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Say No to Devals Bailout
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Divadkire



Joined: 15 Jun 2007
Posts: 6

PostPosted: Fri Jun 29, 2007 2:25 pm GMT    Post subject: Say No to Devals Bailout Reply with quote

Not to sound like an old grumpy guy but I do not want the MA state government to bail out irresponsible home debtors. This is in response to the article in the Herald today.

The $200 Million dollar loan pool that they are talking about creating has to come from somewhere. They are talking about floating some bonds but those will have to be paid off eventually.

Deval Patrick has some deep roots with the Mortgage industry and I do not want to re-hash his phone call on behalf of Ameriquest, but I am starting to smell a rat. He comes across as the hero to desperate debtors but the reality is that he bails out the predatory lenders that he was recently affiliated with.

Deval is the hero, Predatory lenders are the beneficiary, and the tax payers of MA are left holding the bag. Brilliant plan Deval.

Now lets not even get into his other socialist programs like free college, I will save that for another Blog.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Fri Jun 29, 2007 2:38 pm GMT    Post subject: Reply with quote

I agree with every one of your words.
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Divadkire



Joined: 15 Jun 2007
Posts: 6

PostPosted: Fri Jun 29, 2007 4:36 pm GMT    Post subject: Its easy to spend others money Reply with quote

Its easy to be cavalier when the money your giving away does not come directly out of your own pocket.

Its PatrickHood, takes from the fiscaly responsible and gives to the foolish that bit off more than they could chew. But don't blame them they were too busy reading about realestate values that never go down from David Leareh.
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Divadkire
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mikeremote
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PostPosted: Fri Jun 29, 2007 5:50 pm GMT    Post subject: Open Letter to Governor Patrick Reply with quote

Dear Governor Patrick:

I read today that your administration has explored plans to use taxpayer money to bail out sub-prime mortgages in Massachusetts. As a Massachusetts taxpayer, I support the notion that there should be affordable homes for all in our society; however, I am opposed to such a bail-out.

The lenders in question understood the nature of their industry: that to make a profit, one must assume risk. I do not believe it is the Commonwealth’s or the taxpayer’s duty to assume the downside on their risks. Nor do I believe, despite my humanitarian proclivities, that society should so readily rescue private citizens from their own financial mistakes. If one wishes to reply that those citizens were misled by predatory lenders, then we have successfully identified the party that should bear the cost of this fiasco.

It is clear to me and many other constituents that the overall effect of a bail-out would be a net transfer of cash from responsible taxpayers to business interests. With all due respect, Governor Patrick, since you have historical connections to this industry, I think it is all the more important to address this concern openly.

If our aim is to ensure that everybody can afford a home, I am confident that there exist more equitable ways to achieve it.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Fri Jun 29, 2007 5:53 pm GMT    Post subject: Reply with quote

What about all the licensed mortgage brokers that got a commission on these sales. Shouldn't they at least pay back their commission and pay a fine? Isn't that why we grant licenses, so that irresponsible individuals couldn't hurt the general public and if they did they would be responsible and the remedy would not be on the general public's tab? Why do we have licenses if we never intend to enforce a professional standard? The financial industry is very good at taking money from us and avoiding any responsibility. Do you know the professionals who stamped the Big Dig details for the tunnel ceiling collapse might still be practicing in our State? I haven't heard otherwise, has anyone? Lack of professionalism has gotten so bad that we have forgotten that we give people licenses so that someone is accountable. This enforcement is what creates the respect for the professional care and duty. Capitalism is the best form of any economic system, but without professionalism things would erode and we could never have an elevated lifestyle. Professionalism isn't unnecessary resistance for progress it is the benchmark that makes the quality of our lives safer and better.
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barbarbar
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PostPosted: Fri Jun 29, 2007 5:56 pm GMT    Post subject: be subjective Reply with quote

Let say this stupid move was unstopable, then 1000 families got helped. What about the rest?

If this 200 mil. was well spent. Our state government will be forced to make the lenders in MA to raises their lending standard. Which means 80% of MA residents will not qualify for the loan to buy houses in today's price. Which will eventually lead to further downturn of the housing market.

If the government not spend this 200 mil., more forecloures, which will lead to more gun shooting in Boston area, since Master Yoda said: forecloures leads to anger, anger leads to hate, hate leads to suffering(shooting)... More crime will lead to further downturn of the housing market.

The question is, the 200 mil. might lower the future crime rate in Boston. But in what degree is totally unknown.

During the mean time, raising interest rate will be the ticking timebomb waiting to set off when the worst time comes.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Fri Jun 29, 2007 6:23 pm GMT    Post subject: Reply with quote

If the lenders raised their lending standards to say, maybe in line with fundamentals, this housing market would never have drifted so far above fundamentals. It is the people that play by the rules that matter most.

