| California Ballot Proposal Would Ban Home Foreclosures | |
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| Tweet Topic Started: Sep 6 2011, 08:40 PM (284 Views) | |
| LTC8K6 | Sep 6 2011, 08:40 PM Post #1 |
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Assistant to The Devil Himself
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Just when you thought they couldn't go any further under... http://businesslawdaily.net/2011/08/17/california-ballot-proposal-would-ban-home-foreclosures/
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| Baldo | Sep 6 2011, 08:43 PM Post #2 |
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Whoopee! No more mortgage payments! Of course no one would lend any money to buy a home so you couldn't sell it. Never-mind |
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| LTC8K6 | Sep 6 2011, 08:46 PM Post #3 |
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Assistant to The Devil Himself
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Au contraire... I'll bet the law requires banks to comply to do business in the state... |
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| DukieInKansas | Sep 6 2011, 09:04 PM Post #4 |
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I'm amazed that people think that something like this would is in anyway reasonable. How in the world is this even fair to lenders? |
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| kbp | Sep 6 2011, 09:05 PM Post #5 |
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If that's "business in the state", they'll leave. |
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| kbp | Sep 6 2011, 09:10 PM Post #6 |
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A broad interpretation might have the lenders feeding and paying the borrowers! Edited by kbp, Sep 6 2011, 09:10 PM.
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| LTC8K6 | Sep 6 2011, 09:16 PM Post #7 |
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Assistant to The Devil Himself
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They believe they are entitled... |
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| LTC8K6 | Sep 6 2011, 09:18 PM Post #8 |
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Assistant to The Devil Himself
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I bet they don't. I bet they pass the costs along to the hard working folks who are making their home and car payments on time...I bet they work a fee or surcharge in there to cover... |
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| comelately | Sep 6 2011, 09:19 PM Post #9 |
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Never mind the banks! These people vote in presidential (and other) elections... Inmates are running the asylum!
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| kbp | Sep 6 2011, 10:16 PM Post #10 |
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It would take a BIG team of actuaries months to figure out what the rates would have to be on 30 year mortgages open to both a 10% hit on the principal and reduced payments. They'd be working with a HUGE unknown; what the governing body of that state will do to their economy! I bet the rates would have to be higher than Greek bonds! |
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| Baldo | Sep 6 2011, 11:18 PM Post #11 |
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IMHO Obama will announce a major re-financing plan for the USA. Double down so to speaK. COMRADES WE ARE AT A TURNING POINT. |
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| kbp | Sep 6 2011, 11:52 PM Post #12 |
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You may be onto something. Nobody disputes that the housing market has us in a hole. Fannie & Freddie are not to be touched, for good or bad, just left hangin’. The Fed is going after banks for Fannie, and then will bail out the banks, which makes me suspicious of the no-cost money Ben can indirectly bail Fannie out with. The FHFA just came out with a Request For Information on selling off the foreclosed property somehow, even hinting at partnering with investments …which I participated in (property in big packages, like 50 to 100+ groups of homes …with sale restrictions mentioned also (=rent only in my mind) Big packages would prevent most devaluation in the market, for there would not be any “sale price” for single homes to hit the appraisals. There has been a lot of activity in the housing/mortgage end that may be a plan …if you could connect all the pieces. I know that Fannie, Freddie, FHFA and HUD won’t tell me any more than they are just looking into asset sale options… The long-term rates are locked by Ben for 2+/- years. I'm sure something has to be done, something looks like things are happening, I'm just not sure what they're doing! |
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| Baldo | Sep 7 2011, 12:03 AM Post #13 |
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Desperate Homeowners will do almost anything I am sure something like this will happen. How big I don't know. |
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