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Loanowner bailouts were designed to benefit banks, an insider’s view


By golfplan18   Follow   Sun, 4 Nov 2012, 10:37pm PST   394 views   5 comments
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http://ochousingnews.com/news/loanowner-bailouts-were-designed-to-benefit-banks-an-insiders-view?source=Patrick.net

The bubble collapse was rife with denial caused by false rumors of homeowner bailouts. Many homeowners held out hope that if they could just keep current on their mortgage long enough, the government would come to their rescue in the form of a mandated bailout program. Many such programs were attempted, but if their stated goal was to keep loanowners in the properties they occupied, these programs were a dismal failure — thankfully. If they had succeeded, the moral hazard would have served to inflate an even more massive housing bubble in the future.

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upisdown   Sun, 4 Nov 2012, 11:40pm PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Nope, it wasn't ever going to happen. The NAR has lobbyists, and so does the MBA, and that's just one sub-section of the baking sector that has lobbyists.

Where's the lobbyists for homeowners? There isn't any.

The Professor   Mon, 5 Nov 2012, 1:04am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

From the article:

"On one side of the ledger, we see that the big banks are bigger than ever, more than 90% of the gains in GDP in the past four years have accrued to those in the top 1% of the income distribution, and total Wall Street pay is still near record highs despite a sharp drop in employment.

Those statistics are shocking and disturbing. A crony system that rewards incompetence with largess is doomed, but not before the perpetrators loot our economy and the government coffers for their own personal gain."

Less players making more money. Monopoly people forgetting that when you win, the game is over.

CaptainShuddup   Mon, 5 Nov 2012, 1:09am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

What are you talking about, Obama personally helped 50,000 homeowners from going in foreclosure, it was an accomplishment. He got a Noballs Piss prize for it. It was in all of the Papers, Iwog cites it as his crowning achievement.

upisdown   Mon, 5 Nov 2012, 1:10am PST   Share   Quote   Permalink   Like   Dislike     Comment 4

The Professor says

Those statistics are shocking and disturbing. A crony system that rewards incompetence with largess is doomed, but not before the perpetrators loot our economy and the government coffers for their own personal gain."

But was it really incompetence? Their own actions before and after shows that it wasn't.

upisdown   Mon, 5 Nov 2012, 1:11am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

CaptainShuddup says

What are you talking about, Obama personally helped 50,000 homeowners from going in foreclosure, it was an accomplishment. He got a Noballs Piss prize for it. It was in all of the Papers, Iwog cites it as his crowning achievement.

Who appropriated the program, and why did they do it?

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