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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (342250)8/29/2007 7:08:47 PM
From: stan_hughes  Read Replies (3) of 436258
 
Well, I never really expected the Fed to sit idly by and let another 2 million foreclosures roll over the landscape without trying to conjure up some kind of new special residential mortgage contract for the idiots to latch onto.

After all, this is just as much about saving the banks as it is for certain moron homeowners, so for the Fed I think it's a no-brainer -- they will definitely do something.

Hell, I'm not heartless -- I could even live with granting subsidized and/or graduated interest rates provided the house is owner-occupied and stays that way until it can regain conventional financing -- permanent debt slavery is not exactly a new concept in the USA anyway.

But I say NFW to covering RE speculator losses. You gambled, you lost, end of story.

Re: day of reckoning -- this will still come for those funds public and private who have lost money and not yet fessed up, and there are many of these cockroaches still out there waiting to be discovered
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