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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (215408)	8/12/2007 8:27:36 AM
From: Snowshoe	Respond to of 794207

>>50 year mortgages may bail them out<< The market needs vulture capitalists to buy up the mortgage-backed-securities at pennies on the dollar from the banks, hedge funds, pension plans, insurance companies, etc. This would enable the "investors" to take their losses, and help keep the financial system from freezing up. The mortgages could then be refinanced at a fixed 1% (or 0%)interest rate, spread over enough years to make the monthly payments affordable to the homeowners. This makes more sense than foreclosing. Foreclosed houses would sit empty and continue to decline in price, and be subjected to vandalism by people stealing the copper pipe and wiring, selling crack, etc. Much of this toxic mbs waste was sold overseas to investors in Europe, Asia (including China), and perhaps wealthy Mideast oil countries. So buying the stuff back for diddly squat will help our balance of payments. Oh, the schadenfreude!