"underwater" mortgages

squirell nutkin · 03-30-2010, 01:00 PM

Well, I think "helping people who owe more on their mortgage than their house is worth" is the ostensible reason. What is really going on relates to the old saying: If you owe the bank $250,000. and you can't pay, you've got a problem. If you owe the bank $250,000,000,000. and you can't pay, the bank has a problem.

This is not about helping out "the little guy." While that may be the expressed reason and may collaterally happen, this is about saving the fat pensions and keeping that game alive long past bedtime.

03-30-2010, 01:00 PM	#2
squirell nutkin has a second hand user title Join Date: Feb 2006 Location: in a Nut House Posts: 2,017	Well, I think "helping people who owe more on their mortgage than their house is worth" is the ostensible reason. What is really going on relates to the old saying: If you owe the bank $250,000. and you can't pay, you've got a problem. If you owe the bank $250,000,000,000. and you can't pay, the bank has a problem. This is not about helping out "the little guy." While that may be the expressed reason and may collaterally happen, this is about saving the fat pensions and keeping that game alive long past bedtime. __________________ And now I'm finished posting.

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