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OT: Obama's robo-signing giveaway
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Robert Baer
Feb 9, 2012, 10:37:45 PM2/9/12
to
The U.S. government today announced a $26 billion foreclosure settlement
with five of the country's largest home lenders. The deal settles
charges surrounding allegations of "robo-signing" – or improper
foreclosures made without proper paperwork. The money will go to reduce
the principal owed by borrowers who are "underwater" (meaning their loan
is worth more than their house) and/or behind on their mortgages.
In short, this deal will give relief to people who took bigger loans
than they could afford and those who have stopped paying their mortgage.
Meanwhile, folks who continue paying their mortgages on time get
nothing. Financial analyst Dick Bove calls it "the mortgage deal from
hell." He made his comments on CNBC this morning…
If you're going to do something which is going to reduce the value of
existing homes where people are making payments, then every American
should stop making payments on his mortgages and send a letter to the
Attorney General in his state and say "I qualify to have my principal
reduced because I'm not going to make any more payments on my house."
This deal is a crowning achievement for Obama… allocating bank money
(which came courtesy of U.S. taxpayers) back to his government to enable
even more entitlement. Bove drove the point home, saying, "There is no
sanctity of contracts in the United States. Only fools meet their
financial commitments. The nonpayers are truly enlightened."
with five of the country's largest home lenders. The deal settles
charges surrounding allegations of "robo-signing" – or improper
foreclosures made without proper paperwork. The money will go to reduce
the principal owed by borrowers who are "underwater" (meaning their loan
is worth more than their house) and/or behind on their mortgages.
In short, this deal will give relief to people who took bigger loans
than they could afford and those who have stopped paying their mortgage.
Meanwhile, folks who continue paying their mortgages on time get
nothing. Financial analyst Dick Bove calls it "the mortgage deal from
hell." He made his comments on CNBC this morning…
If you're going to do something which is going to reduce the value of
existing homes where people are making payments, then every American
should stop making payments on his mortgages and send a letter to the
Attorney General in his state and say "I qualify to have my principal
reduced because I'm not going to make any more payments on my house."
This deal is a crowning achievement for Obama… allocating bank money
(which came courtesy of U.S. taxpayers) back to his government to enable
even more entitlement. Bove drove the point home, saying, "There is no
sanctity of contracts in the United States. Only fools meet their
financial commitments. The nonpayers are truly enlightened."
hamilton
Feb 9, 2012, 11:10:45 PM2/9/12
to
Justice Department and the Department of Housing and Urban Development,
is being billed as the largest federal-state settlement ever obtained.
"
What part of this did Obama handle ??
dagmarg...@yahoo.com
Feb 9, 2012, 11:43:25 PM2/9/12
to
just on the airwaves taking credit.
James Arthur
miso
Feb 10, 2012, 3:38:41 AM2/10/12
to
Really nothing changes unless people go to jail. Say what you want about
Ronald Reagan, at least a thousand bankers went to jail during the S&L
fiasco. Of course well connected people (Bush family members) were not
prosecuted.
To put it mildly, Eric Holder is terrible at his job. I sure hope he
doesn't stick around for Obama's second term. Holder is useless. There
are so many war criminals in the GWBush administration that Holder is
allowing to walk the earth as free men.
Jim Thompson
Feb 10, 2012, 10:10:09 AM2/10/12
to
money from the banks into state and federal coffers (read the fine
print... it's mostly penalties... plus some small tokens to buy idiot
votes).
...Jim Thompson
--
| James E.Thompson, CTO | mens |
| Analog Innovations, Inc. | et |
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I love to cook with wine. Sometimes I even put it in the food.
Fred Bloggs
Feb 10, 2012, 10:13:55 AM2/10/12
to
ameliorate the excess inventory of foreclosed properties which is the
single largest contributor to depressed sales and devaluation of
residential real estate. If they can do anything to turn that trend
around then everyone benefits And stopping illegal foreclosures and
refinancing troubled owners is an effective way to do that. There
isn't enough money in the settlement to support a significant amount
of principal reduction, but there is enough money to enable a
significant amount of refinancing at much lower rates to save
properties from foreclosure. If I understand you correctly, you have a
problem with a joint state and federal effort to restructure debt in
an effort to stop the decline of real estate value and also the
decline in the vital revenue generating real estate taxes so badly
needed by localities; it would be much better to see the market remain
depressed, localities laying off essential service workers, more
bankruptcies, more construction industry unemployment, and more vacant
real estate?
dagmarg...@yahoo.com
Feb 10, 2012, 1:07:13 PM2/10/12
to
On Feb 10, 10:13 am, Fred Bloggs <bloggs.fredbloggs.f...@gmail.com>
wrote:
Illegal foreclosures are not a problem. The allegation is not that
any large percentage of the foreclosures were unjust, but that
paperwork procedures weren't fully followed.
