Quote:
http://www.forbes.com/markets/feeds/...fx4231815.html
Senate Banking Democrats urge Paulson to press harder for subprime loan workouts
10.17.07, 5:41 PM ET
WASHINGTON (Thomson Financial) - Democratic members of the Senate Banking Committee today told US Treasury Secretary Henry Paulson that he must do more to ensure that lenders and mortgage servicers modify their loans to subprime borrowers so the borrowers can meet their payments.
In a letter sent to Paulson today, the Democrats, led by Committee Chairman Christopher Dodd of Connecticut, said that despite the Bush administration's effort to work with lenders and servicers, very few subprime loans have been modified so far.....
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Residential real estate is on the eve of a valuation delcine that the chair of the senate banking committee, Dodd, does not even see:
NO SALES IN SOUTH SAN JOSE RE MARKET IN PAST 50 days....JUST 9 SALES IN PAST 80 DAYS...AS AN EXAMPLE....
http://www.southsanjose.com/realtren...ef=patrick.net
Dodd is either too dull to understand that these subprime bagholders need to exit these mortgage now.....A-effing-SAP...the last thing they need is to be chained to a mortgages....even at more favorable terms, that they already have a negative equity position in (it's called UPSIDE DOWN on your loan...), and...if any sales are ever to occur again...will pressure a 30 to 60 percent reduction in valuations..... I can't vote for a guy for president who would trap these poor bastards in their loans...either because he is too stupid to know better, or for his own political expediency.....His FISA stance, though....is a refreshing glimmer of populist support.