Even though the bill was supported by EVERYONE but the banking lobby, it was rejected 36-30 in the Assembly. Even after it was approved by the state Senate and three Assembly committees. This time… no… but thank you for playing. Nice job, you spineless, worthless, glad-handing, sycophants. Way to throw your constituents under the bus.
It made me sad to know what Treasury Department officials had said about the foreclosure crisis and HAMP… very, very sad. In fact, I can’t think of another time in history when my government acted as these guys have acted, or are continuing to act today. They truly do not care about people at all. They are so shockingly devoid of compassion or empathy that they offend me so deeply that I don’t like thinking of this government as representing my country or I can’t help but feel that my country is lost.
The biggest question I have about the real estate market is… why are we all pretending that there’s a real estate market at all. There’s no real estate market in this country, hasn’t been one since July 10, 2007, when the Wall Street banks destroyed then bond market. July 10, 2007 was the day that Standard and Poors and Moody’s downgraded about a thousand bond issues that were backed by sub-prime mortgages, and investors like pension plans dumped the bonds the next day, along with any others that they feared might be downgraded soon.
Before securitization children were raised receiving fewer presents for their birthdays and holidays and I don’t need a source for that statistic. Water is wet, the sky is blue, and that’s a fact. Hotel rooms never cost $600 a night, even if you adjust the amount for inflation, in fact, there were simply far fewer so called “luxury goods” before we were all being constantly sold on the idea that taking on debt was the hip hop happening thing to do.
Potential Game-Changer Alert… District Court Judge Says Homeowner is the Intended Third Party Beneficiary to the contract between Fannie and servicers… and that means the right to sue yours.
Attorney General Bill McCollum today announced his office has launched three new investigations into allegations of unfair and deceptive actions by Florida law firms handling foreclosure cases. The Attorney General’s Economic Crimes Division is investigating whether improper documentation may have been created and filed with Florida courts to speed up foreclosure processes, potentially without the knowledge or consent of the homeowners involved.
And NPV 4.0 is what drives the PRA, which is a “deferred principal reduction program” that allows the homeowner to earn a principal reduction over a three-year timeframe by making all payments in accordance with the loan’s modified terms. According to Supplemental Directive 10-05, the PRA is…
It’s a credit crisis, a global financial crisis, a foreclosure crisis, an economic catastrophe, the total destruction of the secondary mortgage market, the end of pension plan investing and Wall Street’s investment banks, and an ongoing example of why derivatives should be regulated until they’re no fun to play with anymore.
The workers at the NUMMI plant were quite familiar with GMAC, because the mortgage lender was the only mortgage lender given access to the plant employees to sell them on refinancing their homes. “Put your cars, your credit cards… everything into a GMAC mortgage,” they were told at the numerous seminars held at the plant, “that way you won’t be in debt.”
Debt is a status symbol… debt is a sign of success… debt is cool… you should want as much debt as you can get… being approved for more debt means you’ve made it. I want to be a gold debtor… I want to be a platinum debtor… how about a silver card? Can I be a titanium debtor? I’d like to see something in a palladium card. Why not become an emerald debtor, or perhaps a sapphire debtor? I want the Purple Card… can I have the purple card, please? Wait… I love to Discover! I want to be a “Member”. I want privileges.
Here’s what a new fan of the Regal 2 had to say in an email to me:
Finally, at 5:15 last night, I took my first puff – it was amazing – a 3 pack a day chain smoker, a writer like you – I smoked 3 real cigarettes last night, instead of probably half a pack.
My goodness, I’ve been doing quite a few radio programs on the foreclosure crisis and loan modifications and the economy lately, have you noticed? I really like doing the radio show thing, it’s a lot easier than writing long, in-depth articles… LOL… just kidding… sort of. Anyway, this is a link to me on Danny Schechter the News Dissector’s show, which is out of New York.
The Federal Reserve, by the way, doesn’t exist to make a profit like the commercial banks. Until 2009, the Fed paid no interest on the bank reserves and other monies it holds, and it earns interest on the Treasury securities it holds. According to the story in the Times, the “Fed’s profitability increased as an incidental result of the financial turmoil that began in 2007.”
Adjusted down to a rate of 267,000 annual sales was the worst month on record. That “rate,” and I do love the way they report monthly numbers as an “annual sales RATE,” means that 22,250 new homes were sold in May… assuming the number doesn’t get revised lower next month or at year end, and I’m betting they will, by the way.
It’s amazing how different it is when you’re the Chairman of the Federal Reserve, as opposed to being the retired Chairman of the Federal Reserve.
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