printNow here’s a victims’ fund we can all get behind: delinquent borrowers being foreclosed upon by wicked bank executives. The WSJ:
‘Fund in works for victims of foreclosure mess,” announced the Washington Post’s front page yesterday. Sorry to report that the Post was not referring to taxpayers who have already spent hundreds of billions of dollars cleaning up this mess.
So who exactly are the victims in this story? The Post describes “homeowners who were wronged,” but the writers are also not referring to the roughly 90% of mortgage borrowers who are paying on time. As for the proposed compensation fund, the Post compares it to those set up for victims of the Gulf oil spill, the shootings at Virginia Tech and the terrorist attacks of September 11, 2001.
Readers may begin to suspect that one of these funds is not like the others. For starters, we’re not aware of any delinquent borrowers being killed by bank executives. In fact it’s not easy to find any injury at all. The Post doesn’t name anyone who’s been harmed, and neither did Connecticut Senator Christopher Dodd as he opened Tuesday’s Banking Committee hearing on the problems in the mortgage servicing industry. Don’t expect any further clarification at Thursday’s House Financial Services headline hunt.
Readers will recall that the foreclosure mini-scandal began in September with revelations that “robo-signers” at mortgage firms were signing foreclosure documents that they had not personally reviewed. Instead, they had improperly relied on the work of colleagues.
“[I]f a settlement transfers more wealth from investors and taxpayers (who now stand behind most mortgages) to delinquent borrowers, the least the attorneys general could do is stop calling them victims.”
Oh, come on: is that the best you can do? How about Moochers? Looters? You’re right; that’s too mild too.
Its hard for me to have sympathy for people who are mostly victims of their own stupidity. In this case, that would include the lenders as much as the borrowers. Look at how these punks have affected almost everybody. Just the impact of the housing bubble on property taxes alone in many areas is enough to kill any sympathy I would ordinarily have for somebody that loses their home.
I’m not really that smart a guy, and I warned anybody that would listen for years about this housing situation before it became a major issue, and this was back in the days when I didn’t know Fannie Mae and Freddie Mac from Ma and Pa Kettle.
Why are so many people so incurably stupid?
Guaranteed, once this is finally settled, it won’t take two years before this will happen again in some other area of the economy, and the same stupid people will fall for it all over again.
Parasites. There are parasites and there are rent-seeking parasites.
Tomorrow, I am having money wired up for settlement on a home (I already OWN one). I will then OWN two homes (and, after I move, will sell the first). That means I have 100% equity. If someone puts 20% down, they own 20% of their home. If they put ZERO down, they own nothing – nada-zilch-bupkus.
They are not homeowners – they are SQUATTERS who signed some bunko paper so that some banks, bundlers, Fannies, Freddies, Dodds, Bushes, and Franks can trade CDO derivatives and brag about the high rate of “home ownership”. Now the Moocher-hideen bunko artists are trying to either tax me or inflate me to cover their idiotic losses. This is indicative of a nation that despises sound money and has no respect for the integrity of PRIVATE PROPERTY.
I will admit I had to sell short on a house over a year ago. It is not something I’m proud of or really wanted to do. I made some poor decisions combined with some “intersting life events” that lead to my unfortunate situation.
However, I did not and do not want Federal help. I made my mistakes and it’s my responsibility to learn and not make the same mistakes again.
I would not and will not accept federal help as it is not other Taxpayers responsibility to bail me out. With God’s help and some hard work on my part (and my wife’s) we are recovering from the results of our poor decisions.
This is the American way isn’t it?