Bailout Follies (cont'd) - Mercedes-Benz Forum

 
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post #1 of 9 (permalink) Old 01-07-2009, 10:11 PM Thread Starter
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Bailout Follies (cont'd)

Arizona this time. This woman lives on $3000 a month in various disability and welfare payments and kept cashing out her home equity; her final loan got bundled and securitized, like so many others...


"Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a long list of creditors and, by her own account, a long history of drug and alcohol abuse...

Credit-ratings firms Standard & Poor's and Moody's Investors Service gave the new security their top "triple-A" ratings, which suggested investors were extremely likely to get their money back plus interest. S&P declined to explain its assessment. A Moody's spokesman didn't respond to requests for comment.

Thus was Ms. Halterman's diminutive blue house tossed into the immense sea of mortgage-backed securities that would eventually imperil the U.S. financial system. Some $4.1 trillion in American mortgages were put into securities such as these between 2005 and 2006, including $1.6 trillion in subprime or other high-risk home loans...

Soon, Ms. Halterman's son, Mr. Merritt, says he stopped paying the mortgage. He had slipped back into his methamphetamine addiction. "I lost interest in pretty much everything except my habit and the girl I was seeing," he says. Mr. Merritt is now in prison for trafficking in stolen copper pipe.

Ms. Halterman says she wishes she had never taken out the first home-equity loan. "I felt like I needed it," she says. "In retrospect, I needed my a-- kicked."
Would You Pay $103,000 for This Arizona Fixer-Upper? - WSJ.com
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post #2 of 9 (permalink) Old 01-07-2009, 10:17 PM
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bastard, he got what he deserved. You hear that Yosey? stealing copper is bad luck
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post #3 of 9 (permalink) Old 01-08-2009, 12:04 AM
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"Credit-ratings firms Standard & Poor's and Moody's Investors Service gave the new security their top "triple-A" ratings"
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post #4 of 9 (permalink) Old 01-08-2009, 12:54 AM
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post #5 of 9 (permalink) Old 01-08-2009, 07:45 AM
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Yoseyman's mom must be heart broken over his amphetemine habit, no wonder she looks so bad in the picture.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #6 of 9 (permalink) Old 01-08-2009, 07:57 AM
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It's nothing to do with the meth, it's the late night posting on BWOT which has taken its toll.

"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Seneca
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post #7 of 9 (permalink) Old 01-08-2009, 08:01 AM
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I remain somewhat surprised that we haven't gone on a lynch-mob or blanket party rampage with every fucker at S&P or Moody's for their complete and utter failure to do their jobs. How can anyone ever trust anything they say again?
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post #8 of 9 (permalink) Old 01-08-2009, 08:46 AM
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Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson, 1802

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post #9 of 9 (permalink) Old 01-08-2009, 08:52 AM
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Ah come on, what's a little socialism between friends?

The thing I have been the most suspicious of lately is the fact that Bush and Paulson made extreme remarks, predicting financial collapse, etc, right before the Christmas shopping season, which had the result of sending consumer demand into a tailspin. It seems almost as if they intended to do that. The result has been a bargain-basement stock market, where those who have available cash are now picking up huge positions in good solid companies for a song, which are going to get even cheaper because they sparked off the initial ingredients necessary for a harsh cyclic downturn. Why? It has also made all kinds of real estate available for dirt cheap prices in a way that is not transparent, as those on the inside can easily snap up so-called "toxic assets", that they themselves have classified as such. The fix is in big time for the mega-rich, who are going to be the big winners when the economy eventually rights itself.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address

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