Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Dan3 who wrote (68104)	8/27/2007 2:24:39 PM
From: mishedlo	Read Replies (5) of 116555

We need usury laws on mortgages. Changing the discount rate has no meaningful affect on borrowers who aren't accountants with law degrees (and no one with less training can figure out the 100+ pages of these agreements). We need legislated caps on rates and those rates need to include the amortization of penalties and fees. Penalties on mortgages need to be included in the rate cap. If the borrower doesn't pay, then foreclose. The definition of a mortgage is that the lender has security for the loan and that's enough. Giving someone a "6%" mortgage and then charging fees equal to 5% of the amount loaned is not a 6% mortgage. I am stunned that such a post could actually get 5 recs. Whet we need is for the government to get the F out of the way. We don't need more laws we need fewer laws. We need the government to cancel Fannie Mae and Freddie Mac, eliminate the homeowner deduction, stop promoting housing, stop the nonsensical ownership society, eliminate the HUD and the FED. You are proposing more garbage on top of an existing stack of garbage already 15 miles high. I say eliminate the garbage. Mish

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next