Sheila Bair - I despise you
Chuck Ponzi August 20th, 2008
Sheila Bair has turned against America.
Enemy Combatant
Enemy of the State
Call it what you will, but when she starts handing out MY MONEY to criminals, I get kinda ticked. This is the worst kind of bailout. Performed in the shadows. No regulatory or congressional oversight. Renegade social experimentation with my money (since the FDIC will not remain properly capitalized through this downturn) has turned an otherwise crappy but benign bank closing into the New Deal II.
Calculated Risk gives us the story:
Under the IndyMac Federal program, eligible mortgages would be modified into sustainable mortgages permanently capped at the current Freddie Mac survey rate for conforming mortgages (now about 6.5%). Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance.
This stinks to high heaven. Makes FEDUPUSA’s message that much more real. I’m just sick of this. If I thought it would do any good, I’d be marching on Washington right now. This is where politics and economics merge. This country is screwed.
I want my taxes back.
Who is supposed to pay for the loan modifications? Does this money come out of thin air? Probably not - from our taxpayer pockets.
Wonder if there is anything we can do about this?
it seems that the mortgagees whom the FDIC and IndyMac are targeting with this program are pretty much expected to default anyhow if things stand the way they are now. So this seems to be a last-ditch attempt to get ANYTHING back from these loans. If so, “success” is defined a bit differently, here, kinda like one has “success” selling off the scrap metal left in your house after it burns down. It’s a pitiful return, but it doesn’t make any sense to NOT do it.
The program isn’t really in place to help mortgage holders who are in over their head, though that might be the way it is represented. It’s to get SOMETHING back from the financial debacle.
Totally agree (for what it’s worth, which seems to be not much there days). Sick of jihadists attacking America, be they Arab terrorists, domestic terrorists, or zealots in government wasting taxpayer money in pursuit of their own agendas. Truly a banner day for the systemic destruction of a government “for the people”.