Gee all those lenders and mortgage brokers that charged usurious fees now need to be rescued. They say that car loans and mortgages will become harder to get. DUH no one is buying any way.
I just keep going back to the fact that throwing money at the problem isnt going to help matters much at all. If some lenders are unscupulous to begin with, giving them a share of $700 billion cant be a good idea. It would just be a quick fix.
This Bail Out is supposed to get the toxic loans off the books of the Lenders who greedily wrote, packaged and sold them in the first place. But it will leave the same incompetent, greedy managers in place to keep running these firms and do what? Be responsible to do the right thing going forward? And this is supposed to inspire confidence in the system? No way, they need to fail and let the banks who followed the rules step up and fill that gap. That's American way....remember? Yes, there will be some pain until things shake out but that is the market is supposed to work. This Bail Out will prolong the inevitable. What happens when REO's go from 2.50% nation wide to 5.00%? We will be back in the same boat but with a $700B failed Bail Out on top of it. Our leaders are clueless.
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I just keep going back to the fact that throwing money at the problem isnt going to help matters much at all. If some lenders are unscupulous to begin with, giving them a share of $700 billion cant be a good idea. It would just be a quick fix.
This Bail Out is supposed to get the toxic loans off the books of the Lenders who greedily wrote, packaged and sold them in the first place. But it will leave the same incompetent, greedy managers in place to keep running these firms and do what? Be responsible to do the right thing going forward? And this is supposed to inspire confidence in the system? No way, they need to fail and let the banks who followed the rules step up and fill that gap. That's American way....remember? Yes, there will be some pain until things shake out but that is the market is supposed to work. This Bail Out will prolong the inevitable. What happens when REO's go from 2.50% nation wide to 5.00%? We will be back in the same boat but with a $700B failed Bail Out on top of it. Our leaders are clueless.
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