Comments on: Using Eminent Domain To Acquire Mortgages Would Be Reckless And Dangerous http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: surak http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15361 surak Wed, 14 Jan 2009 23:59:10 +0000 http://housingdoom.com/?p=1964#comment-15361 Keith, That is about right. That plan is insane!!! Keith, That is about right.

That plan is insane!!!

]]> By: Keith http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15360 Keith Wed, 14 Jan 2009 22:33:10 +0000 http://housingdoom.com/?p=1964#comment-15360 I love living in the USSA. I love living in the USSA.

]]> By: Bristinwolf http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15359 Bristinwolf Wed, 14 Jan 2009 22:08:30 +0000 http://housingdoom.com/?p=1964#comment-15359 Linenoise- I read that article and the first thing that popped into my head was that really will cause people to stash money in their mattress. (sucks if you have a sleep number bed) you think banks are failing now you go right ahead and institute that policy and you will really see what a run on the bank looks like. Linenoise-
I read that article and the first thing that popped into my head was that really will cause people to stash money in their mattress.
(sucks if you have a sleep number bed)
you think banks are failing now you go right ahead and institute that policy and you will really see what a run on the bank looks like.

]]> By: Chuck Ponzi http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15358 Chuck Ponzi Wed, 14 Jan 2009 20:34:36 +0000 http://housingdoom.com/?p=1964#comment-15358 By: Chuck Ponzi http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15357 Chuck Ponzi Wed, 14 Jan 2009 20:06:01 +0000 http://housingdoom.com/?p=1964#comment-15357 Outraged? My anger is borderline on open hostility. Just a little step until armed vengeance. If things turn much worse, there's going to be serious social unrest. Add in the government siezing private property, and you've got the boston tea party on a mass scale. They already take 50% of my pay, what more can they take? Answer: a lot, and if they think they can get away with it they will. Someday, our leaders may wake up to slashed throats, and Bawney Fwank is the top of the list. Talk about unintended consequences! Yes, Igor, I'm ANGRY. Outraged?

My anger is borderline on open hostility. Just a little step until armed vengeance. If things turn much worse, there’s going to be serious social unrest.

Add in the government siezing private property, and you’ve got the boston tea party on a mass scale. They already take 50% of my pay, what more can they take? Answer: a lot, and if they think they can get away with it they will. Someday, our leaders may wake up to slashed throats, and Bawney Fwank is the top of the list.

Talk about unintended consequences!

Yes, Igor, I’m ANGRY.

]]> By: twist http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15356 twist Wed, 14 Jan 2009 19:19:33 +0000 http://housingdoom.com/?p=1964#comment-15356 Linenoise- I feel the same way when I see the big push for reverse mortgages. It feels like Americans are being pushed to be without savings or assets. In a declining economy with more jobs becoming tenuous, the last thing most of us need to do is get out and spend, spend, spend. Here's the comment in your article that I thought was the most frightening: <em><blockquote>the US and British governments, despite their reputations for reckless borrowing and fiscal imprudence, have managed their finances better than most other countries and entered this crisis with substantially lower public debt levels than Germany, France, Italy or Japan. </blockquote></em> Our economy is falling off a cliff, but apparently it's a smaller cliff than the rest of the world is dealing with. What a sad corner we've all been put in. Yes Igor, I'm "outraged" too. Linenoise-

I feel the same way when I see the big push for reverse mortgages. It feels like Americans are being pushed to be without savings or assets. In a declining economy with more jobs becoming tenuous, the last thing most of us need to do is get out and spend, spend, spend.

Here’s the comment in your article that I thought was the most frightening:


the US and British governments, despite their reputations for reckless borrowing and fiscal imprudence, have managed their finances better than most other countries and entered this crisis with substantially lower public debt levels than Germany, France, Italy or Japan.

Our economy is falling off a cliff, but apparently it’s a smaller cliff than the rest of the world is dealing with.

What a sad corner we’ve all been put in.

Yes Igor, I’m “outraged” too.

]]> By: Linenoise http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15355 Linenoise Wed, 14 Jan 2009 16:58:50 +0000 http://housingdoom.com/?p=1964#comment-15355 Seems like a great use of money, too. I mean, California is claiming they may not be able to pay any tax refunds this year, handing out IOU's instead.. but don't let minor things like that stop us. It all ends up in the wash, I suppose.. the homeowner can't repay the loan, so the gov't takes over and can't repay it either. And besides - we're only in this mess because some jerk along the finance food chain actually wanted to be repaid.. if we could all just go back to borrowing and spending and forget minor things like budgets and repaying loans we'll be much happier. And I don't know, Twist.. <a href="http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article5469589.ece" rel="nofollow">this article</a> seems more outrageous. The guy is pushing for taxes on money in bank accounts (ie, a negative savings interest rate) to force people to spend any cash they do have. Seems like a great use of money, too. I mean, California is claiming they may not be able to pay any tax refunds this year, handing out IOU’s instead.. but don’t let minor things like that stop us. It all ends up in the wash, I suppose.. the homeowner can’t repay the loan, so the gov’t takes over and can’t repay it either.

And besides – we’re only in this mess because some jerk along the finance food chain actually wanted to be repaid.. if we could all just go back to borrowing and spending and forget minor things like budgets and repaying loans we’ll be much happier.

And I don’t know, Twist.. this article seems more outrageous. The guy is pushing for taxes on money in bank accounts (ie, a negative savings interest rate) to force people to spend any cash they do have.

]]> By: AZSALUKI http://housingdoom.com/2009/01/14/using-eminent-domain-to-acquire-mortgages-would-be-reckless-and-dangerous/#comment-15354 AZSALUKI Wed, 14 Jan 2009 15:26:07 +0000 http://housingdoom.com/?p=1964#comment-15354 twist, your second and third points are the problem with EVERYTHING that's been laid out there. should the reduce the principle for people in trouble? sure....i'd be thrilled to find out my neighbor owes 50K less than me, when started from the same point. should they drop rates for troubled mortgages? sure......the deadbeat with bad credit really SHOULD pay 1-2% less than me. moratorium on foreclosures? why not let certain people live for free for a year or so. we all know none of this stuff will work. in my opinion the only thing that should be done (possibly) is fixing those 2-5 year intro rates (and not the 1 or 2% neg am loans) that were around 5-7%. if you could afford it when you bought it at 5-7% then you should be able to keep it by having the rate fixed, as opposed to jumping to 8-10%. people that bought with nothing down and at a lower rate than the prevailing rates, simply should never have been able to own a home. i for one, will be angry if any of this stuff flys. i'll feel pretty stupid for buying within my means when i could have got TWICE the house. twist,
your second and third points are the problem with EVERYTHING that’s been laid out there. should the reduce the principle for people in trouble? sure….i’d be thrilled to find out my neighbor owes 50K less than me, when started from the same point. should they drop rates for troubled mortgages? sure……the deadbeat with bad credit really SHOULD pay 1-2% less than me. moratorium on foreclosures? why not let certain people live for free for a year or so. we all know none of this stuff will work.

in my opinion the only thing that should be done (possibly) is fixing those 2-5 year intro rates (and not the 1 or 2% neg am loans) that were around 5-7%. if you could afford it when you bought it at 5-7% then you should be able to keep it by having the rate fixed, as opposed to jumping to 8-10%. people that bought with nothing down and at a lower rate than the prevailing rates, simply should never have been able to own a home. i for one, will be angry if any of this stuff flys. i’ll feel pretty stupid for buying within my means when i could have got TWICE the house.

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