Go ahead get yourself into massive debt that you can't afford, the American dream
- Thread starter Joab
- Start date
I have no idea where you get your numbers from:
http://money.cnn.com/2008/07/13/new...tm?postversion=2008071318&eref=rss_topstories
In addition, the Federal Reserve announced Sunday that the mortgage finance companies can turn to the Federal Reserve Bank of New York for funds. The move gives Fannie and Freddie the same access to the funds as commercial banks and Wall Street firms...
The decision by the government to step in comes at a tumultuous time for the two shareholder-owned companies, which own or back $5 trillion in home mortgages and are counted on to play a central role in the recovery of the battered housing market.
Even a 15% haircut off of 5 trillion = 750 billion.
Case-Schiller Index is predicting as much as 22% depreciation in home values from here, and a lot the mortgages these institutions back are in terrible areas, which will see much steeper declines.
Apparently you don't understand the difference between the FHA and the GSE's.
$300B is the FHA liability - that is new as a result of this bill.
The $5T GSE's liability has always been there. You think that the gov't would have let the GSE's default even without this bill passing? The whole point of the GSE's is that their debt had the implicit backing of the US gov't. No way they were ever going to be allowed to default. Passing this bill changes nothing with regard to that $5T - the gov't was always on the hook for it.
why Pedro and not Jermaine?? and if you sold your house at the top you wouldnt give a rats ass what they make or dont make....peace
remember Pedro took what he could; its not his fault that they let him live in a $1million Mcmansion on an $8.00/ hour salary..Nor is it his fault that we are now bailing the banks out...in the end people who dont give a rats ass, which number in the millions will take whatever they can get with no regards to what may or may not happen in the future..Knowing this...who's really at fault ?? .peace
A white man walks into Jig town at night and gets ass raped while coping a rock....who's fault is it...
You lend money to your cousin vinny knowing he aint gots no job; who's fault is it when vinny dont pony up and a week later you see him at the strip club and you lend him more money, hahahahahaha gets me point,.....
I'm inclined to go along with Indiahook and GTS on this one. It seems like a necessary evil.
I just hope the government doesn't go too far in trying to help out reckless borrowers at the the entire country's expense.
Let's hope the country learns something from all this and we don't keep repeating these mistakes.
I just hope the government doesn't go too far in trying to help out reckless borrowers at the the entire country's expense.
Let's hope the country learns something from all this and we don't keep repeating these mistakes.