Bullshit – twice. If you persist in praising a fallen, unshamed
whoremonger who is in the process of losing his public career (a former
federal prosecutor, he knew better) on a list that has nothing to do
with him, nor nothing to do with mortgages, I will very much expose you
to my unmitigated Latin ire.
However, thanks for exposing yourself as a complete and utter fool. No,
you are only one step short of it. Are you also drinking the “911
truth” kool-aid? And, what prevents you from thinking that Osama bin
laden is behind 8-VSB as well?
I believe the time is drawing nigh that either Bob Miller or I leave
this list.
One of my brothers bought a home at the tail end of the real-estate
boom. He has a good job (assistant head of a community college
department; soon to be head) and could have bought a house earlier but
didn’t for a number of reasons. He got out of his negative-amortizaton
loan in good time but now he has a variable-rate loan that could reset
in September. He’s never missed or been late on a payment, and his job
appears to be firm. However, he can’t refinance his home, as it is
worth less than the outstanding mortgage, and he could get hit hard when
the mortgage rate resets. This is his home, not a financial ‘thing.’
I see no reason not to call him a victim of the current situation. It’s
the variable-rate note that will hurt.
In general, I agree with Craig on the points he raises. However, I
won’t follow Bob’s link.
Maybe we’ll get around to tulips again …
John Willkie
------------------------------------------------------------------------
*De:* opendtv-bounce@xxxxxxxxxxxxx [mailto:opendtv-bounce@xxxxxxxxxxxxx]
*En nombre de *Bob Miller
*Enviado el:* Wednesday, March 12, 2008 10:04 AM
*Para:* opendtv@xxxxxxxxxxxxx
*Asunto:* [opendtv] Re: Mortgage stuff
Agreed but the fact remains that Spitzer is one sheriff I would like to
stay on the job. He and other did see this coming and did their best to
do something about it.
Similar Fed conduct is the reason we have a lousy modulation in the US,
the worst in the world.
Bob Miller
On Wed, Mar 12, 2008 at 12:50 PM, Craig Birkmaier <craig@xxxxxxxxx
<mailto:craig@xxxxxxxxx>> wrote:
At 12:22 PM -0400 3/12/08, Bob Miller wrote:
God I hope he doesn't resign. Maybe we could all, US citizens, chip
in and buy him a call girl a day to keep him happy.
<http://www.truthout.org/docs_2006/031208J.shtml#
<http://www.truthout.org/docs_2006/031208J.shtml>>http://www.truthout.org/docs_2006/031208J.shtml#
<http://www.truthout.org/docs_2006/031208J.shtml>
Bob Miller
I know that we are not supposed to talk politics on the list, but I
think it is important to have a small reality check here.
The link Bob provided suggests that the Bush administration is
largely to blame for the sub-prime mortgage mess; that they looked
the other way while the banking industry was screwing consumers. The
article states;
When history tells the story of the subprime lending crisis and
recounts its devastating effects on the lives of so many innocent
homeowners, the Bush administration will not be judged favorably.
The tale is still unfolding, but when the dust settles, it will be
judged as a willing accomplice to the lenders who went to any
lengths in their quest for profits. So willing, in fact, that it
used the power of the federal government in an unprecedented assault
on state legislatures, as well as on state attorneys general and
anyone else on the side of consumers.
I'm sorry folks, but there were no innocent homeowners in this mess.
There were many homeowners who knowingly went in way over their heads
for one reason or another. Many were betting that they could
re-finance or sell the property for a profit before the "onerous"
terms started taking their toll.
I'm not defending the administration or the banking industry. I'm
simply saying that it is nearly impossible to buy a home without
complete disclosure. It takes a long time to go through all of the
papers at closing, not to mention all of the papers in a loan
application.
As for administrations looking the other way...
This has become an art form in Washington, and Congress is equally
culpable. The problems usually start with some changes in the law
that make it possible for the next big "robbery" to take place.
In the '80s it was changes to the rules that savings and loans
operated under that led to the $153 billion bailout of the S&Ls.
In the '90s it was changes in SEC regulations and reporting practices
that led to the looting of the stock market.
Now were back to the banking industry again.
Who knows where the politicians will turn next to find a big pot of
gold to plunder.
Regards
Craig
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