Commenting on Geithner's April 2008 explanation of the Bear Stearns bailout (p17, emphasis mine): This is Fedspeak for "We stepped in to avoid a financial chain reaction of unpredictable magnitude." In my opinion, the Fed was right to do … [Read more...]
A Main Street Bail Out Plan that provides real relief for Main Street
Obviously some of the Mortgages that were in these portfolios are the Mortgages that People need help with because they are delinquent on Payments, or are in Foreclosure or have been foreclosed upon. Then I ask why is this crisis funding is … [Read more...]
Legislative Alert!! Mortgage Rate Disclosure Bill In Jeopardy
The Chairman of this committee is Rep. Barney Frank, and both Capuano and Lynch serve on the committee.I know we can outflank the self-serving lobbyists if we all call our Congresscritters (and it can't hurt to call people not in your … [Read more...]
No Bail-Out For The Hedge Funds!
A while back there was a discussion here about legislation that would bail out homeowners who found they couldn't afford the exotic mortgage loans they had taken after the initial teaser rate increased. I argued that the state should … [Read more...]
The Senate gets it
Senate President Therese Murray today announced that the Senate will take up a comprehensive bill tomorrow designed to address the current foreclosure/subprime lending crisis. The bill is will provide for more state oversight of the … [Read more...]
The Subprime Mortgage Bubble: Echos of Dot-Coms Past?
I'm getting the creepy feeling of major financial scandal brewing. The familiar pieces of the story are: (1) lenders who abandoned generally accepted lending standards to write loans they probably shouldn't have written; (2) … [Read more...]