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Blaze Political Analyst Will Cain Breaks Out the Notepad to Break Down the Housing Crisis

Comments (17)

  • ryoung21228
    Posted on February 11, 2012 at 9:48am

    This whole action by this administration to help only those homeowners who are underwater, and not include those covered by Freddie Mac and Fannie Mae, is just plain ******** and wrong. You don’t like your mortgage, file for Ch 7 bankruptcy and have a bad credit rating for the next 7 years. You signed the contract, why should the govt only help you out? Or you can default and walk away, stick the bank for the loss, and ruin your credit this way. Don’t expect to get another home loan for quit a while though.The bank will resell the house at its new value and suck up the loss for giving out the bad loan to begin with. Let the banks and mortgage companies PAY for this mess, NOT the TAXPAYERS! Obama and his financial gang of thieves (e.g. George Soros) need to leave this crap alone. It‘s not the government’s problem!!!!!!!!

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    • Look4DBigPicture
      Posted on February 11, 2012 at 1:26pm

      … or better yet get a second job or find a roommate to help pay the mortgage.

      Report Post »  
  • Jim213
    Posted on February 10, 2012 at 3:45pm

    This is about a pilot program ( $25 bil. ) which the Feds will come back and say was such a success that they will need another bigger one ! Only $800 billion the next time that will be used to buy the rest of the BAD underwater mortgages from the BIG BANKSTERS. No mortgages will be helped from Fed. owned Freddie & Fannie !!!

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  • buzzn13
    Posted on February 10, 2012 at 2:40pm

    Other people’s money! That is what it all comes down to. If a bank/lender has a gov backed guarantee, they are gambling with the taxpayers money. What do they have to lose? Of course the gov pushed banks to lend to people with bad credit that were totally unqualified, but the banks/lenders would and did do it on their own as well because the risk/reward ratio was unbeatable. If there was truly a free market and the banks/lenders were lending their own money with no taxpayer guarantee, likely 30-40% of the loans would have never been originated. Gambling with other people’s money…

    The banks/lenders have some blame in this, but they were playing by the rules and mandates of our corrupt government, whom I really blame for the crisis. What right does the gov have to provide guarantees to private entities investments with our tax dollars? It is completely unconstitutional and insane. Get the gov out of business, out of the banks – no for Freddie Mac, Fannie Mae, FHA – and shut off the printing presses while we are at it!

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  • Jenasus
    Posted on February 10, 2012 at 2:18pm

    The Global Financial Meltdown was planned by the World banks to bankrupt the world currencies so the world will have to convert to a one world currency which will be followed by a one world government. The New World Order.
    The government made it possible for anyone to get a loan for a house. Than demand rose as did prices for homes until the bubble burst which led to the Global Financial Meltdown.
    You don’t be a rocket scientist to figure this one out. Just look at why we are in the shape we are in today.

    Report Post » Jenasus  
  • onesmartcookie
    Posted on February 10, 2012 at 12:38pm

    All of the gobblygook finance talk makes no sense to me. Every person I know, and I know MANY, who have ‘lost’ their homes let the homes go because of strategic default. They could have stayed in their homes and paid for the mortgages they signed for but they chose to be selfish and walk away into a bigger, nicer rental. They were never ‘hurting’ in any way. Now they are going back and buying the big, beautiful, recent built homes that ‘crashed’ for the same thing I bought my house for in 1999. It simply is not fair.

    To walk away from an obligation, a promise to pay, a mortgage that you SIGNED FOR is nothing more than theft.

    If you want examples that will make your head explode, I would be happy to share.

    Report Post » onesmartcookie  
  • Obeckian1984
    Posted on February 10, 2012 at 7:57am

    Derivatives: Derivatives are a type of financial instrument whose value is derived from something else. Tens of thousands of derivative CDO tranches based on combinations of the same underlying real security are currently in place. Since a derivative doesn’t actually contain a “real” item (like a stock, bond, or barrel of oil), there’s no limit to the kinds of derivative CDO tranches a banker can create, which is how investment fraud schemes got their start. They can be packaged, repackaged, stripped, sliced and glued back together in an almost infinite number of sizes and shapes; the perfect components for investment fraud schemes.

    Collateralized Debt Obligations: CDO tranches and credit default swaps (CDS) were engineered deep in the heart of the unregulated, free-market which drove the market for subprime lending. A collateralized debt obligation, or CDO, is a security created by financial engineers. It bundles together a pool of similar loans into securities (or CDO tranches) that can be bought or sold. A CDO tranche investor owns a part of pool’s interest income and principal.

    Synthetic Collateralized Debt Obligations: Synthetic CDOs are an artificial CDO without assembling or owning the underlying debt pool. They don’t give buyers ownership in anything. Credit Default Swaps, or CDSs, are used as a form of insurance for synthetic CDOs via counterparties protecting the debt.

