Comments for A large Chunk of Sub-Prime Mortgages is Expected to See Interest Rates Reset in The Coming 6 Months »
Posted By altnrg 1 year, 1 month ago in NewsAnother large chunk of mortgages in the sub-prime sector is to see the reset of interest rates to rather higher rates in Seattle over the coming six months.
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altnrg1 year, 1 month ago
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I'm not sure that it is so simple, lowering the rates has other impacts like weakening the dollar which mean increasing inflation which mean an increase of cost of daily products.
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The issue is when necessary steps are not taken on the right time the price is much higher.
I'm not saying that lowering the rates is not the solution or at least part of the solution but when there is a crisis in this caliber it is never simple. -
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shruti1Comment removed: Spammer
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nostalgia1 year, 1 month ago
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AMY GOODMAN: You were told that Barack Obama did not want this in the bill?
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REP. DENNIS KUCINICH: That he didn’t want the bankruptcy provisions in the bill. Now, you know, that’s what we were told. And I don’t understand why he would say that, if he did say that. And I think that there is a—the fact that we didn’t put bankruptcy provisions in, that actually we removed any hope for judges to do any loan modifications or any forbearance. There’s no moratorium on mortgage foreclosures in here. So, who’s getting—who’s really getting helped by this bill? This is a bailout, pure and simple, of Wall Street interests who have been involved in speculation.
REP. DENNIS KUCINICH So, you know, we’re getting stampeded here to vote for something that doesn’t help homeowners, that doesn’t do anything about foreclosures, that doesn’t help those people who have been in bankruptcy and are looking for a way out. As a matter of fact, it made sure they can’t get out
But what this bill does, unfortunately, it just kind of helps things keep going until the next trillion-dollar crisis, which is coming in a few months when the Alt-A or jumbo mortgages, which are being reset in ’09 and 2010, will find their maximum financial stress on marketplaces. So I think that you have to realize that this—what we’re doing today is not going to forestall a recession, it is not going to solve the problem of a collapse of mortgages, it’s not going to help homeowners.
http://i2.democracynow.org/2008/9/29/is_this_the_u... -
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