Martin Feldstein, once President Reagan's Chairman of his Council of Economic Advisors, pens some ideas in the Wall Street Journal about how the government can remedy the housing crisis. Some of the proposals are good ones, as he focuses on the principal, as opposed to Obama's approach, which focuses more on the interest rate. However, there is one little part that would sabotage the whole deal and is something used currently in some modifications:
"defaults happen because in the United States, unlike almost every other country, mortgages are effectively no-recourse loans. If a homeowner defaults, the creditor can take the house but is unable to take other assets or income to make good on the remaining unpaid mortgage balance. In some states creditors have the legal right to pursue other assets or income. But personal bankruptcy rules limiting what they can take give them little incentive to do so. No-recourse mortgages increase foreclosures, resulting in more properties being thrown on the market, and lead to an excess decline in house prices....
Any homeowner with a loan-to-value ratio over 120% could apply for a reduction in his mortgage balance. The government and the creditor would then share equally in the cost of writing the loan balance down to 120% of the value of the home. But the homeowner who opts for this write-down would be obliged to convert the remaining mortgage to a loan with full recourse that could not be discharged in bankruptcy. Federal legislation would be needed to modify state mortgage and bankruptcy rules to allow homeowners to obtain the new type of mortgage..." Column
The banks get bailouts. The Fed bails out Fannie and Freddie. Everyone gets a bailout except for the drowning homeowner who must pay several pounds of flesh to Shylock while Shylock is living high on the hog because the same homeowner's taxes bailed him out. It is also prudent to check the fine print in any proposed modification, as some servicers are already requiring homeowners agree to these clauses before they obtain any relief. This suggestion is a bad idea for homeowners as they will be at the complete mercy of the banks regardless of their personal circumstances. Get sick and can't make the house note? Tough luck, the bank is coming for your paycheck. Lose your job and lost the house? Don't worry, they'll just garnish your unemployment benefits.
As for the Obamabots, someone should ask them why Obama and the Democrats haven't changed the bankruptcy laws while they dump hundreds of billions into the banks who put us in the mess while the little guy continues to get screwed. Now if they did change the bankruptcy laws, THAT would be some real change.
Monday, August 10, 2009
Thinking of modifying your mortgage? Read the fine print
Subscribe to:
Post Comments (Atom)
Email address
kingfish1935@gmail.com
Support this site.
Mail donations to:
ATTN: Jackson Jambalaya
1220 E. Northside Dr., Ste 170, Box 189
Jackson, MS 39211
ATTN: Jackson Jambalaya
1220 E. Northside Dr., Ste 170, Box 189
Jackson, MS 39211
Marshall Ramsey
Clarion-Ledger
PACER: Southern Dist.
WAPT
Babylon Bee
Y'all Politics
The Rez News
And The Valley Shook
NMissCommentor
Calculated Risk
Recent Comments
Search Jackson Jambalaya
Most popular posts last week.
Subscribe to JJ's Youtube channel
Special Coverage
- ZeroBear PolyBear's Recipes
- Lamar Adams/Madison Timber Case
- The Gold Coast of Rankin County
- PERS Coverage
- Hinds County Coverage
- Frazier coverage
- JPS & Education
- Madison County coverage
- Heather Spencer Murder
- Steadivest fraud case
- Jackson interest-rate swaps/refinance of bonds
- Evans case
- Jackson Airport stuff
- Jackson EPA Emergency Order
- Jackson Water Crisis
Archives
-
▼
2009
(975)
-
▼
August
(97)
- Weill: JPD has too many civilians
- Surprise.
- Schimmel's in Chapter 11
- Tax sale today
- What MY Chase would look like.
- Today's useless bit of information....
- The Real Seabiscuit
- Tonight at The Auditorium: D Mar
- He just won't go away.
- Breaking: Investors sue SteadiVest, owner Wolfe, T...
- Green shoot or weed?
- Latest crime stats for Jackson
- Investors sought TRO against Steadivest
- Steadivest...snakes or snake-bitten?
- PACER is getting some competition
- Stocks: going up?
- Nathan cooks!!!
- Freddie Mac DQ's are up....again
- McCartys Subpoenaed for Deposition
- Foreclosures & delinquencies in Mississippi
- Mark Chinn gives advice on prenups
- New feed added
- Expert? I report, you decide.
- This would make a good Sunday dinner
- Tea Party today at Jamie Fowler Park
- The best argument for the death penalty
- Irby Wars: Episode ?: The Whining of the Shrew
- You can't make this up
- Latest crime stats
- Is Morgan Keegan a Snakepit for Regions?
- The new White House prayer breakfast?
- Mish: Regions insolvent as are other banks.
- Cycling in Jackson
- Godfather: Most popular JJ gangster movie
- He's baaaaaack and hitting for the cycle
- Commission seeks to dismiss interim suspension for...
- WaMu debtors accuse Chase of sabotage
- JPD: Serving & Protecting or Just Protecting the D...
- Here's another one
- Talk show bullying at its best.
