BOA Wants FHPC

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Feb 23, 2008 7:57 pm

BOA recommends the government create the Federal Homeowner Preservation Corporation to prevent housing crisis, i.e., to pull lenders' n*ts out of the fire:

 
"...Bank of America suggested creating a Federal Homeowner Preservation Corporation that would buy up billions of dollars in troubled mortgages at a deep discount, forgive debt above the current market value of the homes and use federal loan guarantees to refinance the borrowers at lower rates."
 
http://www.nytimes.com/2008/02/23/business/23housing.html?pagewanted=1&_r=2&ref=business
 
Ain't it great having a rich uncle!
Feb 23, 2008 10:55 pm

Yet another marxists bank bailout.  Can we acknowledge that this is now part of the program or are we still calling these things accidents?

Feb 24, 2008 7:39 pm
MLurative:

Yet another marxists bank bailout.  Can we acknowledge that this is now part of the program or are we still calling these things accidents?

 
No, no, no! Not Marxist, Progressive! It's a Progressive bailout. See, doesn't that sound nicer?
Feb 25, 2008 11:37 am

It's nice to know that we live in a country that allows me to buy a house that I can't afford, with a mortgage that I don't understand, not pay for it, and then bail me out of my stupidity.  So, how long do you think I can stay in my house if I just simply stop paying my mortgage?  That would really make my cash flow a lot better. 

 
Do you think my taxes will go up?
Feb 25, 2008 11:51 am

It's sad, yet amazing to me that the financially responsible will be damaged from all this more than the defaulting, over-credited, negative net worth John Q. P. Smith's.

 
Either way, if this FHPC thing happens, it will immediately KILL the dollar
Feb 25, 2008 8:27 pm
Broker7:

It's sad, yet amazing to me that the financially responsible will be damaged from all this more than the defaulting, over-credited, negative net worth John Q. P. Smith's.

 
Either way, if this FHPC thing happens, it will immediately KILL the dollar
 
Agreed!