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Politics : Formerly About Advanced Micro Devices
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PKRBKR
To: Broken_Clock who wrote (917427)1/28/2016 4:47:26 PM
From: Tenchusatsu1 Recommendation  Read Replies (2) of 1573439
 
BC,
Banksters paid no price at all.
Really? They were stuck with foreclosed homes that severely depreciated in value and had to sell them off at firesale prices.

That's why they needed a bailout. Personally I was against the bailout, but there were many political shills on the left who were all for it, thinking that was necessary to prevent a "crisis from turning into a catastrophe."
When you, as a lender, have to resort to faking documents in order to "document" chain of title, the the foreclosure should be thrown out.
And replaced with what? A free house for the homeowners? A new loan with a reduced principal? All because some banks cut corners with regard to the foreclosure process?

The underlying problem still remains. Lots of loans were approved based on homes that in hindsight were overvalued at the time. The banks did (and should) bear the brunt of the losses.

As for the people who got foreclosed upon, so they lost their homes? They move to a rental. Credit destroyed? Nothing that can't be rebuilt with time. Loss of down payment? That's the risk of jumping into the real estate market and buying into the craze. And not all of them even had any down payment to begin with.

If you think robo-signing entitles these people to free homes or at least forgiveness of debt, then you're stupid.

Tenchusatsu
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