The Foreclosure Issue

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This is the laboratory notebook of Damon Bruccoleri. Here you will find engrossing, thoughtful and fun commentary/opinion. Leave a comment and let others know what you think about any post here, view my photo gallery, or sign my guestbook.

"...one of the strongest motives that lead men to art and science is escape from everyday life with its painful crudity and hopeless dreariness, from the fetters of one's own ever-shifting desires. A finely tempered nature longs to escape from the personal life into the world of objective perception and thought." - Albert Einstein

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Friday, July 18, 2008

The Foreclosure Issue

Is anyone else besides me concerned about the proposals going through Congress these days. Seems to me like they are getting paid off. Why else would the politicians be trying to save these bad loans. They were bad loans the day they were wrote. No one writes a loan for 110% of equity without significant risk. They lost (the banks) their bet.

Lower costs for housing are pro family and good for EVERYONE.

You want to hear my proposal. Let the homeowners walk away from their loans. Thats right. Let the homeowners walk away and legislate a plan for the homeowners to regain their credit ratings. The banks made a bet when they lent the money, its not the place of the Fed or Congress, or the President to remove risk from the market. There is a risk/reward mechanism built into the market already The government is not welcome to give my money to the hedge funds and banks or to guarantee these loans (this is a disguised form of giving away my money.)

Secondly, if the government wants to stimulate the economy, do it like they have always done.Tax rebates, business incentives for investing, and lower energy costs. Yes, lower energy costs are possible, but thats another lab note.
Jamaica Estates.jpg

damon at 5:45 AM | (1) Comments | Add a comment | Permalink

Commments

danny said...

Cute baby photo they nwill never ever learn and the bubble never bursted so prices are still going to be high and they are going to force banks to lend HERE comes bad loans round two

Wednesday, October 29, 2008 8:47 PM