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.
Wow! First FOTD’s, then ROTD’s and now Brownstoner says the GD phrase? Shit must really be hitting the fan. I’m with 9:27. Nothing will get us through this mess faster and more efficiently than the free market. A futile bailout will exacerbate.
OK, so let’s say some foreclosures get halted. If the home owners are not making payments, it still means the mortgage backed securities, and all of the various elaborate debt-backed “assets” piggybacked on them lose value, and the banking system continues to suffer billions more in write-downs. This accomplishes precisely nothing except delaying the inevitable and much-needed price corrections.
PS: Ron Paul is insane. Absolutely bugsh*t crazy.
“”The notion of a rigid separation between church and state has no basis in either the text of the Constitution or the writings of our Founding Fathers.”
“The Founding Fathers envisioned a robustly Christian yet religiously tolerant America.”
So what’s so crazy or whack-jobish about that? Its true afterall. The Foundinf Fathers wanted to protect religion from the state not keep religion and religious persons out of gov’t.
And no, I am not a Ron Paul supporter.
I had a few minutes to spare. These are some of my favorites, but please feel free to google “Ron Paul” and “fundamentalist whack-job” or visit christiansforronpaul.com to find more –
“The notion of a rigid separation between church and state has no basis in either the text of the Constitution or the writings of our Founding Fathers.”
“The Founding Fathers envisioned a robustly Christian yet religiously tolerant America.”
Not a single “politician”(read: Suck-up scam artists)from eiother party running for president has any real message, leadership, or appealing platform. They are all pandering to whomever they think may vote for them without actually revealing their actual position on any real issue.
At least Ron Paul is clear and definitive, he is telling you exactly what he will do (or not do, like expand the government, invade foreign countries, raise taxes, etc.)
If he is against abortion-so be it. The President has no real power to determine this anyway, it would take a constitutional ammendment – Which he at least has respect for.
Preditory lending didn’t do this. Aggressive lending along with borrowing greed did this. People that were buying TOO MUCH HOUSE because they thought they could refi with a higher appraisal etc.
Let this market correct itself. You’re supposed to buy low and sell high. People that bought AMZN in 1999 were buying high with the hopes of selling higher. So they got caught in the collapse.
If you bought a house that you couldn’t afford with a fixed rate, and got an ARM to help you afford it because you thought you’d get a raise, or a new job or a refi, then that was your mistake!!!!
During the great depression, people were without jobs almost instantly. That was a different scenario.
If any help should come, it should be on a case by case basis.
“Fundamentalist Christianity as the State Religion? Where do you get that from?”
I wonder how many of them know he is solidly anti-abortion and he thinks “evolution is a theory” and he “doesn’t accept it”:
http://www.youtube.com/watch?v=V4af9Q0Fa4Q
I don’t think his rabid upper middle class libertarian internet fan base realizes he is just another bible thumping wacko.
“When it comes to social policy on choice, contraception and the adoption of fundamentalist christianity as the state religion, Ron Paul’s certainly calling for more government.”
Do you even know anything about Ron Paul?
Fundamentalist Christianity as the State Religion? Where do you get that from?
Ruthless side of capitalism? Not at all. Those being foreclosed will be walking away from properties that are mortgaged well beyond their actual value. Those who have been renting and have been priced out of the market will be able to buy properties for what they are worth.
Why would you want someone to continue to make payments on a $400,000 mortgage for a property that is worth only $300,000? They are much better off renting.