- The effects of Colonial's failure
- Art at the Auditorium Tuesday
- Is this why Childers went to Israel?
- Hmmmm....
- The King of Laurel Park
- The Fairview Inn: a view from above
- How terrorists operate
- Down goes Colonial. Down goes Auburn!!!
- Latest crime stats
- Bell hires Burwell
- "Obama knows little about Americans"
- Judge Green gives D.A. 15 minutes with Stuart Irby
- Market Ticker: Regions insolvent?
- Irby update
- Sunday night in Jackson
- Will Obamacare cover SEIU kneecapping?
- Millsaps student killed in SW Louisiana
- Food Fight!!!
- Meet Nikki Haley
- Westboro scumbags at it again
- Is this journalism?
- Harvey: It's called accountability
- Schiff: healthcare bill is fascism
- Brohemian Rhapsody
- OK Ladies, Let's Have Our Own Vote!
- Thinking of modifying your mortgage? Read the fine...
- Waller & Hosemann lead primary poll.
- Update on your favorite case
- Newest poll: Favorite gangster movie.
- This is the guy who runs your economy
- Congrats to Y'all Politics
- Mortgage industry catastrophe looming?
- Saturday night at the Fights.
- If Frank Melton was white............
- Food Fight!!!
- Mish: "Unemployment likely to continue rising"
- We are the priests..........
- He's baaaaaaack
- Here is copy of Irby gag order, file not in Circui...
- Shylock comes for his pound of flesh
- I report, you decide.
- NMC: "A real disaster"
- Legal Expert or Media Hound?
- Green Orders Irby to Submit to Interview, Imposes ...
- Judge Green orders Stuart Irby to be available for...
- Irby Wars: Episode ?: The State Strikes Back
- Latest crime stats
- Schiff on the market rally
- Jefferson County faces Doomsday
- Housecleaning
- Market Ticker gives you the rest of the story
- Irby Attorney Replies to Prosecutor's Motion. The ...
- No comment.
- Saturday night open thread
- Panasia voted Best Asian Restaurant in JJ poll
- "The Arabic world is an intellectual outlier"
- Two sides of the Pickering coin
-
▼
August
(97)
The Kingfish's Favorite Posts
- Presenting the Mississippi State Capitol (Video)
- Editorial: The airport belongs to Jackson. Period.
- Kelly arrested for taking pics of Rose Cochran
- The Real Face of Mississippi Government
- PERS gets mo' money but funding level falls
- Majority black public school districts spend more, waste more, fail more
- Jackson's water bond failure: The REST of the story.
- Time to return fire on Banks
- Supervisor votes on projects next to land he owns
- Throwdown at the Levee Board
- Door shuts on another life
- Truth begins to come out in Irby case
- Judge orders interview of Irby
- Steadivest: Snakes or snake-bitten?
- Post-election thoughts
- Rest of the story about Crisler's shooting
- Jackson paying $4 million in fees
- Will Jackson end up like Birmingham
- Record-breaking fraud?
- FBI contacted MVT about Evans
- Heather Spencer police reports
- An open letter to John McCain
- Are your 401k's safe from Democrats?
- Democrats' Plans for Controlling the Media
- Who is Teresa Ghilarducci?
- Kingfish wins at Ethics Commission
- Tribe of Obama
- Berry V. Aetna (rankin County Cesspool)
- Incest in Dixie: Mississippi Legal Profession
- Jim Hood: Liar
- JFP Tax Problems? (See comments)
- The SafeCity Bill
- Isn't this called secession?
- A Black Governor in Mississippi?
- Time to grade Miles' exam
- Domestic Violence & Divorce in Mississippi
- Truthwatch, eh?
- What is Jackson Jambalaya?
- Election Night Thoughts
- Counter-Insurgency for Beginners
- Jazz for Beginngers
- Mayor Melton's Soljah
- A Leopard Can't Change His Spots, Can Jere Nash?
- Harborwalk Hoax?
- A Pox on All Your Houses
Local Media
- Y'all Politics
- WLBT
- West Jackson Facebook page
- WJTV
- The Northside Sun
- WAPT
- The Mississippi Link
- The Rez News
- Othor Cain
- Mississippi Magazine
- Jackson Free Press (Jackson, MS Alternative Weekly)
- Harborwalk Thread (Jackson's Latest Boondoggle)
- Darkhorse Press
- Clarion Ledger (Jackson, MS Gannett Newspaper)
- Clay Edwards Show
- Barksdale Today
- Supertalk Mississippi
Trollfest '09
Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Trollfest '07
Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
3 comments:
KF, didn't know if you'd seen this. Geithner has asked Congress to increase the nation's debt limit past its current cut-off of $12.1 trillion.
http://business.theatlantic.com/2009/08/debt_debt_and_more_debt.php
Stay in cash people. Don't take the bait.
Um, which residential lenders are living high on the hog? It looks to me like they are all sucking wind because of increasing government regulation, high default rates, and low interest rates. What I don't understand is why anyone would want to make (or close) home loans.
Post a Comment