Let Them Eat Cake Part II - The FHA Bailout
On Sept 4th in Let Them Eat Cake, we made our Nattering plea:
"So this is the "free" market at work? What happened to "you dance, you pay the piper"? Let em eat cake...
Greedy mortgage lenders originated loans to sell rather than hold, thus not caring about the quality of property or borrower.
Countrywide Financial is the prime offender in this ponzi scheme. In doing so, they invited a group of feeble minded idiots to the homeowners table...
along with a group of flippin investor sharks. The lemmings and sharks then bid up the price of housing to unsupportable and unjustified levels.
As the unworthy debtors have just begun to fail, the toxic loans have metastisized into an asset backed debt market cancer which is just starting to take its solvency toll on the greedy debt holders.
Unfortunately as always, there is collateral damage in the crossfire, the innocent families which did not want to flip and profit, but just wanted to own a home.
Not one ounce of mercy should be shown to any institution, investor or individual which originated, sold or bought said toxic debt or the assets which back them (Real Estate).
The only exception should be individuals which purchased and lived in ONE primary residence; and did not pull the bulk of the equity out to reinvest or live beyond their means.
The rest, all rose together, and now they should be allowed to fall, vis a vis natural market equilibrium.
Our Nattering Plea, no bailouts, let the greedy bastards get what they deserve, thats a "free" market at work. Let em eat cake, shit cake that is."
We detest any bailout of the greedy speculators and lenders by Congress, as does Blown Mortgage:
(President Shrub) proclaimed “It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford."
(Yet) Congress cannot be accused of being insouciant when it comes to housing, there in bits and pieces can a bail out scheme be seen forming, as clearly as a figure in an artfully-crafted mosaic.
Politicians at every level are calling for loan limit increases. Whether you ever utter the words bail out or not, the government is in full rescue mode; under the sleepy watch of American press and the public eye.
Crafted in total disregard of the near 70% of voters who favor no bail out, the government is piecing together another ill-begotten subsidy.
It’s time that we call horse a horse; the government has stepped in and the dole-line is beginning to wind down the block.
The goal is clear: come to the aid of gamblers who left all their money on the come line and crapped out.
A common theme in America gets a new-century refrain: those that gamble win. Why not take one more roll of the die when you’ve got the greatest enabler of all time in your back pocket - Uncle Sam?
More to Come in The Barney Frank Amendment or The FHA McMansion Bailout
"So this is the "free" market at work? What happened to "you dance, you pay the piper"? Let em eat cake...
Greedy mortgage lenders originated loans to sell rather than hold, thus not caring about the quality of property or borrower.
Countrywide Financial is the prime offender in this ponzi scheme. In doing so, they invited a group of feeble minded idiots to the homeowners table...
along with a group of flippin investor sharks. The lemmings and sharks then bid up the price of housing to unsupportable and unjustified levels.
As the unworthy debtors have just begun to fail, the toxic loans have metastisized into an asset backed debt market cancer which is just starting to take its solvency toll on the greedy debt holders.
Unfortunately as always, there is collateral damage in the crossfire, the innocent families which did not want to flip and profit, but just wanted to own a home.
Not one ounce of mercy should be shown to any institution, investor or individual which originated, sold or bought said toxic debt or the assets which back them (Real Estate).
The only exception should be individuals which purchased and lived in ONE primary residence; and did not pull the bulk of the equity out to reinvest or live beyond their means.
The rest, all rose together, and now they should be allowed to fall, vis a vis natural market equilibrium.
Our Nattering Plea, no bailouts, let the greedy bastards get what they deserve, thats a "free" market at work. Let em eat cake, shit cake that is."
We detest any bailout of the greedy speculators and lenders by Congress, as does Blown Mortgage:
(President Shrub) proclaimed “It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford."
(Yet) Congress cannot be accused of being insouciant when it comes to housing, there in bits and pieces can a bail out scheme be seen forming, as clearly as a figure in an artfully-crafted mosaic.
Politicians at every level are calling for loan limit increases. Whether you ever utter the words bail out or not, the government is in full rescue mode; under the sleepy watch of American press and the public eye.
Crafted in total disregard of the near 70% of voters who favor no bail out, the government is piecing together another ill-begotten subsidy.
It’s time that we call horse a horse; the government has stepped in and the dole-line is beginning to wind down the block.
The goal is clear: come to the aid of gamblers who left all their money on the come line and crapped out.
A common theme in America gets a new-century refrain: those that gamble win. Why not take one more roll of the die when you’ve got the greatest enabler of all time in your back pocket - Uncle Sam?
More to Come in The Barney Frank Amendment or The FHA McMansion Bailout
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