Defaulting banks - where will it stop?

[Dawn Meredith]

So AE-P is suggesting the Fed buy up Treasuries to force mortgage rates down. Is that the gist of it?

What's the point of reducing the mortgage rates when falling values will soon render many more of those mortgages toxic anyway? And how can any mortgage be serviced, regardless of the low rates, when the mortgagee is unemployed?

What is it about hyphenated names?

The name 'mortgage' is an interesting term. It literally means death document - as it kills or nearly kills those burdened by it, most likely. Now so, more than ever. Of course one can't pay a ballooning monthly mortgage fee, with declining pay - or NO pay....that's the current idee'! In fact, I don't have the name of the new Criminal Establishment, but I can find and post. A group of persons from institutions that just went belly-up for constructing these cheat-em-for-sure-chump-mortgages have joined together to make a new financial group and are buying them back from the U.S. Govt. at pennies on the dollar and will make a 'killing' (again) with help from Uncle Sam. You wait and see. Smart if evil guys. I'll post the details soon.

The thing is it does not HAVE to mean this. I have owned a few homes and I have not ever put less than 20% down. I have been in this home since 1990 and even with a refi for siding and a new roof in '03 we are ontrack to get this paid off by my birthday in October. (I turn 60). Since Erick saw this financial disaster coming years ago we have been sending every cent to achieve this goal. Forgoing fun vacations, better cars. Two years ago we looked at nicer homes in a nicer neighborhood but decied we did not want to trade in a nearly paid off home for a big mortgage payment. (It also helped that the dining rooms and master bedrooms were not big enough to hold our stuff. ) With things the way they are now I am so damn glad we walked away. I watch the tv show House Hunters and see people buying very expensive homes all the time and wonder who the hell are these people? People who were allowed to buy with no docs and nothing down were idiots. But I blame the bankers. In '03 my inlaws were buying the home across the st. from us so Erick could more easily take care of their needs. They applied for a mortgage and at the very last minute the mortage broker tried to force them to sign a statement showing they had over a million in income. When the would not he tired to force Erick to sign. Erick told him he would NOT commit bank fraud. The very next day our former AG was indicted for bank fraud! (He got 4 years). Fortunately his folks had the cash to get the home otherwise the deal would have fallen through. I hope this bastard- who told me "it's done all the time"- is out of business.