2009-07-05 — nytimes.com
"Foreclosures remain one of the great financial ills for the economy. The Bush administration largely overlooked foreclosures affecting average homeowners, focusing instead on propping up elite, troubled financial institutions with taxpayer funds. The Obama administration has said it wants to wrestle the foreclosure issue to the ground by encouraging mortgage loan modifications, but its efforts have gotten little traction."
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catherine at 01:33 2009-07-06 said:
HINDSIGHT IS SOOOOOOOOOOOO 20-20 for the last three years EVEN ON THIS BOARD by the uninformed - foreclosures WAS JUST A SCUMMY BORROWER PROBLEM. It was only subprime FAILING the media and some screamed - bad loans that were written for bad people, PERIOD. GET RID OF SUBPRIME COMPANIES AND THE PROBLEM WILL BE RESOLVED. They couldn't have been more WRONG. Everyone got it wrong - the entire Congress - the regulators - THE WORLD MEDIA - people in our industry, etc., SO Of course BLAME Bush :roll: now today when the carnage of over 2 years now visable, IT IS A DEVALUATION OF COLLATERAL AND SECURITIZATION PROBLEM. The government and everyone just didn't understand that all that credit was given BASED ON ONE LITTLE PIECE OF COLLATERAL AND THERE WAS NO PUNISHMENT FOR WALKAWAYS. It is JUST HISTORY REPEATING ITSELF LIKE ONE BIG PART OF THE FIRST DEPRESSION - a big problem was the stocks were sold LIKE MORTGAGE LOANS :roll: put pennies down AND WE WILL LOAN YOU THE REST. There can be no fix until it all falls WHERE THE REAL VALUE IS, very very painful. Permalinkadd a comment | go to forum thread
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