New bailout plan

[Bindare_Dundat]

Paulson, Bernanke briefed lawmakers on plan aimed at troubled mortgage securities.

NEW YORK (CNNMoney.com) -- The federal government, in what could prove to be its most comprehensive effort yet to contain the financial crisis, is poised to establish a program to let banks get rid of the mortgage-related assets that have been hard to value and harder to trade.

Leaders from both the House and the Senate were briefed on Thursday evening by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.

"The root cause of distress in capital markets is the real estate correction and what's going on in terms of the price declines in real estate," Paulson said at a press briefing after the meeting. "So we're coming together to work for an expeditious solution aimed right at the heart of this problem, which is illiquid assets on financial institutions' balance sheets."

House Speaker Nancy Pelosi, D-Calif., said lawmakers expected to get the proposal from Treasury in a matter of hours.

"We hope to move very quickly - time is of the essence," Pelosi said.

The rest is here: http://money.cnn.com/2008/09/18/news/economy/rtc_speculation/index.htm?cnn=yes

[240 is Back]

They should start issuing serious fcking beatdowns to these idiots who are just walking away from an upside-down loan because they don't want to work a night job.

Seriously, if you buy a house, and think you can back out and fck up the economy, think again.

You need to get off your ass and get a Stafford loan for 4500 a year... that'll cover some of the mortgage increase if you were stupid enough to get an ARM.  Go to school for a finance degree, or go to tech school for something that's actually useful.  If you're stupid enough to borrow $250k when you're only making $27k in a job wher eyou just got laid off, you don't belong in the business world - you belong in NURSING.

Go back to school, get a loan, change some bedpans, and deliver pizza or bag groceries in your nights/weekend.  Yes, Bush let you borrow $ you couldn't afford so he could cut taxes on rich, but you were enough of a dumbass to take the bait.

Now, you need to pay for it.  If your house gets foreclosed, they should come to your house and break all ten of your fingers, or one leg, your choice.

[Oldschool Flip]

I say both the lenders and borrowers eat shit. Both knew this could happen. Why would any institution lend money on a variable interest loan to someone who could barely afford the lowest rate? Why would and idiot who borrowed think that they won't get stuck with the loan if the rates rise?

If a business spends more than it makes, it goes belly up and takes the losses. Government doesn't bail them out. Whomever the owner is eats it and any other costs incurred.

[Bindare_Dundat]

The US Federal Reserve has announced it will inject 180 billion dollars into money markets, in a coordinated effort with several central banks, in the wake of tumbling world shares.

[stormshadow]

They should start issuing serious fcking beatdowns to these idiots who are just walking away from an upside-down loan because they don't want to work a night job.

Seriously, if you buy a house, and think you can back out and fck up the economy, think again.

You need to get off your ass and get a Stafford loan for 4500 a year... that'll cover some of the mortgage increase if you were stupid enough to get an ARM.  Go to school for a finance degree, or go to tech school for something that's actually useful.  If you're stupid enough to borrow $250k when you're only making $27k in a job wher eyou just got laid off, you don't belong in the business world - you belong in NURSING.

Go back to school, get a loan, change some bedpans, and deliver pizza or bag groceries in your nights/weekend.  Yes, Bush let you borrow $ you couldn't afford so he could cut taxes on rich, but you were enough of a dumbass to take the bait.

Now, you need to pay for it.  If your house gets foreclosed, they should come to your house and break all ten of your fingers, or one leg, your choice.

You are mislead.  Do you also blame the short sellers?

[240 is Back]

You are mislead.  Do you also blame the short sellers?

they're cashing in on a system that lets them do that.  China doesn't let their traders do it.  We're pausing that ability for now.

Look, these people took out loans they weren't able to afford.  They need to move in grandma (and her social security check).  Or get a second job.  Or sell their plasma TV and stop smoking $10 worth of cigs every day.

Instead, they're letting themselves be foreclosed.  Rent out a room.  Do something.