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View Diary: UPDATED!! Urgent: House to Consider New Cramdown Legislation This Week (110 comments)

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  •  hoping (1+ / 0-)
    Recommended by:
    Einsteinia

    for a front page mention in midday open thread...

    I am quite sure now that often, very often, in matters concerning religion and politics a man's reasoning powers are not above the monkey's. - Mark Twain

    by route66 on Tue Dec 08, 2009 at 10:26:21 AM PST

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    •  Well, if it dies on the vine (0+ / 0-)

      I certainly hope that you'll update and resubmit tomorrow.  

      Everyday I Google "cram down," etc. and NOTHING comes up except for articles back in March and a sound byte from Barney Frank more recently.  I called Barney Frank's office to thank them and they didn't even know what I was talking about.  I had to explain the term "cram down."

      Beyond exasperating.

      So, I rejoiced when I saw this diary today.

      What the more solvent citizens need to know is that the impending wave of mortgages from prime borrowers combined with a major tightening of lending standards from FannieMae as of 12/12/09 (changing the debt-to-income from 55 to 45) is going to decimate what they have left in their home values.

      We are nowhere near the bottom on the devaluation of most people's No. 1 asset--their homes.

      Also, they are going to have the joy of watching their former middle class friends take up living in park shanty towns.

      Welcome to Bombay-USA!

      Separation of Church and State AND Corporation

      by Einsteinia on Tue Dec 08, 2009 at 10:38:42 AM PST

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      •  not to mention (1+ / 0-)
        Recommended by:
        Einsteinia

        the pending option-ARM readjustments..

        http://bx.businessweek.com/...

        I am quite sure now that often, very often, in matters concerning religion and politics a man's reasoning powers are not above the monkey's. - Mark Twain

        by route66 on Tue Dec 08, 2009 at 10:43:33 AM PST

        [ Parent ]

        •  Yes, indeed (0+ / 0-)

          When I was a excellent prime candidate (past tense!)
          several years ago, and I wanted to refi, the loan officer at BofA was pushing teaser ARMs.

          I said we have our business and know that our income fluctuates.  It would just be our luck that it would adjust much higher right when we didn't look good on paper.

          She said, "Oh, you can ALWAYS qualify."

          I knew right then that this was a trap.  Get a bunch of suckers to sign on to these bandit deals and then pull the rug out from under them.

          People said I was a conspiracy theorist.  Hmmmm? Reading how the only ones making out like bandits in this mortgage melt-down are the few bank consolidated banks left standing (now that they got their mergers that were denied now as their "punishment"), I think we've all be had!

          Separation of Church and State AND Corporation

          by Einsteinia on Tue Dec 08, 2009 at 12:03:12 PM PST

          [ Parent ]

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