| Author | Message | ||
     Ft_bstrd |
Washington is sitting on nearly a third of the nation’s 800,000 repossessed houses, making the U.S. taxpayer the largest owner of foreclosed properties. Looks like we are in for a long haul on the housing market. It ain't over yet. The ONLY way this is going to get cleared up is to release the private sector to do what it does best. | ||
| Natexlh1000 |
I don't think there is a way to outsource the housing market. | ||
| Whistler |
Maybe this will help. One of my son's friends (no money, no job, no prospects) needs a place to stay. Who do we see about getting a key? | ||
| Two_seasons |
Kay Bailey Hutchinson. | ||
| Gregtonn |
"I don't think there is a way to outsource the housing market." Unfortunately there is. The FHFA has filed suit against 17 banks who "sold at least $189 billion worth of toxic mortgage securities to taxpayer-backed Fannie Mae and Freddie Mac." Once the government gets done putting banks out of the home loan business they can take over. What happens then? They are out of money so they sell the loans to China. Foreclosure? Ding! Outsourced! China owns that piece of the housing market. G | ||
| Buellifer |
Sifo might have the answer.  | ||
| Aesquire |
This admin. has already nationalized student loans. So we've "outsourced" education already. Good news, house sales are up. Bad news, they are foreclosed houses. Worse news, some were foreclosed illegally by banks that no longer owned the mortgage, and commit massive fraud, hiring low paid interns to sign the paperwork as Vp's of the bank. ( source, NPR ) Serious forgery, fraud, and stealing people homes, that's what the BANKS are guilty of. http://thinkprogress.org/economy/2011/09/01/310015 /banks-still-fabricating-documents/ That's NOT what the FHFA is suing for. The massive fraud at FM/FM that let democrat party "contributors" steal millions in un earned bonuses is NOT an issue, the obstruction of justice by Congress in that matter will NOT have any effect on their re-election and continued theft of your money. http://www.alternet.org/newsandviews/article/66043 4/big_news%3A_federal_government_sues_banksters_ov er_foreclosure_fraud/#paragraph2 So, will suing the banks give us justice? Since I've not heard of any prosecutions on the robo-signing scandal..... my unnatural cynicism is doubting it. http://www.housingwire.com/2011/09/02/iowa-ag-bank s-may-face-criminal-liability-after-robo-signing-s ettlement As usual with politics intersecting with crime, I'm all for sending the guilty to devils island, no matter the party. I't pretty obvious to most Americans, I think, that the bad apples have spoiled the barrel to an incredible degree, and only our tradition of peaceful transition of power, and the tradition of "your congressman sucks, but mine's pretty good" {which has less connection to reality than most sport team loyalty... I speculate because of the habit of naming buildings and highways after Senators.....) keep us from sending the whole congress on a fact finding trip to the Gobi desert with no return ticket. Pity. | ||
| Patrick2cents |
What really irritates me about the suit is that CONGRESS was the ones who MADE the banks give out bad loans... this is not an unknown or new thing! the housing meltdown was the natural result of congress forcing the hands of private banks! AND NOW the federal agency overseeing fanny and freddie are suing the banks over what the government made them do! it is LUDICROUS! | ||
| Sifo |
Sorry Buellifer, I have some knowledge about how the milk got spilled, but I have no insight on how to unspill the milk. | ||
| Fahren |
I still can't find anything out about how the US Congress forced banks to make loans. Can someone point me to some reading on this? I see a lot of information about banks and big business spending a lot of money and energy to lobby congress for fewer regulations so they can make more money. I see a lot of information on the massive fraud practices by mortgage giants, with robo-signing and other falsifying of documents, including using the MERS system to avoid paying the transfer taxes they should have paid when transferring all those notes. But I am missing the link to where so many bad, predatory loans were mandated by the US Congress. Info help, please? | ||
| Sifo |
You can start by researching the Community Reinvestment Act. | ||
| Fahren |
Gracias, amigo - will do. |
