the elite's WITHOUT OVERSIGHT!


You mean we need to force Congress to balance the budget and check the actions of the president?


[edit on 22-9-2008 by In nothing we trust]



posted on Sep, 22 2008 @ 11:23 PM
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Lemme quote George Ure at Urbansurvival.com



Since Cliff and I were on CoastToCoastAM overnight, events have started to unroll at breakneck speed. So here's a summary of what has changed since we were on:

In our interview last night, Cliff pointed out that the latest output from modelspace seems to indicate that the meltdown in October will likely split into two components. A financial aspect which will hit about October 7th and then a 'military' oriented event(s) that will happen about October 15th. Then, this morning's editions of the New York Sun headline that "Spies Warn that Al Qaida Aims for October Surprise."



The highlights are Massive change in financial structures (ongoing, see next item) then whatever the October 7th events are, then a series of release or emotions events till March 2009. Something with a lot of 'military' aspect to it on October 15th, or thereabout.



From Thursday September 18, 2008
As you know, my worst-case fear about events to come lines up on the notion that says something like "Markets fall apart so much going into October 7th (or so) that we have people starting to awaken in huge numbers to the idea that a long wave cyclical economic depression is unfolding - and that in turn is such a threat to the modem (sic) world that even a terrorist attack (false flag or otherwise) is "necessary" to prevent a sudden cascading of runs of banks and so forth.

So, once we get our 'conveniently timed' terrorist attack, that will spin the public's attention to the events going on in the rest of the world to the extent that just "money" will not seem so important. And, because the predictive linguistics crew has had a coiuple of body count references (2.2 million and 22 million - decimal points being slippery in the timestream) there seems to be enough gore on tap to meet the linguistic void.


Make of it what you will, I think I'll stock up on some various long-term survival products.



posted on Sep, 22 2008 @ 11:26 PM
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Originally posted by In nothing we trust
How many bad mortgages does 700 Billion dollars buy?


Answer: One Big Farm, called America.



posted on Sep, 23 2008 @ 12:37 AM
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Originally posted by cpdaman
they will start w/ 700 billion and Paulson (former CEO of Goldman Sachs) is believed to keep upping the total till the bad debt is cleared.


I don't think they'll stop at 700 Billion either. I think by the time it's all over they will add something on the order of 2 or 3 Trilllion to the national debt and there will be several thousand people dead in the streets.



posted on Sep, 23 2008 @ 12:44 AM
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reply to post by In nothing we trust
 

I heard they plan to buy about a trillion plus! How? I don't remember
I heard it and completely forgot afterward.

BTW, nice lego picture you got there.



posted on Sep, 23 2008 @ 01:10 AM
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Originally posted by Jazzyguy
I heard they plan to buy about a trillion plus!


Remember the Homeowner rescue bill?

It was only gonna cost 2.7 Billion.


May 9, 2008
Homeowner Rescue Bill Passed Despite Veto Threat

The Congressional Budget Office has estimated that up to 500,000 refinancings would be generated over the next five years, at a cost to taxpayers around $2.7 billion.

www.nytimes.com...


HOw about the Fannie and Freddie Rescue?

Only 25 Billion


July 23, 2008
Cost of Loan Bailout, if Needed, Could Be $25 Billion

The proposed government rescue of the nation’s two mortgage finance giants will appear on the federal budget as a $25 billion cost to taxpayers, the independent Congressional Budget Office said on Tuesday...

www.nytimes.com...


Yeah this 700 Billion is gonna go into the Trillions of dollars and thousands of dead bodies.



Report Says That the Rich Are Getting Richer Faster, Much Faster

The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows.

The poorest fifth of households had total income of $383.4 billion in 2005, while just the increase in income for the top 1 percent came to $524.8 billion, a figure 37 percent higher.

The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.

www.nytimes.com...




As Jobs Vanish and Prices Rise, Food Stamp Use Nears Record

Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s.

www.nytimes.com...



Originally posted by Jazzyguy
BTW, nice lego picture you got there.


Thanks - Kinda fitting isn't it?


[edit on 23-9-2008 by In nothing we trust]



posted on Sep, 23 2008 @ 01:15 AM
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reply to post by In nothing we trust
 


not enough.. to much bad paper to sweep up.

[edit on 9/23/2008 by Mercenary2007]



posted on Sep, 23 2008 @ 01:37 AM
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I dunno how welfare works in USA.But in the UK homeowners who find themselves unemployed or too ill to work can apply to the state for financial assistance with their mortgage costs. And the government/taxpayer will cover much of their monthly mortgage interest & pay it directly to their lender on their behalf until such time as the homeowner gets back on their feet.

The scheme's been in existence for over 15 years, has the benefit that lenders aren't saddled with too much bad debt, ensures the property market isn't flooded with foreclosed homes & also ensures you don't lose your home when times are hard. And it's much less expensive than simply allowing folks to get foreclosed & bailing out the lenders with colossal sums of taxpayers money. Perhaps things are too far gone in the US housing market to even contemplate a similar scheme there.



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