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1 in 31 homes in San Joaquin county are in foreclosure. That number is expected to rise.

A: What you have been told is a superstition, which is a violation against the First Commandment (CCC* 2110). Burying statues to sell your house is not an approved Catholic practice. If you want to ask St. Joseph for his intercession in selling your house, that’s fine. But don’t go burying statues of him for this purpose.

source: http://www.catholic.com/thisrock/2001/0110qq.asp

*CCC=Catechism of the Catholic Church parag. number

I said everything you are saying, the whole process worked in symbiosis.

That is my point. There were always irresponsible borrowers but they didn’t always qualify for loans. That is where mortgage backed securities come in and all of those other things that most people don’t have any idea or understanding of.

Here are the five players.

1)borrowers, the borrowers who took on mortgages they couldn’t afford

2)the banks, the banks who created programs for irresponsible borrowers

3)Wall Street, the Lew Ranieri disciples, who created a market for borrowers who are irresponsible

4)the mortgage brokers, who took advantage of everyone elses irresponsibility and irrationality

5)Congress, who put in so much regulation that it was easy for scummy mortgage brokers to take advantage of naive borrowers.

While I agree that borrowers deserve their share of the blame, I would ask this. Who’s responibility is it to determine whether a borrower should get the loan?

I submit that banks, and mortgage companies solicited (just as credit card companies have and do) customers they knew couldn’t repay the loans because the lender knew they could, in the interum between when the loan was originated and when it became unaffordable, sell the loan to another investor, who sold it to another and so on. At each step they make their comissions and profits, until ultimately the original loan is actually owned by a large number of individual investors who will bear the brunt of the cost both in losses to their investments and in bailing out borrowers who should have known better.

The whole industry is universally against H.R. 3915. Some versions will eliminate Yield Spread Premium which is a tool for making money. In the what’s in it for me portion, we are against that. The industry doesn’t know much about the Durbin bill because we aren’t affected. I assume that banks are using every bit of their lobbyists to lobby against that. H.R. 3915 became a huge internet sensation, my blog grew exponentially mostly from google links about it. Thus, that has a voice on the net, but it isn’t known in the mainstream.

On November 21st, 2007 at 1:58 pm, ajmontana said:
geez, cmon… the hula skirt girl on the dash is the only way to go…. and on top of your computer.

Tried that. First, she cramped up and I couldn’t see. Then, it was carpal tunnel.

It affects everyone, however that is the housing crisis, I am talking about the legislation that will be in response to the housing crisis.

Oh. I thought you were talking about making a profit on the time you spend doing things to make money.

Ya, Mike. Time to get a gummint job. You seem to prefer redundancy, no recourse for the pain you endure, and you do a lot of paperwork.

Let me ask you a serious question, Mike: what are the other guys in your business arena doing to fight the good fight against Turban Durbin?