"Scraping down"
I watched some of the Congressional hearing this week about the foreclosure of homes problem in the US.
They were interviewing College Professors who taught finance, etc., and Wharton School graduates, and bankrupcy judges.
The silly terminology used was beyond my comprehension(many of the staffers were asleep) but I understood English occasionally.
Like all predictors of economics, none of them had an inkling of definitely what happened or what will happen. Kind of like PhD philosophers--only know questions--no answers.
I did here it is a 3-4 year problem yet as these interest rates in those crooked contracts increase dramatically as they were sold.
We may have five million defaults if nothing is done. We may have 4.5 million if something IS done.
Lawyers are going to have a ball.
Banks, somehow, must be saved from very many losses. A few people don't matter, they signed the forty page contracts, after all.
I expect the government will loan the banks what they need at no interest over 75 years.
After all we are about banks,lawyers, insurance companies, Oil, and the stock market.
Oh, "scraping down" is one of the terms to describe the action of reducing the principal on a loan to the appraised value. It was also stated that the home appraisers for years have over-appraised nearly everything, in order to be able to loan more money.
dollaradayandfound's blog | login to post comments
|
