Archive for December, 2009
Do I have it right in a nutshell?
Simply put, there are two things involved, “mortgages” and “mortgage backed securities”.
HOW IT STARTED
Mortgages: People bought houses they couldn’t really afford with loans (mortgages) they couldn’t afford to pay back. They agreed to monthly loan payments that started off cheap, then after a few years would get REALLY big! But people agreed anyway believing their houses would always increase in value or maybe they’d win the lottery. When the monthly payments did increase, they didn’t win the lottery and couldn’t afford to pay the higher monthly payments anymore. The banks then foreclose on them.
MEANWHILE
Mortgage Backed Securities: Banks and financial corps had made and sold “mortgage backed securities”. They took those people’s mortgage loans and broke them into little pieces and sold those pieces like they were stocks in a company. So when the people made their monthly mortgage payments their payments got broken up and sent to a whole bunch of different people who’d bought these “mortgage securities”. Great investment… until the people paying can’t afford to make their house payments anymore…
WHAT HAPPENED
So when the housing market went down instead of up a TON of big financial corps, investors, and banks got stuck holding all these worthless “mortgage securities” they’d already paid for (or taken out loans themselves to buy). So suddenly their companies have all these massive “losses” and debts on their books which makes them owe more money than they’re worth. So of course they’re now teetering on the brink of “foreclosure” themselves due to losing all their money on these bad “bets” they made (just like the homeowners).
THE BAD
So now all these big financial corps are going into “foreclosure” or close to it, and Bush comes up with a “plan” for all OUR TAXES to be used to “buy” the companies worthless bad bets/debts so they don’t go under. And he gives everyone A SINGLE WEEK to decide on it.
THE WORSE
Even in a socialist country (where the “people” own the companies through the govt) they pay for the company losses AND benefit from profits when the companies do well. But we’re being told to just eat the LOSSES and won’t get any of the profits when/if the companies do make money again (unless you’re already rich enough to buy stock in them…).
So, “We the People” are forced to buy big companies bad bets with our taxes without getting paid back (just maybe keep our jobs). Meanwhile millions of dollars per day of our taxes are also going for the two never-ending wars Bush already got us into the last time he told us “Do what I say or the world will collapse, decide in a few days or else”.
All of this is added to the biggest national debt in all of history (which China bought all the “stock” in betting that we’d be able to pay them back, with interest…). God forbid they decide to call in our debts to them…
THE JUST PLAIN SICK
We’re being told to do THIS with our tax money while we can’t even afford our own homes or healthcare, and we go into massive debt to pay for our college educations. Now we’re losing our jobs too. But we’ve been told over and over that we can’t use our taxes to pay for those things cuz it’s “socialist” and “bad”, big companies running those things is “better” and the “American Way”… Do you want YOUR tax money to pay for the things that actually might make a difference in your own life, or going to the big companies that make YOU pay for those things AND pay higher taxes to bail out bad company bets? Make your choice (you’ve got 1 week to decide or else the world will collapse…).
My question is “Do I have this pretty much right”?
Redding Real Estate
Freshly painted with custom colors and plantation style blinds throughout and in great condition! This spacious townhome features a downstairs master suite and two very large upstairs bedrooms. Tons of storage space in addition to the one car garage. Ceramic tile in kitchen and all bathrooms. 36″ maple cabinets with crown molding. Screen porch overlooking open area. 24 hour recorded info on this property?1-888-210-XXXX X.2428 ?or call us today Donald 843-478-XXXX Jeremy 843-478-XXXX FREE list of Short Sales and Foreclosures!! 1-888-210-XXXX(Fax or email report) Charleston County X.600 Berkeley County X.700 Dorchester County X.800 source:
I would take the banking staff who loose their jobs and create a temporary infra-structure in every city and town throughout the entire country where people who are about to loose their homes can get a really soft loan, mortgages and financial advice so that no one goes hungry and no one has their homes repossessed, I’ll bet that you could put $ 400 billion in a Swiss interest baring account and float the whole mortgage dilemma on the balance,
The interest alone from the 400 Billion would fire this rocket to infinity and beyond.
