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    Underwater mortgages (1 in 4). How deep underwater? We're talkin' Marianas Trench

    By jollyroger on Wed, 08/24/2011 - 10:24am |

    We have become more or less inured to the horrific statistics that comprise the foreclosure meltdown follies.  One mortgage in four underwater, no equity left for the homeowner as far as the eye can see, vast swaths of Detroit given up for dead, etc.

    All that said, and pronouncing myself a fairly assiduous student of this news genre, a tidbit caught my attention from the NY Times editorial supporting the stout resistance that NY AG Schneiderman (watch this guy, he will be governor some day....) is putting up against the fix that the bankster enablers in DC (aka Obama Admin) are pushing.

    The administration also says that the proposed settlement would require the banks to write down the principal balance on underwater loans. According to news reports, the banks are likely to pay around $20 billion in the deal. With 14.6 million homeowners owing $753 billion more on their mortgages than their homes are worth, how far does the administration think $20 billion would go?

    That a three quarter trillion dollar problem will be addressed by a twenty billion dollar solution is beyond farcical.

    To make the numbers more conceptually managable, let's say you owe me $753, but can't come up with all of it.  I generously offer to accept $733. plus your right kneecap.

    Ain't you a lucky motherfucker? 

     

    Comments

    They kicked him off the committee:

    http://www.businessweek.com/news/2011-08-23/new-york-removed-from-group-...


    by Dan Kervick on Wed, 08/24/2011 - 10:33am

    Well, he insisted on farting at the meetings...


    by jollyroger on Wed, 08/24/2011 - 11:09am

    Interesting, especially in light of Bloomberg's discovery that the Fed loaned more than a trillion, essentially interest-free, to the same perps. And didn't we pretty much give them (oops, I mean invest) about $700 billion with TARP?

    We make decisions that reflect our values. In this case "bankster=critical asset, homeowner=dogshit."


    by Red Planet on Wed, 08/24/2011 - 10:36am

    That is the reason I will not vote for Obama. For some reason he has it out for homeowners. Remove the arsh from office.  

    Drop the interest rates on existing mortgages, lower than they are now.

    Let us go to the Fed window and borrow at 0%

    Do not allow New homes to be built till the existing supply is diminished. 

    Do not allow them to devalue the homes further, by dropping the principle.

    What happens to my homes value? It becomes worth ...less.

     


    by Resistance on Wed, 08/24/2011 - 11:05am

    he has it out for homeowners.

    To paraphrase Leona Helmsley, "Only the little people have mortgages"


    by jollyroger on Wed, 08/24/2011 - 11:14am

    Actually, given what we funneled through Fan/freddie, the picture as it fills out the frame is like this:

    http://www.google.com/imgres?imgurl=http://oaks.nvg.org/h/homskrim.jpg&i...

     

    Parenthetically, how come every Chaim Yonkel but me can work the media insert, and all I get is a weird little square?


    by jollyroger on Wed, 08/24/2011 - 11:11am

    Don't use the google search path, use the actual path.

    http://oaks.nvg.org/h/homskrim.jpg instead of

    --http://www.google.com/imgres?imgurl=http://oaks.nvg.org/h/homskrim.jpg&i...


    by Donal on Wed, 08/24/2011 - 11:58am

    I have tried that (I think...) and still get the weird little square.

    It used to be that the media dialog box accepted the url from the browser address bar and did the rest.

    Then something called the embed code reared its ugly head, and my media posting days were done.

    Even w/youtube, and dick day's elucidative hand holding, when I go through what I take to be the appropriate steps, I arrive, as always, at the weird little box.  

    Is the weird little box actually the harbinger of success?


    by jollyroger on Wed, 08/24/2011 - 9:57pm

    I actually hadn't even noticed the 'embed media' dialog box, I just go to 'plain text mode' and enter the embed code. I do use the 'image' dialog box, though. I just put the url where it says 'URL' and adjust the width:

    but the url has to begin with http:// and end with jpg or gif or png, not a bunch of characters or referral statements.


    by Donal on Thu, 08/25/2011 - 8:58am

    Thanks, I'll refer to your instructions the next time I have occasion to embed media.  Nice pic of Seles, but can we have Carolyn W. next time a demonstration pic is needed? (jus' sayin")


    by jollyroger on Thu, 08/25/2011 - 3:46pm

    Not until she wins a major! :-) Anyway, I'm reading Seles bio just now. $5 in a bargain bin at the grocery store.


    by Donal on Thu, 08/25/2011 - 4:08pm

    Bin?  They download data into a bin?  Oh, you mean legacy media, of course...I saw one of those,whatchemacallits?  oh yeah, "books", by Genghis.   A gift from bwakkie who eschews battery powered media.


    by jollyroger on Thu, 08/25/2011 - 5:05pm

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