It's a pretext. Like allowing drilling but not granting any permits.
Foreclosures are bad for Barack, so he's stopping them, temporizing,
subverting, by hook and by crook (and by owning chunks of the big
banks).
It doesn't help anyone. He's not fixed the housing crisis, he's
dragging it out, hiding it, and letting leak out slowly, granting
NINJA loans and what-not to cover it up. That hangs over the economy
in a thousand ways, making it worse.
Barack is the reason the housing market is still depressed, and he's
the reason employers haven't been hiring--they're afraid. Correctly.
James Arthur
wrote:
any large percentage of the foreclosures were unjust, but that
paperwork procedures weren't fully followed.
It's a pretext. Like allowing drilling but not granting any permits.
Foreclosures are bad for Barack, so he's stopping them, temporizing,
subverting, by hook and by crook (and by owning chunks of the big
banks).
It doesn't help anyone. He's not fixed the housing crisis, he's
dragging it out, hiding it, and letting leak out slowly, granting
NINJA loans and what-not to cover it up. That hangs over the economy
in a thousand ways, making it worse.
Barack is the reason the housing market is still depressed, and he's
the reason employers haven't been hiring--they're afraid. Correctly.
James Arthur
Fred Bloggs
Feb 10, 2012, 6:53:39 PM2/10/12
to
>
> It doesn't help anyone. He's not fixed the housing crisis, he's
> dragging it out, hiding it, and letting leak out slowly, granting
> NINJA loans and what-not to cover it up. That hangs over the economy
> in a thousand ways, making it worse.
otherwise save an industry that is capable of producing billions in
revenue, keeps thousands of people employed, and saves investors from
mega-losses. Your viewpoint is backwater.Anything that reduces the
inventory of foreclosed properties is good for everyone, and funding a
program from the ill-gotten gains of the malfeasant mortgage industry
makes a lot of sense.
>
> Barack is the reason the housing market is still depressed, and he's
> the reason employers haven't been hiring--they're afraid. Correctly.
>
dagmarg...@yahoo.com
Feb 12, 2012, 12:52:08 AM2/12/12
to
On Feb 10, 6:53 pm, Fred Bloggs <bloggs.fredbloggs.f...@gmail.com>
wrote:
-- It's a shakedown that only allocates $1.5B to actual abuse:
http://business.time.com/2012/02/09/25-billion-mortgage-settlement-to-be-announced-this-afternoon/
The rest is a slush fund to various--in the scale of things--
inconsequential purposes.
-- It keeps thousands employed at the expense of 2x or 3x or 5x that
many thousand laid off (or not hired) to pay for it.
-- It saves bad investors, at the expense of the taxpayers and
current borrowers, with the result that past irresponsible investing
and lending is made whole, and responsible investors and home-buyers
are locked out of the same market they're being forced to subsidize.
The basic truth is that prices have dropped and someone has to take
the loss. Until that happens, it's not over, not solved. Pretending
just stretches it out. Obama's telling people if their house goes
down, the bank should take the loss. The whole thing has just made
loaning money a *lot* more expensive, and a *lot* less attractive.
So, fewer loans, and less activity.
On other fronts, Obama's encouraging defaults by rewarding them--if
you default, you qualify for subsidy and the taxpayers (and or future
borrowers) take the loss. If you pay, you take the loss.
Pretending and posturing doesn't being to address anything--the total
loss is two orders' magnitude bigger than this puny Potemkin
shakedown. All he's done is scare bankers back in their shell.
Net jobs are not saved. What is saved is pathological, dysfunctional.
> Your viewpoint is backwater.Anything that reduces the
> inventory of foreclosed properties is good for everyone, and funding a
> program from the ill-gotten gains of the malfeasant mortgage industry
> makes a lot of sense.
He's not reducing the inventory, he's just keeping inventory off the
market. That's keeping prices artificially inflated. Meanwhile,
other policies keep banks from lending. Net result is that the
backlog isn't being cleared.
As a side point, he's not allowed to do any of this. The President is
not allowed to be Real Estate God.
> > Barack is the reason the housing market is still depressed, and he's
> > the reason employers haven't been hiring--they're afraid. Correctly.
>
> Really? Care to explain how that works?
