View Full Version : mccains....300 billon
manu1959
10-07-2008, 10:06 PM
buy up of defaulted mortgages...........are you kidding me.....
krisy
10-07-2008, 10:16 PM
buy up of defaulted mortgages...........are you kidding me.....
I was quite shocked at that. It would be nice to hear an explanation. How will it be paid for?!!
avatar4321
10-07-2008, 10:21 PM
I know it was painful to hear
manu1959
10-07-2008, 10:24 PM
I was quite shocked at that. It would be nice to hear an explanation. How will it be paid for?!!
i think it is inside the 700.....but i am not sure....as to how it will be paid for.....
well banks will loan the us govt money at interest then the us gov will rescue the banks with the money the banks loaned them and the us tax payer will pay the interest in the form of taxes.....
Missileman
10-07-2008, 10:26 PM
buy up of defaulted mortgages...........are you kidding me.....
Believe me now?
theHawk
10-07-2008, 11:09 PM
I don't think its buying up all the bad mortgages, I think its buying for portions of them. Would be interested in hearing the specifics first.
Mr. P
10-07-2008, 11:20 PM
I'm tired of HOW..the market gets billions and my 401 lost $10,000 in 4 days..I just moved 100% to a safe place..I'll wait for these IDIOTS to get their shit together...I'm to old for the loss I've taken this year..almost 50%. DAMN!
I don't see the market getting better anytime soon.
is it time for revolution?
theHawk
10-07-2008, 11:51 PM
is it time for revolution?
Brother, this country doesn't need change, it needs a revolution!
Psychoblues
10-08-2008, 12:21 AM
Just in case you're wondering, JM just proposed an additional 300 Billion American Dollar entitlement program to the 700 billion American Dollar one that just passed muster with the pResident.
:salute::cheers2::clap::laugh2::cheers2::salute:
Brother, this country doesn't need change, it needs a revolution!
ok......
Psychoblues
10-08-2008, 02:11 AM
Are you inciting violence, yuk?
ok......
I'll remember that.
:salute::cheers2::clap::laugh2::cheers2::salute:
PostmodernProphet
10-08-2008, 04:38 AM
Okay, I am confused.....wasn't the $700 billion to buy up bad mortgages?......
Psychoblues
10-08-2008, 04:58 AM
The 300 billion didn't include any of that, pimp.
Okay, I am confused.....wasn't the $700 billion to buy up bad mortgages?......
Certainly you are confused!!!!!!!! That was the purpose of the point, if you are digging it!!!!!!!!!!!
:salute::cheers2::clap::laugh2::cheers2::salute:
PostmodernProphet
10-08-2008, 09:03 AM
sorry to correct your alcohol sodden delusions, Psych, but I distinctly remember it being said that we needed to come up with $700 billion to buy back bad debts that the banks had purchased.....those WERE mortgages.....
JohnDoe
10-08-2008, 10:30 AM
sorry to correct your alcohol sodden delusions, Psych, but I distinctly remember it being said that we needed to come up with $700 billion to buy back bad debts that the banks had purchased.....those WERE mortgages.....
It's a DOUBLE WHAMMY....
we are buying the bad MBS's from the credit lenders, NOT from the banks but with finance and mortgage companies....so that they can get the bad untransparent debt off their books and can be bought by the 3-4 BIG ASS banks that are left...at a profit to the big banks... :( (leaving us in the end with 3 mega banks at most, a monopoly of sorts that can charge "whatever" in interest on our credit cards, for car loans, school loans etc.... )
So at this point we own the mortgage backed securities, including both good and toxic mortgages. (that's the $700 billion)
Then, what mccain and alot of the rest of congress is suggesting is that, IN ADDITION to the above, now that we own all of these mortgages with adjustable rates that are thru the roof and homeowners are unable to cope and defaulting on daily, that the gvt would then refinance these homeowners in to a Conventional fixed morgage at the lower fixed interest rate, for what these homes are worth today.....I believe, and this is additional money.
What stinks is that this does nothing for all the other people who are in good standing with their mortgages that bought their homes during the PEAK of this manufactured bubble and also are now in upside down mortgages due to the huge price drops in home prices... Though it does stop the continued FALL on home prices and keeps the home market from being flooded with even more empty homes....
this is what i believe this is about??? but who the heck knows???
the whole thing is a scam, as Manu mentioned above...dicking us from the front, and the back....I'm sorry to say.... :(
jd
Are you inciting violence, yuk?
I'll remember that.
:salute::cheers2::clap::laugh2::cheers2::salute:
you moron....
Psychoblues
10-08-2008, 03:10 PM
I believe you are exactly correct, JD.
It's a DOUBLE WHAMMY....
we are buying the bad MBS's from the credit lenders, NOT from the banks but with finance and mortgage companies....so that they can get the bad untransparent debt off their books and can be bought by the 3-4 BIG ASS banks that are left...at a profit to the big banks... :( (leaving us in the end with 3 mega banks at most, a monopoly of sorts that can charge "whatever" in interest on our credit cards, for car loans, school loans etc.... )
So at this point we own the mortgage backed securities, including both good and toxic mortgages. (that's the $700 billion)
Then, what mccain and alot of the rest of congress is suggesting is that, IN ADDITION to the above, now that we own all of these mortgages with adjustable rates that are thru the roof and homeowners are unable to cope and defaulting on daily, that the gvt would then refinance these homeowners in to a Conventional fixed morgage at the lower fixed interest rate, for what these homes are worth today.....I believe, and this is additional money.
What stinks is that this does nothing for all the other people who are in good standing with their mortgages that bought their homes during the PEAK of this manufactured bubble and also are now in upside down mortgages due to the huge price drops in home prices... Though it does stop the continued FALL on home prices and keeps the home market from being flooded with even more empty homes....
this is what i believe this is about??? but who the heck knows???
the whole thing is a scam, as Manu mentioned above...dicking us from the front, and the back....I'm sorry to say.... :(
jd
This is 300 billion in NEW money beyond the 700 billion already spoken for. You gotta had it to JM, he really has a handle on this economic thing, doesn't he?
:salute::cheers2::clap::laugh2::cheers2::salute:
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