Comments on: House Deal Reached on Mortgage Write-Down; New Dems Assure Banks Get Theirs http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/ Firedoglake weblog Sat, 18 Feb 2012 05:31:53 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: MarkH http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1848112 MarkH Wed, 04 Mar 2009 07:44:55 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1848112 <blockquote><p>only the threat of involuntary modification will “encourage” voluntary modifications.</p></blockquote> <p>It’s not like a lot of mortgage holders are contacting homeowners to offer modifications. A lot of homeowners can’t even get hold of the mortgage holder or their servicer.</p> <p>We’ve got a crisis and a big part of fixing it requires mortgages be fixed or refinanced. Now isn’t the time for government to be shy about using a little force. We’ve already gone for months without doing anything and the free market hasn’t fixed things.</p>

only the threat of involuntary modification will “encourage” voluntary modifications.

It’s not like a lot of mortgage holders are contacting homeowners to offer modifications. A lot of homeowners can’t even get hold of the mortgage holder or their servicer.

We’ve got a crisis and a big part of fixing it requires mortgages be fixed or refinanced. Now isn’t the time for government to be shy about using a little force. We’ve already gone for months without doing anything and the free market hasn’t fixed things.

]]> By: ShotoJamf http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847875 ShotoJamf Wed, 04 Mar 2009 03:55:03 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847875 <p>Why would these banker assholes accept any sort of revised valuation (whether through the courts or otherwise) when they can maintain inflated asset values on their books and be made whole with taxpayer money on the other side of the balance sheet? Yeah, some loans will go bad, but as long as the key regulatory ratios are maintained (again, with free taxpayer money), why should they give a shit? Zombie Banks, indeed. This is some really nasty shit. And from a technical accounting standpoint? Pure smoke and mirrors.</p> Why would these banker assholes accept any sort of revised valuation (whether through the courts or otherwise) when they can maintain inflated asset values on their books and be made whole with taxpayer money on the other side of the balance sheet? Yeah, some loans will go bad, but as long as the key regulatory ratios are maintained (again, with free taxpayer money), why should they give a shit? Zombie Banks, indeed. This is some really nasty shit. And from a technical accounting standpoint? Pure smoke and mirrors.

]]> By: JonMorgan http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847861 JonMorgan Wed, 04 Mar 2009 03:38:40 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847861 <p>I signed the petition here with this comment:</p> <p> I used to work for Paul Wellstone. Sadly, he isn’t around to stand up for the little guy anymore. What would he do if he were here now? Don’t you think you should follow his lead? Don’t ask the pollsters or the crackpot Beltway pundits. Ask your conscience. Thank you.</p> I signed the petition here with this comment:

I used to work for Paul Wellstone. Sadly, he isn’t around to stand up for the little guy anymore. What would he do if he were here now? Don’t you think you should follow his lead? Don’t ask the pollsters or the crackpot Beltway pundits. Ask your conscience. Thank you.

]]> By: cinnamonape http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847672 cinnamonape Wed, 04 Mar 2009 02:14:18 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847672 <p>More on the <a href="http://en.wikipedia.org/wiki/New_Democrat_Coalition" rel="nofollow">New Democrat Coalition Old and New</a></p> More on the New Democrat Coalition Old and New

]]> By: selise http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847596 selise Wed, 04 Mar 2009 00:59:47 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847596 <p>thanks. there’s been a lot of talk about unregulated side contracts so i wondered.</p> <p>we’d all like your help on the next thread if you are willing…. thanks!</p> thanks. there’s been a lot of talk about unregulated side contracts so i wondered.

we’d all like your help on the next thread if you are willing…. thanks!

]]> By: masaccio http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847590 masaccio Wed, 04 Mar 2009 00:54:21 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847590 <p>It’s possible, but I think most mortgages are sold without recourse, meaning that the bank is not liable. A lot of the mortgages passed through banks after being made by mortgage brokers. The note is payable to the broker, and is endorsed to the bank. The notes I have seen are endorsed without recourse.</p> It’s possible, but I think most mortgages are sold without recourse, meaning that the bank is not liable. A lot of the mortgages passed through banks after being made by mortgage brokers. The note is payable to the broker, and is endorsed to the bank. The notes I have seen are endorsed without recourse.

]]> By: Kassandra http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847586 Kassandra Wed, 04 Mar 2009 00:51:12 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847586 <p>That woman looks like a frog who just swallowed a fly…..sorry, I couldn’t help it.</p> <p>Who needs Republicans with a**hats like these?</p> That woman looks like a frog who just swallowed a fly…..sorry, I couldn’t help it.

Who needs Republicans with a**hats like these?

]]> By: HubrisSonic http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847583 HubrisSonic Wed, 04 Mar 2009 00:49:07 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847583 <p>you mean of the tranches that are falling apart from bankruptcy’s? those tranches? yeah… right…</p> you mean of the tranches that are falling apart from bankruptcy’s? those tranches? yeah… right…

]]> By: HubrisSonic http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847580 HubrisSonic Wed, 04 Mar 2009 00:47:10 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847580 <p>I know who the investors are, my point is they are not investing now. Anybody want to buy a MBS now?</p> I know who the investors are, my point is they are not investing now. Anybody want to buy a MBS now?

]]> By: masaccio http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847577 masaccio Wed, 04 Mar 2009 00:45:41 +0000 http://firedoglake.com/2009/03/03/house-deal-reached-on-mortgage-write-down-new-dems-assure-banks-get-theirs/#comment-1847577 <p>The investors are a whole lot of people, including pension funds, cities and states, and investment banks. When the real estate backed mortgages were packaged, some of the tranches were kept by the institutions, and form part of their capital structure. If they are forced to recognize the true losses, it could impair their financial condition even worse.</p> The investors are a whole lot of people, including pension funds, cities and states, and investment banks. When the real estate backed mortgages were packaged, some of the tranches were kept by the institutions, and form part of their capital structure. If they are forced to recognize the true losses, it could impair their financial condition even worse.

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