Longer version: Barack's threatening and extorting industries
representing maybe half the economy. The list includes energy (coal,
oil, gas), medicine, insurance, business aviation, employers, banks,
and investors. Oh, and Catholics. He just finished shaking down some
banks for $25B for paperwork problems. They're taxpayer banks though,
so no worries.
Plus, Obama's constantly attacking employers--business owners. It's
their fault. They're not paying their share, they're not hiring.
Then there's Obamacare(*), Dodd-Frank(**), and the sure prospect of
the largest tax hike in American history, mostly focused on investment
and employers. That discourages both investment and employment.
(*) I tried several times to calculate my Obamacare penalty from the
law, but failed--it's beyond comprehension. That's just one tiny
section. I'm experienced. The moms-and-pops backbone of the country,
who have to understand and comply with hundreds of those, aren't.
They're scared.
(**) I heard one of Home Depot's founders on the radio last week. He
said Dodd-Frank would've made Home Depot impossible. (They depended
on an offering that the Dodd-Frank compliance cost would've put out of
their universe.)
If you take an extra $30k from an employer, that results in -1 job.
Taken from an investor, that results in -10x in investments, with a
big multiplier on jobs and future jobs.
He's actively wrecking things. If he'd just stop that the economy
would roar, and we could work on the deficit.
Short version: too much change, and not enough hope.
James Arthur
wrote:
http://business.time.com/2012/02/09/25-billion-mortgage-settlement-to-be-announced-this-afternoon/
The rest is a slush fund to various--in the scale of things--
inconsequential purposes.
-- It keeps thousands employed at the expense of 2x or 3x or 5x that
many thousand laid off (or not hired) to pay for it.
-- It saves bad investors, at the expense of the taxpayers and
current borrowers, with the result that past irresponsible investing
and lending is made whole, and responsible investors and home-buyers
are locked out of the same market they're being forced to subsidize.
The basic truth is that prices have dropped and someone has to take
the loss. Until that happens, it's not over, not solved. Pretending
just stretches it out. Obama's telling people if their house goes
down, the bank should take the loss. The whole thing has just made
loaning money a *lot* more expensive, and a *lot* less attractive.
So, fewer loans, and less activity.
On other fronts, Obama's encouraging defaults by rewarding them--if
you default, you qualify for subsidy and the taxpayers (and or future
borrowers) take the loss. If you pay, you take the loss.
Pretending and posturing doesn't being to address anything--the total
loss is two orders' magnitude bigger than this puny Potemkin
shakedown. All he's done is scare bankers back in their shell.
Net jobs are not saved. What is saved is pathological, dysfunctional.
> Your viewpoint is backwater.Anything that reduces the
> inventory of foreclosed properties is good for everyone, and funding a
> program from the ill-gotten gains of the malfeasant mortgage industry
> makes a lot of sense.
market. That's keeping prices artificially inflated. Meanwhile,
other policies keep banks from lending. Net result is that the
backlog isn't being cleared.
As a side point, he's not allowed to do any of this. The President is
not allowed to be Real Estate God.
> > Barack is the reason the housing market is still depressed, and he's
> > the reason employers haven't been hiring--they're afraid. Correctly.
>
> Really? Care to explain how that works?
representing maybe half the economy. The list includes energy (coal,
oil, gas), medicine, insurance, business aviation, employers, banks,
and investors. Oh, and Catholics. He just finished shaking down some
banks for $25B for paperwork problems. They're taxpayer banks though,
so no worries.
Plus, Obama's constantly attacking employers--business owners. It's
their fault. They're not paying their share, they're not hiring.
Then there's Obamacare(*), Dodd-Frank(**), and the sure prospect of
the largest tax hike in American history, mostly focused on investment
and employers. That discourages both investment and employment.
(*) I tried several times to calculate my Obamacare penalty from the
law, but failed--it's beyond comprehension. That's just one tiny
section. I'm experienced. The moms-and-pops backbone of the country,
who have to understand and comply with hundreds of those, aren't.
They're scared.
(**) I heard one of Home Depot's founders on the radio last week. He
said Dodd-Frank would've made Home Depot impossible. (They depended
on an offering that the Dodd-Frank compliance cost would've put out of
their universe.)
If you take an extra $30k from an employer, that results in -1 job.
Taken from an investor, that results in -10x in investments, with a
big multiplier on jobs and future jobs.
He's actively wrecking things. If he'd just stop that the economy
would roar, and we could work on the deficit.
Short version: too much change, and not enough hope.
James Arthur
josephkk
Feb 16, 2012, 11:42:15 PM2/16/12
to
?-)
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