Recent content by slaphappy

So $700B was supposed to be a number so high that the world knew we were serious. Were we not serious? We are buying the bad paper from the financial institutions based on these bad mortgages, and then we're going to buy the mortgages, lower the value, and give the difference back to the...

I'm confused. Is this supposed to be done with the $850,000,000,000 they just approved, or is this something else entirely?

I see "price action" thrown around a lot, but it seems like it means different things to different people. Is it TA or is it not TA? Is it P&F charts? Is it tape reading? Is it just watching the price and understanding what's going on from experience?

That is disturbing. We haven't even seen a rate hike yet!

I wonder how many of the defaults fit this profile. If the sucker who overpaid is $300,000 in the hole, does he care about his credit? I doubt it. I think what remains to be seen is how many people a) are going to qualify, and b) are not so far gone that they can make even the new loan work...

No, it's more simple than that. The Democrats, as usual, actually think they are fixing the problem. Just like public housing, welfare, etc. And as usual, the Republicans rolled over.

I could have sworn GM got rid of GMAC years ago. I guess not.

Exactly. The difference in the loans PLUS they get an instant 10% equity in the house since the new loan is for %90 of the current appraised value. Not only that, but since all the new loans are federally insured (and Freddie and Fannie ARE explicitly being baild out) how can they say...

I watched the video from 49:00, but didn't see where he said that. You give the right link?

Working out great for the government! Fannie and Freddie are now deeply entwined into the government. Fannie and Freddie have 80-90% of mortgages. The lender is the true owner of the property. Therefore, the government now owns all the property!

Look out now for the "credit forgiveness act of 2008"... :mad:

Not to mention it's just a 0% interest loan. It just helps people (again) buy houses they can't afford.

the value he places on good credit will be proportional to the amount of value he's lost in his property.

Good question. Seems to me the people who really don't need this will take advantage of it, and the people who are in dire straits may just walk anyway. I think this is a horrible bill, and I wonder how much "good" it will really do for those it was supposed to help.