    Report Post » Obeckian1984  
    • originalthought
      Posted on February 10, 2012 at 8:40am

      Babble talk. Germany simply outlawed CDO’s and Naked shorting- problem solved.To common sense ethical people those instruments shouldn’t have existed in the first place. The real problem is and always was the large choking bolus of bad sub-prime mortgage loans forced on to the books of small commercial banks. It produced the bubble . It was those toxiic assets that were turned lose by repeal of the Glass Steagal Act by the corrupt (Clinton ) Democrats in the mid to late 90′s. There’s where your derivatives came from ! A nasty stinking socialist- Democrat mess that was passed on to the large investment banks which they in turn had to move along. They simplely put lip stick on a pig and sold it.The blame lies squarely with the socialist -Democrats! Period end of debate!!!!

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    • MCDAVE
      Posted on February 10, 2012 at 9:19am

      @ Originalthought You are100% correct a lot of the blame lies with Bill Clinton who made stealing legal

      Report Post »  
  • Obeckian1984
    Posted on February 10, 2012 at 7:47am

    Abacus Let Goldman Shuffle Mortgage Risk Like Beads
    By Jody Shenn and Bob Ivry -
    Goldman Sachs Group Inc.’s new headquarter

    The Goldman Sachs Group Inc.’s new headquarters at 200 West Street in New York on April 16, 2010. Photographer: Jin Lee/Bloomberg

    From July 2004 through April 2007, as credit markets boomed, Goldman Sachs Group Inc. created 23 financial transactions called Abacus, the word for a relatively crude counting tool involving the shuffling of beads.

    Yesterday, the Securities and Exchange Commission sued the bank for securities fraud in what would be the penultimate offering in the series, according to Bloomberg data.

    The bank used the deals to off-load the risk of mostly subprime home loans and commercial mortgages to investors, either as hedges for similar positions or to bet against securities itself. While the data show New York-based Goldman Sachs issued at least $7.8 billion of Abacus notes, the risk passed to investors was multiples higher.

    The Abacus transactions are so-called synthetic collateralized debt obligations, which marry two financial innovations that contributed to the worst collapse in financial markets since the Great Depression.

    “Investors needed to ask some questions about synthetics they didn’t need to ask with other CDOs,” Joseph Mason, a finance professor at Louisiana State University in Baton Rouge, said in a telephone interview.

    The financial tools, often called technologies, are credit- default swaps, u

    Report Post » Obeckian1984  
  • Obeckian1984
    Posted on February 10, 2012 at 7:43am

    Yet Another Bailout for the Giant Banks … Homeowners Get Hosed Again

    The 50-state settlement with the banks (Oklahoma didn’t sign, but supports letting the banks go scot-free) over mortgage fraud is a stealth bank bailout, according to many top observers. See this, this, this,this, this, this, this and this.

    This is par for the course … All of Obama’s previous “mortgage relief” programs have really been stealth bank bailouts which screwed the homeowner. And see this.

    For example:
    Most independent experts say that the government’s housing programs have been a failure. That’s too bad, given that the housing slump is now … worse than during the Great Depression.

    Indeed, PhD economists John Hussman and Dean Baker, fund manager and financial writer Barry Ritholtz and New York Times’ writer Gretchen Morgenson say that the only reason the government keeps giving billions to Fannie and Freddie is that it is really a huge, ongoing, back-door bailout of the big banks.

    Many also accuse Obama’s foreclosure relief programs as being backdoor bailouts for the banks. (See this, this, this and this).

    Settling prosecutions for pennies on the dollar is a form of stealth bailout. It is also arguably one of the main causes of the double dip in housing. http://www.infowars.com/mortgage-settlement-is-just-another-stealth-bank-bailout/

    Report Post » Obeckian1984  
    • MCDAVE
      Posted on February 10, 2012 at 9:37am

      You are correct;… we have all been hurt by the corruption in our financial institutions ..What amazes me is how uninformed the average American is about these crimes No ones gone to jail..In a lot of cases they pay a relatively low fine to the government and walk away scott free..Wake up America..The banks and investment firms have committed the crime of our century and are getting away with it

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  • poetopoet
    Posted on February 10, 2012 at 3:49am

    Realize this! Under ObamaCare, No one, I repeat No one will get good care, if all or most life believing faith institutions are forced to close their doors. That means hundreds upon hundreds of hospitals and their nursing homes will close, with thousands of jobs lost, and just a couple of lives for the good of all.

    Because in good conscious they cannot perform late term abortions as a matter faith and in good conscious force you to take the DEATH PILL or NEEDLE YOU TO DEATH, before you cash in your first SSI check. When animals and illegal aliens have more protection and rights for free than you, put six feet under, no joke (LOL) by ObamaCare’s Death Panels aka D.Ps. aka Displaced Persons aka Old Fogies aka YOU!

    Please, go right ahead, vote for and support Obama, because I in good conscience will not put you or any baby under this good earth, unless I get paid for it, in good conscience.

    Death Penal Panel Chairman, the Honorable Adolf Eichmann Jr. aka Barry Soetoro II:

    P of S: This is just a reality check, you can’t cash in or deposit before this cataclysm ends.

    Report Post » poetopoet  
    • riverdog1
      Posted on February 10, 2012 at 1:42pm

      nice fact free post poet. no death panels and obama has given more to faith based orginizations than anyone.

      Report Post »  
    • DD313
      Posted on February 10, 2012 at 1:47pm

      Nice fact free response, riverdog.

      Report Post » DD313  

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