LIES ON HOUSING AND BANKING FROM THE GOVERNMENT AND BANKERS

It is complete fabrication by the banks and the governments that we can’t live with out citi bank or bank of America. The “brilliant” minds are to afraid to reveal the truth that these banks have run themselves into the ground and now are just trying to keep bad loans long enough to force the taxpayer to bail them out. It is complete scam. You meant to tell me they can all fly private jets, have huge corporate parties and not be able to set aside a few dollars for their own bad loans????? Why would they when the government will force the tax payer to make up for any of their terrible banking practices. ?

Now the banks are failing but they are still set on collecting all the interest they can milk out of every homeowner while fleecing the American taxpayer. I am so sick and tired of hearing these geniuses say that we have to save the banks. NO WE DON’T!!! There are plenty of banks that will survive and be glad to handle the business. How can you save the banks and leave homeowners underwater with no recourse but to keep paying interest. ????? It is bad enough that money is being funneled into all the banks but to then leave the homeowner to suffer under a 30 or 40 % decline due to the failures in the banking and insurance industry. This is the core issue. The banks didn’t plan for falling collateral prices and the insurance companies didn’t plan for defaults and could not afford to cover the losses even though they had collected a fee for the insurance. Why is the homeowner left with a face value mortgage when the collateral is well underwater? The bank willing took that property as collateral and believed as much as anyone that it would hold its value. Well they were wrong so why now are they getting propped up by the government and the homeowner left with the balance of an underwater mortgage?

I don’t want to hear another word from some talking head about contract law. The obligations of contract law are out the window when your company fails and the government steps in to save you. The crux of this issue is that banks are now willing to do their proper accounting and write down the loans because they feel some sense of entitlement to collect full principal and interest payments even though they collateral they willing accepted and endorsed is now well below the mortgage value. The banks are staring down the government and the tax payer and out sissies in Washington caved without doing what was right for the American people. Before one penny was issue to save these worthless banks the children in the congress should have stood up and said fine here is the cash but now you have to write down all the paper on these mortgages to less than current appraised value. But no they had to let the banks act like 2 year old demanding their way and they let them have their sucker.

IF WE WOULD MAKE THE BANKS TAKE A HIT ON THE MORTGAGES AND TAKE SOME RESPONSIBILITY FOR BEING AS WRONG AS EVERYONE ELSE ABOUT THE DIRECTION OF REAL ESTATE VALUES THEN MAYBE THEY WOULD BE A LITTLE MORE PRUDENT WHEN THEY DID THEIR LOANS IN THE FUTURE. REGARDS OF WHATEVER MO MONEY OBAMA SAYS, HE IS LETTING THE BANKS WALK ALL OVER THE USA. HE HAS NOT OFFERED ANY REASONABLE RELIEF TO THE HOUSING PROBLEMS. MAYBE BECAUSE HE IS ANOTHER “BRILLIANT” MIND FROM HARVARD LAW SCHOOL THAT IS STUCK ON THE IDEA THAT CONTRACT LAW IS WRITTEN IN STONE.

WHO KNOWS WHAT WE WILL GET IN THE FUTURE? WE HAVE WAY TOO MANY “BRILLIANT’ MIND LAWYERS IN WASHINGTON AND WAY TOO MANY BRILLIANT MIND CEO S ON WALL STREET. IF I RECALL THESE ARE THE SAME ‘BRILLIANT’ MINDS THAT WERE ALL WORKING IN OFFICE WHEN THIS CRISIS BEGAN. OBAMA CAN SAY HE INHERITED THESE PROBLEMS BUT HE WAS A SENATOR AND HOLDING OFFICE. I DON’T RECALL HIM SOUNDING THE WARNING BELL OR TAKING A STAND AGAINST CORPORATE EXCESSES.

IT DOESN’T MATTER WHAT PARTY WE ARE TALKING ABOUT BUT WE HAVE A HORRIBLE BUNCH OF LEADERS IN THE CONGRESS. THEY BEHAVE LIKE CHILDREN AND PRETEND THEY ARE DOING WHAT IS RIGHT WHEN ALL OF THEIR POSTURING IS FOR ONE THING AND ONE THING ONLY: TO BE RE ELECTED TO THE CUSHY OVER PAID, OVER COMPENSATED SEAT IN THE HOUSE OR SENATE.

obligated to pay forever regardless of the value of the collateral...This is just a phony way for the banks to make sure they get to collect as much interest as possible even when they took the home as collateral and it is now down 50 %. If we sold the home to someone we would be out 50 % and the government wouldn't save us like they are saving the banks....It is a lie that we can't live without all of these banks....it is a lie by the head of state and heads of banks