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View Diary: Romney’s housing plan: 'Allow investors to buy up homes' by accelerating foreclosure process (150 comments)

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  •  I'd like to say I'm surprised... (6+ / 0-)

    but I always believed this was exactly what they had planned when they were handing out sub-prime home loans to anyone who was breathing.

    They had a one immediate goal and that was to prevent the country from slipping into a recession under GW Bush's watch. The only place they could do this was the housing market and they did it quite successfully by lowering the interest rate to nearly nothing.

    Then they passed out these loans and even GW was a spokesman when he said "there has never been a better time to own your own home." They passed at loans at teaser interest rates and initial payment amounts that a Gardener or janitor could now afford a $500,000 home. They did this for 2 additional reasons, to take every last cent of peoples disposable income, and to create a huge rush on homes to inflate their values to astronomical levels.

    They knew full well that there was no way those people were going to be able to continue to pay those mortgages when interest rates and payment amounts reset. They knew full well these loans would end in default. But they also knew they could peddle worthless CDO's to pension funds and reap another huge profit selling worthless garbage to the world.

    Now, we enter the final phase, and we just heard a republican presidential candidate lay it all out for you in plain simple English. We need to take those foreclosed homes and those that haven't been foreclosed yet and mark them down to pennies on the dollar so the same ruthless people who swindled Americans, and investors in the world, can buy them up and rent them out for a profit.

    This clown is actually suggesting letting the crooks who orchestrated this crisis to benefit once again! It seems to me there could be an argument on the other side that would say, lets lower the principal amount of those mortgages to equal the current value of the home and then refinance the loans so that the people who actually owned them could afford to stay in them. Silly me!

    But that's not the way the republican mind works. If their isn't a fat cat making a profit, then the idea is dead on delivery. Sometimes I really, really hate republicans and their misguided ideas.

    Never attribute to malice that which can be adequately explained by stupidity.

    by reflectionsv37 on Tue Oct 18, 2011 at 12:48:17 PM PDT

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