so the IMF says that the Mortgage Crisis in the US is going to cost the financial community a cool 1T.
the question is why help these guys up? so they do it again? I find the argument that they need the assistance to get out of their funk because otherwise it will cost us even more. Very much like the thief who got caught and says, let me steal a bit more soI can pay for my lawyer and I'm not a further bother to you!while still hiding some of the previous loot.
The US banks and investment houses need a beeping bracelet which makes a noice everytime they get near other peoples money.
Is there any body out there who would assess the current solution different than paying the scam artist again?
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Is there any body out there who would assess the current solution different than paying the scam artist again?
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I guess not because if the banks are not saved they will fail and fall, most probably like a domino chain. I guess we then we would really be in deep **** and as the German says: Dann fressen wir die Kreide von den Wänden.
Sure as another German saying goes: Lieber ein Ende mit Schmerzen als Schmerzen ohne Ende bbbbuuutttt who is going to ring the final bell.
I am not in a position to decide what is to be done but if I were I would would act like my ancestors did: Rag-rug the whole thing. Guess I am a coward and a father.... what a bad excuse but human.
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I hate to admit it. But, the way I see it is like this.
If the Federal government is willing to "donate" $4Bn USD to the home owners who are in distress, instead of lending the money to banks, that still need to confirm to current lending guidelines (equity vs CLTV), the Federal system should create another animal (like HUD / Fannie Mae / et al) and lend the money directly to the home owner at 3% fixed for 40 or 50 years, allowing the home owner to (a) receive a better interest rate and bypassing the banks and (b) lower their home mortgage payments giving the distressed home owner a break.
No more mortgage brokers lining up their own pockets with a total disregard of whom is being affected as the end result. Forget the real estate builder who found ways to confused and deceive the first home buyer. It is time for the rules of home mortgage funding to be changed.....Now!
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