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Re: And you are not on the ballot why?
HAHA!!! You couldn't get me into politics for any amount of money! thanks for the confidence, though, my friend!
posted by
FineYoungSinger
on October 16, 2008 at 6:58 AM
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And you are not on the ballot why?
Because like it or not, I'm writing you in, Fine Young President!
posted by
strat
on October 16, 2008 at 6:56 AM
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Re:
hi symphony, thanks for reading!
posted by
FineYoungSinger
on October 16, 2008 at 5:48 AM
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Re: The Heart of the Crisis
mousehop, basically all I can say is read the paper using the link I provided. What you'll find are 4 charts. Two of them break down the number of mortgages in forclosure. You'll find that over over 75,000 forclosed loans are 30 year fixed rate mortgages. The damage is spread pretty evenly across the product lines, because forclosure is due to factors outside of the lending product. ("interest-only" are what is listed as "hybrid" mortgages).
The problem is not the product.
posted by
FineYoungSinger
on October 16, 2008 at 5:48 AM
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posted by
_Symphony_
on October 16, 2008 at 5:20 AM
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The Heart of the Crisis
As I understand it, the biggest crisis in the financial world is the crisis in credit; no one wants to loan money for fear they won't get it paid back. The drop in real estate values is a major factor in that, and also a major factor in the foreclosures because so many mortgages were made for interest-only payments for a time on the assumption that prices would continue to rise. Now the payments on principal are coming due, and the buyers can't make the payments or sell the property. The best solution is the market solution; let the buyers and lenders take their losses, and try to clean up whatever's left. That sounds close to what you said, in the end. But McCain's plan, or Obama's plan, would just slow down the acceptance of reality. At taxpayer expense.
posted by
mousehop
on October 15, 2008 at 4:05 PM
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