“I was praised for things I didn’t do. I am now being blamed for things I didn’t do.” - Alan Greenspan.
Greenspan has now declared a recession. His declaration is a week behind the UK declaring our Great Depression.
The quote at the top is from a recent interview, in which he explains that he did not trick stupid people into loans that were perfectly legal and, that he did not help them lie about income or encourage the use of equity to buy more loans. (TVs, Cars, Pools, etc…)
This is the elephant in the room. Greenspan wants to use taxpayer dollars to bail out many losers and speculators. No way.
On a case by case basis, there may be a few homes worth saving. There may also be a few, a few predatory loans. Other than that, these people should have applied the power of reading to their loan.
Also, most mortgage deals are done with agents and lawyers in the room. They are there to answer your questions. Of course, you must ASK the questions, like real adults. The agents and lawyers are not your friends or charity workers. If you could not afford to negotiate out of your ARM, you should have known that you would not be able to afford your ARM down the road.
You want economic relief? Let those-who-refused-to-read-their-loan-paperwork lose and demand congress stop those insipid dog and pony shows where they yell at oil CEO’s and have them lift ALL taxes on gas and petroleum products.
That would be a start.
