Securitized Mortgage Debt becomes more murky by the minute

catherine at 20:23 2010-10-13 said:

RIGHT ON RIGHT ON, OR SHOULD I SAY FRIGHT ON FRIGHT ON..........this is the hell that makes this a Depression and not some lily white recession............the rest was just some losses in the past but this time we securitized this debt to 500 trillion dollars, that matters people....

I had a conversation with a 70 year old man last month who is still doing a couple days of work a week at a credit union and he said he couldn't understand why the banks just weren't working with the people and lowering their payments to get AT LEAST SOMETHING ON THE DEBT, like they do with car loans at the credit union, you can't pay 500, we make it 300 and get our money but get it slower

THIS IS WHY MY MEDIA SHOULD ALL BE FIRED..............I said to him would he be willing to tak 200 less in his pension CHECK..............he said no way..........I said well since this foreclosure is really owned by your pension plan and NOT THE BANK, you have to be willing to take 200 less so that person can stay in the house............

NOW PEOPLE ARE STARTING TO UNDERSTAND.........but it is too late the pooch is screwed............instead of going thru with the foreclosures, setting a REAL VALUE ON THE PROPERTY and selling it and keeping it an asset..........

.now we are going down the road where there is no recapture at all.............people will live in these houses for free for another couple years and the investment for the pension will go to zero...........

did you see those riots in France, that is what happens when you don't pay people what you promised them..........

I have always said that nationalizing our industry and gutting our careers was one thing, but working all your life on a contract that you would make so much in retirement and now having that disappear will gut this nation...........or put us in a deep depression that will last 10 years.......

so sad, this didn't have to happen..............until you hear a politician talking about reinstituting glass steagall - no one is going to fix this mess

everybody is going to get blooody in this mess, the rich that think it doesn't matter to them will see those municipal bonds start failing, and the early bird gets the annuity money and 401k money............those jobless people at least will get their 401s when they lose their jobs, in another 2 years that too will be bankrupt and the workers will then be the mad ones, it is all ponzi money and the first out gets the pot....................

and when they all whine no one will listen, just like they didn't listen to these people cause it didn't affect them, so they thought..........

this is lava and will touch everyone on the planet........... Permalink