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.
Last time I testified in court I had to take an oath on the bible – Is that not part of the law?
“Remember if someone can’t borrow money, they cant put ‘new’ money into the system…Find out about how money works and you will understand that nothing will save housing.”
Priceless video on the subject.
http://tinyurl.com/27jppm
One, I don’t see it as a bailout. I see it as a breather to prevent more of the panic-driven “run on the bank” that we’re seeing now. Institutions have just plain left the mortgage market and the lack of liquidity has made the problem even worse. The free market sometimes needs a (visible) hand.
Two, arguing with fundamentalists and their apologists is very, very boring, but becoming more necessary every day. Contrary to what Ron Paul thinks, the earth is not 6,000 years old. Evolution is a reality. And America was not founded as a Christian state. Our boy TJ said it best:
Christianity neither is, nor ever was a part of the common law.
-Thomas Jefferson,
The What is really Ron Paul
“During the great depression, people were without jobs almost instantly. That was a different scenario.”
Wrong. Same scenario – just earlier stage. There will be massive job losses. Housing = Economy = Recession = Greater Depression. Ben’s helicopter will soon run out of fuel.
The nut is back
Dig this! Nothing will save housing, NOTHING!!!!!!!!!!!!!! Enjoy today take the wife out or go to church. 2008 you will know we have a problem. Remember if someone can’t borrow money, they cant put ‘new’ money into the system. This causes deflation and will bring down prices. I went shopping yesterday and the bargains were out of sight. 30%, 40% and 50% in some places. Find out about how money works and you will understand that nothing will save housing. Happy New Folks.
The What
Someday this war is gonna end.
BTW Here is a primer, please read it!
http://market-ticker.denninger.net/2007/12/year-in-review-and-look-ahead.html
The bottom line here is that a lot and I mean a lot of people who should of never gotten a mortgage, got one. But the corporate pigs at the banks and brokerages and builders hurried up financed these people and sold these mortgages off to others and they all got screwed in the end. Mortgage brokers are crooks, thier predatory lending practices put the country into this tailspin. There needs to be a lot of people going to jail over this one. People who were bambozzled into these mortgages should have them refinanced and some of these companies involved need to be shut down.
“$3 billion in bonds”???
That only saves one brownstone.