Freddie and Fannie Suspend Foreclosure Evictions for the Holidays, page 1
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Topic started on 20-11-2008 @ 07:38 PM by grover

Freddie and Fannie Suspend Foreclosure Evictions for the Holidays


www.washingtonpost.com
Fannie Mae and Freddie Mac announced yesterday that they are temporarily suspending foreclosures and evictions during the holiday season in an effort to keep people from losing their homes.

The companies said they are taking the step so they can include more people in a newly announced program to change the terms of troubled mortgages to make them more affordable.

The mortgage finance giants, seized by the government in early September, have been under pressure by lawmakers and housing advocates to take bolder steps to fight foreclosures. As the owners or backers of trillions of dollars of mortgages, the companies have an unrivaled ability to shape the home loan market and help people with distressed mortgages.
(visit the link for the full news article)


reply posted on 21-11-2008 @ 07:30 AM by GoalPoster
The 'bailout' of the financial sector = delaying the inevitable . . . you can't fix an overextended deeply indebted economy by putting that economy more in debt . . . you only delay the fact that at some point you need to start paying down that debt or you cave under the weight of the interest . . .

The 'bailout' of the automotive sector = delaying the inevitable . . . you can't throw money into a raging inferno and it to do anything except fuel the fire . . . now, if you use that money to actually fix the problems through a complete restructuring of the entire industry, you might have a chance but based on what is going on in the financial sector, you really don't stand a chance of avoiding the inevitble collapse due to the current state of the economy and the two-year lag between design and implementation of a better system.

The decision to change the terms of mortgages for those who cannot pay them = delaying the inevitable because, as the economy continues to shrink due to the first two points noted above, jobs will be lost and without income, how the HELL does one pay the mortgage?

The decision to extend unemployment insurance benefits for thirteen weeks = delaying the inevitable . . . really . . . what the hell is another five or six grand going to do for somebody who is out of work . . . at the end of the additional 13 weeks, they're still unemployed with few prospects of finding a job that requires something more than Will that be for here or to go

For the sake of brevity, I'll stop there . . . but in closing, how does waiting until after the holidays change anything other than allowing the retailers to squeeze the last few dollars out of the shrinking consumer base.

It appears that nobody has the spine, the gumtion, nor the nads to lay it out there the way it really is . . . a lot of us are going down and there's really nothing we can do about it so we can either delay the inevitable and drag even more of you down the tubes, or we can deal with this issue and move on.

But nobody seems to want to do that, rather they're pushing these sugar coated, short term pseudo fixes such that nobody is going to get alarmed or worry while the whole kit and kaboodle goes straight down the crapper.

Oh well . . . maybe I'm just tired today and needed to rant.

Anyhow, thanks for your time . . . . and now, back to your regularly scheduled programming . . . which is probably The Price Is Right, General Hospital, Survivor, Dancing with the Stars, Entertainment Tonight, Jerry Friggin' Springer or some other such mind-numbing, attention diverting yet seemingly all so much more important mental floss.

Oh man . . . it's only 8:30 and I'm headed for the liquor cabinet.

Sheesh.



reply posted on 21-11-2008 @ 07:43 AM by grover
reply to post by GoalPoster



While there is truth in what you write it is in our nature to try and not to just lay down and take it.

If we follow your advice millions will be out on the streets unemployed and homeless.

In my opinion the bailouts are the wrong approach too...

as for the real economy, the one that affects you and me.... the government needs to start spending on big projects like rebuilding our infrastructure.... that will generate jobs and revenue.
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