Bill Would Temporarily Halt Foreclosures
Shades of the Great Depression: Assemblyman Jim Brennan is introducing a bill that would impose a one-year delay in court-ordered foreclosures, according to an article in the Brooklyn Eagle. During the Depression, New York also had a foreclosure moratorium law. Brennan is introducing a separate bill that would allow the State of New York Mortgage…
Shades of the Great Depression: Assemblyman Jim Brennan is introducing a bill that would impose a one-year delay in court-ordered foreclosures, according to an article in the Brooklyn Eagle. During the Depression, New York also had a foreclosure moratorium law. Brennan is introducing a separate bill that would allow the State of New York Mortgage Agency to issue $3 billion in bonds to buy out subprime mortgages. The dramatically rising number of foreclosures has led to declining property values and threatens New York State’s economy. New York City alone faces 15,000 foreclosures with national rates in November 2007 up 68 percent from the same month last year, said Brennan.
Brennan Bill Would Impose Moratorium on Foreclosures [Brooklyn Eagle]
Photo by mortgage_foreclosure_solutions.
Nonsense 2:16? What planet are YOU living on?
On my planet there have been numerous newspaper articles about how the once commonplace practice of lenders working with borrowers to avoid forclosure has virtually stopped, in part because, due to securitization of mortgages has left no one with the authority to undertake such negotiations. The other, more sinister part, is that those originating mortgages have already made THEIR profit and foisted the risk, and loss, off to others leading to the recent dangerous disconnect between creditworthyness and ability to receive loans that may hamstring our economy for a long time to come.
Ron Paul.
Whether you love him or hate him, he’s not getting elected.
The US does not elect third-party candidates. However, as Bloomberg might prove and Perot did prove, a third-party candidate can change the outcome of a presidential election — but he can’t win it for himself.
Bill Clinton owes Perot everything. By extension, Hillary is deeply indebted to Perot as well.
However, the US is not ready to elect a female or a black president. The US will never elect Hillary to the presidency. Obama might get a second shot. But his candidacy is about to wind down — even if he wins Iowa.
Bob Marvin wrote:
“Since the “slicing and dicing” involved in transforming mortgages into securities has destroyed the “normal” incentive of lenders to avoid forclosure whenever possible, this bill seems entirely justified to me.”
Nonsense. The “slicing and dicing” has no connection to the homeowner who bought the house and subsequently stopped paying his mortgage. If he can’t pay his mortgage, he can’t pay it. Therefore, he faces foreclosure.
The critics fail to understand that “securitization” of mortgages has led to a huge increase in credit, which is the factor that has allowed many more people to become homeowners.
The lenders have taken more chances with less reliable borrowers. At the moment, it looks as though lenders were too generous.
Rather than focusing on the failures, look at the vast increase in the number of homeowners. Also take note of the increase in home ownership among blacks and hispanics. Without easier credit, many of them would have remained renters rather than becoming homeowners.
Subprime mortgages have been a net benefit to homeowners.
I want a love child with Ron Paul!
I think there someone should introduce a bill putting a halt to all investment losses – stocks, bonds, property, rare coins. Everything. As Marlon Brando said in the Freshman “I only like it when it goes up.”
2:02 – You are hysterical!
1:02,
Most courts do not use a bible or other religious book and atheists can use an alternate affirmation instead of a religious oath
Double Penetration Act of 2007
http://twoonone.com
The Twat
Someday this orgy is gonna end…..
Ocular Penetration Act of 2007
http://www.youtube.com/watch?v=3VZF-_-E73o
Happy New Year!!!!!
The What
Someday this war is gonna end……….