But it will inevitably be given to bail out the fat the FAT CATS who created this catastrophe in the first place, and ensure that they continue their luxuriously excessive, lavish life styles.
Edit winton/
Firstly not everyone in the country will need it, no matter how bad things get there will allways be still be people employed, there will still be rich people and middle class America and everyone else and they will all need food so we will have an agricultural boom, start increasing our own industry not importing cheaper products from foreign countries that is crippling internal industry, government contracts to struggling businesses so that they don’t go under, use the money to heal the wound not just fill it.
Your numbers are misrepresentitive of the facts
Edit speedfreak.
No my friend you are wrong, the FAT CATS behind this crisis own congress and your government and every other government in the free world, they are sat somewhere else in a room playing chess using the world like as the chess board and and the countries as the pieces.
Huntsville Relocation
Foreclosure Only $100 down! (Michael J. Estes) $149,000
Fabulous home with an open floor plan 3 bedrooms + study! Home features mother-in-law plan, study, formal dining, huge kitchen, side entry garage. Granite, tile, custom cabinets, custom lighting
Price Reduced! Foreclosure-Make Offer! Please call or email me today for more details on this & other area foreclosure listings!! 803-600-4377 source:
822 Billingsgate,Youngstown OH – Single Fam. NO RESERVE (eBay) $11,900
PLEASE READ ENTIRE AD BEFORE BIDDING Check bottom of Page for answers to common Questions 822 Billingsgate , Youngstown , OH 44511 – Mahoning County Parcel 53-133-0-083.00-0 PLEASE BID ONLY IF YOU INTEND TO BUY. $199 Processing fee to apply 3 Bedroom 1 Bath Home, approx 1044 sq ft built in 1957 on 0.133 acres. GREAT INVESTMENT OPPORTUNITY !!! For property information & back taxes check Mahoning County : http://ohmahoningpropertymax.governmaxa.com/propertymax/search_property.asp?l_nm=streetaddress&form=searchform&formelement=0&sid=2798365894C84066B1034882B2F14449 Seller DOES NOT have any reports or information regarding back taxes, utilities or code enforcement liens/charges that may exist. BIDDERS/BUYERS are responsible for obtaining their own reports and information regarding such before bidding. Due to the changeable nature of taxes and assessments Seller CANNOT provide this information for you. Please conduct your inspections PRIOR to bidding. Overview
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Move-In Ready & Affordable 3/2 w/ Park View, Fenced Yard, & W/D (Lycos Classifieds) $134,900
Perfect 1st Home! This move-in ready 3/2 features a garage, inside utility room with w/d included, eat-in kitchen, privacy fenced yard, and more! Across the street from a large open park! Quiet and established neighborhood convenient to universities and downtown! Asking $134,900! 1708 Dale St. Tallahassee, FL Click here to see the virtual tour: http://www.homesandland.com/EZTour?14160053&EZTourId=736116&Unbranded=1&width=720&height=540 View all the listings in the MLS, foreclosures, 100% Financing Info, & More at http://www.TallahasseeDestination.com Meridee Escalera Destination Real Estate 850-445-5129 merideej@hotmail.com http://www.TallahasseeDestination.com
Investment Property in from HUD Foreclosed for only $297,600 (HudForeclosed) $297,600
This property is a Pre-Foreclosure. The homeowner has missed at least one payment and may be willing to sell this home at an attractive price, in order to avoid foreclosure.
Long Range Mountain Views all the way to Appalachian Ski Center from this beautiful contemporary home located just minutes from New Market Center in Boone. Enjoy the southern exposure and easy access all year long. Solid construction includes an open floor plan with 14 foot ceilings, state of the art floor joist system, Pella windows and doors, engineered roofing system, beautiful hard wood floors and cured cedar shakes and rock work exterior. Click on the link for more details www.venusproperties.com Carmen Dawes-Best carmen@venusproperties.com 828- 265-1008 source:
This 1757 Square Foot Property has 3 Bedroom(s) and 2 bath(s). The Estimated Loan Balance/Default amount is $296,066.00. This is an REO (Real Estate Owned) property. source:
