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1. The College Politico » Blog Archive » Not So Shocking News: 53% of Rescued Borrowers Default Anyway
2. It’s Personal Responsibility, Stupid | BobGriggs.com
3. Duh of the day: Give bad loan risks more money, get same result « Top Daily Digest Reading
4. Michelle Malkin » Spendulus Alert: $50 billion for “mandatory mortgage modifications”

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Comments

1. #566540
   On December 9th, 2008 at 11:31 am, FilmLadd said:

   However, data which is to be issued by the OCC and the Office of Thrift Supervision (OTS) next week could throw cold water on a push by some U.S. policymakers for loan modifications as the key remedy for the ailing U.S. financial and economic crisis.

   There’s an Office on Thrift Supervision?

2. #566542
   On December 9th, 2008 at 11:33 am, b-cat said:

   “The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.

   Nobody saw this coming, huh?

   “Put simply, it shows that over half of mortgage modifications seemed not to be working after six months,” he said.

   Put simply, you gave more money to people who’ve already stiffed you once, moron.

3. #566545
   On December 9th, 2008 at 11:34 am, b-cat said:

   On December 9th, 2008 at 11:31 am, FilmLadd said:

   There’s an Office on Thrift Supervision?

   Maybe we need to increase its budget.

4. #566547
   On December 9th, 2008 at 11:36 am, Michelle Malkin said:

   Snort.

5. #566548
   On December 9th, 2008 at 11:36 am, Rogue Cheddar said:

   Give me some money, I promise to pay you back! (fingers crossed behind back)

6. #566550
   On December 9th, 2008 at 11:36 am, RedDog said:

   Stupid is as stupid does. Get government away from the markets at all costs. These people are raging idiots.

7. #566553
   On December 9th, 2008 at 11:38 am, Rogue Cheddar said:

   These people are raging idiots.

   Yeah, but they’re smarter than us. If you don’t believe me, just ask them, they’ll tell you.

8. #566556
   On December 9th, 2008 at 11:42 am, jjmurphy said:

   “The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency,

   Once again, the sheer brilliance of our appointed officials makes everyone sleep better at night.

9. #566558
   On December 9th, 2008 at 11:43 am, John Deaux said:

   I’m sure these deadbeats would not default again if their principle was adjusted to oh, say, zero?

10. #566561
    On December 9th, 2008 at 11:45 am, John Deaux said:

    The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

    Could it be that people who make $2000 a month can’t afford a $2000 mortgage payment, even if it is lower than their original $3000 payment?

11. #566562
    On December 9th, 2008 at 11:45 am, jjmurphy said:

    I’m sure these deadbeats would not default again if their principle was adjusted to oh, say, zero?

    Yet, somehow, I think they would find a way.

12. #566563
    On December 9th, 2008 at 11:46 am, granite said:

    “The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency,….”

    And, this just in:
    Politicians, bureaucrats, and other socialists surpised and dismayed when objects they were holding again fell down when they let go of them….

13. #566567
    On December 9th, 2008 at 11:47 am, RedDog said:

    By the way…. still waiting for investigations into the Congressional rats who caused this mess. Not holding my breath though. But I’m sure Pelosi, Dodd et al are prepping new hearings to beat up more businessmen. Real justice for once please! This so-called government of ours reaches new depths of obsurdity each day.

14. #566575
    On December 9th, 2008 at 11:49 am, tre said:

    Proverbs 26:11 As a dog returns to its vomit,
    so a fool repeats his folly.

    God told them that about 3,000 years ago.

15. #566577
    On December 9th, 2008 at 11:49 am, John Deaux said:

    On December 9th, 2008 at 11:46 am, granite said:
    And, this just in:
    Politicians, bureaucrats, and other socialists surpised and dismayed when objects they were holding again fell down when they let go of them….

    Supreme Court expected to rule Law of Gravity unconstitutional because it fails to account for historical bias against the disadvantaged.

16. #566590
    On December 9th, 2008 at 11:54 am, robhic said:

    On December 9th, 2008 at 11:47 am, RedDog said:

    By the way…. still waiting for investigations into the Congressional rats who caused this mess. Not holding my breath though.

    Hey, give ‘em a break! They’re busy right now scolding the automakers for being irresponsible!

    Dodd and Frank have got to be the most hypocritical entities in Washington.

17. #566630
    On December 9th, 2008 at 12:09 pm, Khyris said:

    I’m sure these deadbeats would not default again if their principle was adjusted to oh, say, zero?

    Want to bet?

18. #566649
    On December 9th, 2008 at 12:16 pm, CantCureStupid said:

    “The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.

    This, Mr. Dugan, is because you are paralyzed from the neck up.

    I’m absolutely flabbergasted at the utter and endless stupidity of our elected officials and the idiots they hire/appoint. It’s enough to drive a person to drink (heavily and often).

19. #566652
    On December 9th, 2008 at 12:18 pm, FruNobulux said:

    Jeez, there’s a surprise for you. But it’s not the outcome that’s important to these crooks, it’s the amount of money they spend in the name of “helping the little guy”, irrespective of the fact that the net effect of all those billions spent is precisely zero. That’s why O’Boingo’s nickname of “The Zero” is so appropriate: it’s an optimistic assessment of what we’re going to see as the net effect of his big spending of our money.

20. #566659
    On December 9th, 2008 at 12:20 pm, sonofdy said:

    Don’t worry, they will just print more money to cover this..

21. #566697
    On December 9th, 2008 at 12:32 pm, SSG David Medzyk said:

    Geez, and here I am, stuck with a low fixed rate mortgage and the ability to pay it off.

    Was I ever the sucker….

22. #566780
    On December 9th, 2008 at 1:03 pm, FruNobulux said:

    On December 9th, 2008 at 12:32 pm, SSG David Medzyk said:

    Geez, and here I am, stuck with a low fixed rate mortgage and the ability to pay it off.

    Was I ever the sucker….

    Get used to it, Dave. The next 4 years are going to be all about rewarding irresponsible behavior. Responsibility and accountability are just so old fashioned, dontcha know?

23. #566785
    On December 9th, 2008 at 1:08 pm, bjc said:

    And this is a surprise to anybody with a pulse; There are already far too many people down at the shallow end of the gene pool who no nothing of personal responsibility, and the upcoming Obamanomics will have us drowning in them over the next for years.

24. #566788
    On December 9th, 2008 at 1:10 pm, bjc said:

    Sorry: Should be “know”; As always, haste makes waste.

25. #566793
    On December 9th, 2008 at 1:11 pm, pueblo1032 said:

    You give someone who should not have gotten a LOAN in the first place, a REVISED loan, and they still do not pay??? What’s the old saying about the definition of INSANITY??? Something about “expecting different results”… And these are the IDIOTS we voted for??? I guess ELECTIONS DO HAVE CONSEQUENCES… How many BUREAUCRATS does it take to screw in a light bulb???

26. #566810
    On December 9th, 2008 at 1:18 pm, cabrerski said:

    I would be interested in discovering if Rep. Laura Richardson (D-CA)took advantage of this program and if she defaulted again.

    Anyone?????

27. #566818
    On December 9th, 2008 at 1:21 pm, cabrerski said:

    It would be nice if those who are responsible for “affordable housing” were personally liable for the loans. Do you think that we should make Dodd and Frank personally co-sign for each one of these loans? Sorry…I was daydreaming again.

28. #566825
    On December 9th, 2008 at 1:24 pm, Weary Citizen said:

    On December 9th, 2008 at 11:45 am, John Deaux said:

    Exactly!!! For goodness sakes, giving people “temporary” mortgage assistance when their take home is less than or equal to their mortgage has only one ending. When the assitance stops they default. Come on. Is there 1 person in all of DC competent to run the gov’t? My 10 YO could have predicted this.

29. #566842
    On December 9th, 2008 at 1:29 pm, dan708 said:

    Wow, there’s a shock. People who got in WAY over their heads are still over their heads after “modifications”.

30. #567139
    On December 9th, 2008 at 3:44 pm, ArizonaNeanderthal said:

    I’m sure these deadbeats would not default again if their principle was adjusted to oh, say, zero?

    These are often the people who borrow, up to 125%, the equity of their house to payoff credit card bill and such. Now that they have those bills under control they do it all over again. In a growing value boom that worked–until.
    Many of these people will walk away or sell short–less than the mortgaged value of the house. Nasty surprise when the IRS considers that difference as earned income. Debt is a life destroyer.

    If Congress, the President and Colonel Klink had kept out of it there might be an end in sight by now.
    JUST STAND THERE, DON’T DO ANYTHING.

31. #567179
    On December 9th, 2008 at 4:01 pm, LarryD said:

    “Thrift Supervision”

    Probably supervising this part of the banking industry:

    A financial institution focusing on taking deposits and originating home mortgages. Thrift banks often have access to low-cost funding from Federal Home Loan Banks, which allows for higher savings account yields to customers and increased liquidity for mortgage loans.

    Also known as “savings and loan associations”.

    Investopedia Says… Thrift Banks tend to be community-focused, and smaller than retail and commercial banks. While the main lines of business continue to be loan origination and savings deposits, many thrifts offer checking accounts and other basic banking services. The thrift banking system was created in an attempt to transition mortgage loan origination away from insurance companies and into banking institutions, as early mortgages were often set up as interest-only loans that often couldn’t be repaid when balloon payments came due.

32. #567269
    On December 9th, 2008 at 4:48 pm, davidleerothmann said:

    It’s time for truth or consequences, I fear. The truth is that what is “toxic” in these assets is not the collateral, nor the institutions which hold, sold, or otherwise repackaged the paper…it is the homebuyers, the people. They are the poison in the well.

    Homeowners, raise your hands if you ever woke up to an A/C unit that was on the blink. You called “the guy”. He arrived and said “It’ll be about $700 to fix that.”? You either tapped your “rainy day” savings, or pulled out a credit card with sufficient credit limit and got your A/C unit fixed. The lie that home ownership is just as cheap as renting, and the bigger lie that everyone can own a home is sheer idiocy. Most people do not manage money carefully. Most people spend almost every dime they earn on plasma screens, video game systems, home theaters, Iphones, and cars they cannot afford. Go to a “poor” neighborhood and count the Iphones, Blackberries, and other high-end PDA units. Forget the mortgage payment. Forget the taxes and insurance. Half the country will never have an emergency fund to maintain and repair that home. We will drown in this until our leaders have the fortitude to accept this, and act accordingly.

33. #567317
    On December 9th, 2008 at 5:15 pm, nlebou said:

    If Congress, the President and Colonel Klink had kept out of it there might be an end in sight by now.

    I knew he reminded me of someone!

34. #567327
    On December 9th, 2008 at 5:19 pm, TooMuchTime said:

    It’s enough to drive a person to drink (heavily and often).

    Would that be in an american built car or a foreign one?

35. #567812
    On December 10th, 2008 at 9:17 am, Weary Citizen said:

    On December 9th, 2008 at 4:48 pm, davidleerothmann said:

    Well said. There is more cost than just the mortgage. Too many “new” citizens don’t truly understand home ownership costs. They are new to mortgages, even easy credit like in teh US, so they only think of mortgage. Upkeep is expensive but it is nothing compared to the “rent” I pay the gov’t each year (aka property taxes) in Texas. I have a moderate valued home and pay well over $500/month to rent the land I supposedly own. GRRRRRRR. But that is another story.

36. #568912
    On December 11th, 2008 at 9:10 am, mjk said:

    Why I’m glad I never got a condo or house, part 823908590.

    I wouldn’t have gotten a crappy mortgage, for the record. But I would have gotten a vastly overpriced home for my efforts.

    Screw it.