Comments on: Predatory Lending Has an Ugly Tail End http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/ Firedoglake weblog Fri, 17 Feb 2012 10:52:54 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: rootless http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2025042 rootless Mon, 30 Nov 2009 22:09:38 +0000 http://firedoglake.com/?p=53452#comment-2025042 Oh come on, the sentence you clipped says that while lower level people at treasury think it just needs tweaking, higher level want drastic changes. Oh come on, the sentence you clipped says that while lower level people at treasury think it just needs tweaking, higher level want drastic changes.

]]> By: Cynthia Kouril http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2025039 Cynthia Kouril Mon, 30 Nov 2009 21:06:10 +0000 http://firedoglake.com/?p=53452#comment-2025039 This is not legal advice, and I know nothing about florida law, but in NYS banking law, there are provisions to go after the mortgage brokers and the banks, both civilly and criminally. Her lawyers should not only look in the real proprty procedure laws, but in the state banking laws. Then they should give her some Fla legal advice, which I am not qualified to do. This is not legal advice, and I know nothing about florida law, but in NYS banking law, there are provisions to go after the mortgage brokers and the banks, both civilly and criminally.

Her lawyers should not only look in the real proprty procedure laws, but in the state banking laws. Then they should give her some Fla legal advice, which I am not qualified to do.

]]> By: Cynthia Kouril http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2025038 Cynthia Kouril Mon, 30 Nov 2009 21:03:38 +0000 http://firedoglake.com/?p=53452#comment-2025038 Re: clipping out the next sentence. Fisrt of all, that's why I link to the entire piece. So, that folks can read the qouotes in full context w/o me running afoul of "fair use" I cannot in good faith reprint the entire article! Second, Treasury is currenlty palnning to stay the course, they just want to rearrange the deck chairs onthe Titanic. They think some tweaking might help. Which is why the Senate is considering changing the course right out from under Treasury. I hope they do. Giving bankrupcy judge cramdown powers would help bring about a much swifter resoliution of the forclosure crisis. Re: clipping out the next sentence.

Fisrt of all, that’s why I link to the entire piece. So, that folks can read the qouotes in full context w/o me running afoul of “fair use” I cannot in good faith reprint the entire article!

Second, Treasury is currenlty palnning to stay the course, they just want to rearrange the deck chairs onthe Titanic. They think some tweaking might help.

Which is why the Senate is considering changing the course right out from under Treasury. I hope they do. Giving bankrupcy judge cramdown powers would help bring about a much swifter resoliution of the forclosure crisis.

]]> By: iremember54 http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024789 iremember54 Mon, 30 Nov 2009 05:07:12 +0000 http://firedoglake.com/?p=53452#comment-2024789 This pleads for a simple questions. Why are not the brokers who wrote the mortgages, and the people at the banks that gave them on their way to jail. Why are not the Banks being made to fix the problems they created. Why is my 91 year old mother being thrown out of Her house after a broker got Her a mortgage for $150,000.00 on a house owed $86,000 and valued at $120, 00.00 dollars. Her payments ended up more than Her SS check, so there was no way She could have made the payments. She never saw one cent of the difference in the payoff and the mortagage amout meaning some one made out quite well at Her expense. Yet the Florida Courts sided with the Bank throwing out Her lawyers pleas, and gave the Bank Am Trust the right to foreclose on Her. This is a sick damn Country, and the people in it are fools for allowing the people to pay for the Banks mistakes. This pleads for a simple questions.

Why are not the brokers who wrote the mortgages, and the people at the banks that gave them on their way to jail.

Why are not the Banks being made to fix the problems they created.

Why is my 91 year old mother being thrown out of Her house after a broker got Her a mortgage for $150,000.00 on a house owed $86,000 and valued at $120, 00.00 dollars. Her payments ended up more than Her SS check, so there was no way She could have made the payments. She never saw one cent of the difference in the payoff and the mortagage amout meaning some one made out quite well at Her expense.

Yet the Florida Courts sided with the Bank throwing out Her lawyers pleas, and gave the Bank Am Trust the right to foreclose on Her.

This is a sick damn Country, and the people in it are fools for allowing the people to pay for the Banks mistakes.

]]> By: rootless http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024756 rootless Mon, 30 Nov 2009 04:36:32 +0000 http://firedoglake.com/?p=53452#comment-2024756 <em>Gah! After eight years of a buffoon Decider in Chief prattling on about “stay the course” with one failed policy after another, I have no patience hearing this drivel from Treasury now.</em> Of course if you hadn't clipped out the very next sentence, your readers would know that Treasury top officials are far from "staying the course". The program is bad enough, you don't have to clip quotes to reverse their meaning. Gah! After eight years of a buffoon Decider in Chief prattling on about “stay the course” with one failed policy after another, I have no patience hearing this drivel from Treasury now.

Of course if you hadn’t clipped out the very next sentence, your readers would know that Treasury top officials are far from “staying the course”. The program is bad enough, you don’t have to clip quotes to reverse their meaning.

]]> By: Cynthia Kouril http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024574 Cynthia Kouril Mon, 30 Nov 2009 00:07:35 +0000 http://firedoglake.com/?p=53452#comment-2024574 Agreed Agreed

]]> By: Hugh http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024566 Hugh Sun, 29 Nov 2009 23:16:38 +0000 http://firedoglake.com/?p=53452#comment-2024566 Even if properly structured $75 billion was always too small to make much of a difference. The only real way to have a positive effect would involve cramdowns. It has always been about schemes to prop up property prices to shore up bank balance sheets. It wasn't even to slow a glut of foreclosures coming on to the market. Banks have been doing that on their own (again with the view to supporting house prices not helping homeowners). This is either the second or third "inadequate" housing program. They all will be until we see cramdowns, which the current Team Obama will do everything to prevent since it will expose the banks' underlying insolvency. Even if properly structured $75 billion was always too small to make much of a difference. The only real way to have a positive effect would involve cramdowns. It has always been about schemes to prop up property prices to shore up bank balance sheets. It wasn’t even to slow a glut of foreclosures coming on to the market. Banks have been doing that on their own (again with the view to supporting house prices not helping homeowners). This is either the second or third “inadequate” housing program. They all will be until we see cramdowns, which the current Team Obama will do everything to prevent since it will expose the banks’ underlying insolvency.

]]> By: Cynthia Kouril http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024557 Cynthia Kouril Sun, 29 Nov 2009 23:07:28 +0000 http://firedoglake.com/?p=53452#comment-2024557 Because there are moreof us than there are of them. They govern only with the consent of the governed, since we outnumber them. They work for us, we need to crack the whip Because there are moreof us than there are of them. They govern only with the consent of the governed, since we outnumber them.

They work for us, we need to crack the whip

]]> By: BearCountry http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024499 BearCountry Sun, 29 Nov 2009 22:43:31 +0000 http://firedoglake.com/?p=53452#comment-2024499 Why should anything work out well for anyone but the big corps when obama, geithner, and the bought and paid for congress have to do anything for the actual people? Why should anything work out well for anyone but the big corps when obama, geithner, and the bought and paid for congress have to do anything for the actual people?

]]> By: Loo Hoo. http://firedoglake.com/2009/11/29/predatory-lending-has-an-ugly-tail-end/#comment-2024444 Loo Hoo. Sun, 29 Nov 2009 22:22:13 +0000 http://firedoglake.com/?p=53452#comment-2024444 Good ideas. Good ideas.

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