Your comment about crime and financial stress are right on. The Harvard types will blabber on about socio-political-economic mumbo-jumbo but people in those communities will often tell you that people's temperatures go up when they have financial stress, plain and simple.

Further, ever rode the "T" in some of the rougher neighborhoods? That tough look you see on prison inmates is called "screw face". That look like don't you even think about messing with me m.f. Well now you see really, really young kids that ought to be innocent walking around with that look. Well guess what happens when two kids with that look make eye contact the wrong way? You know what trickles down so certain people will feel it more than others. It’s not a matter of being a yoda; it's a matter of common sense.
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Divadkire



Joined: 15 Jun 2007
Posts: 6

PostPosted: Fri Jun 29, 2007 11:29 pm GMT    Post subject: Just say No Reply with quote

A bailout delays the inevitable price corrections and further delays the real correction. It is like pulling off a bandaid in slo motion.

People are already angry in the city and the country for whatever its worths, but that is because of the society that we live in. I do not want to be bullied into supporting the bail out with threats of random violence by the children of irresponsible mortgage holders. That is a half baked notion that the bailout will sooth this disgruntled segment of society.

I do not wish foreclosure on anyone, but people have lived through it in the past and will do so in the future.
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Phil O. Math
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PostPosted: Sat Jun 30, 2007 1:12 am GMT    Post subject: Righteous indignation Reply with quote

As a renter and a taxpayer, the notion of a bailout fills me with a sense of righteous indignation. I was fiscally responsible, I was cautious and prudent, I did not commit to a mortgage I cannot afford, yet now I am being punished by my own elected government.

The government, whose salary I pay, has chosen to give my money, my tax dollars, to the financially imprudent and/or unsophisticated homebuyers, the same homebuyers that outbid me on my home. My government is spending my money to ensure that someone else can live in my home.

The other beneficiary of the governments generosity with my money are the lenders, those same lenders who gave the homebuyers the mortgage money to outbid me for my home.

If anyone wants to stage a demonstration, I am all in, any time, any place. Who's with me?
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guest
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PostPosted: Sat Jun 30, 2007 2:46 am GMT    Post subject: I'm in on the demonstration Reply with quote

I'm po'd at the audacity of this proposal.

Duval should step down for supporting such robbery.
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Dorchester grandma
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PostPosted: Sat Jun 30, 2007 11:59 pm GMT    Post subject: Deval's Bailout? Reply with quote

I have been renting for a long time, waiting an affordable property. I have recently made an offer for a condo, smaller than I had hoped for but clean and bright with a nice green yard. The house inspection will probably turn up little structural damage and few environmental hazards. The condo fee is only 150. I could have had something bigger and better a long time ago but did the sensible thing by waiting and then compromising. I am also outraged that Deval is bailing out irresponsible buyers.

That said, I know a 69 year old woman, owner of a Dorchester condo, who is about to go into foreclosure because she trusted some predatory lender. She has been nearly working herself to death to try and hold on to her home at a time when she should be retiring and living easier. Would I want Deval to bail her out. Yes, because she is a good person albeit naive and trusting, not a sin.

I can see how in some cases the bailout could be justified however there are surely hundreds of other good people with a sad story and where can one draw the line? Don't know. Sad
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BK- former owner
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PostPosted: Sun Jul 01, 2007 2:26 am GMT    Post subject: Bail out has effects Reply with quote

Dorchester Grandma.

The bail out that saves the nice lady who made a financial mistakewith her Mortgage -will lead to Higher taxes - this will lead to some nice man or woman having their tight budget squeeze. Perhaps they will go without a meal or they won't be able to buy a bus ticket to see their grandchild.
Perhaps the slightly higher taxes will be the straw that breaks their fragile financial situation and puts them in foreclosure.

Increased taxes to "Save good" people - ultimately harms "good" people who suffer quietly - with no head lines.

Gov Patrick is trying to distract you from the fact that he made a boat load of money taking (Board member of Ameriquest) advantage of the less educated in our society. Ironically, companies like Ameriquest focused on taking advantage of African Americans and other minorities.

If Gov Deval Patrick had a soul he would be Public declaring that he was donating his own funds to a Non-profit to help "good people" who were taken advantage of .........he's happy to use Tax Payer Money to cover his own tracks!
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admin
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Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Sun Jul 01, 2007 2:40 pm GMT    Post subject: Reply with quote

Dorchester grandma wrote:
That said, I know a 69 year old woman, owner of a Dorchester condo, who is about to go into foreclosure because she trusted some predatory lender. She has been nearly working herself to death to try and hold on to her home at a time when she should be retiring and living easier. Would I want Deval to bail her out. Yes, because she is a good person albeit naive and trusting, not a sin.


I think 'mikeremote' made an excellent point with respect to situations like this at the beginning of the thread:

mikeremote wrote:
If one wishes to reply that those citizens were misled by predatory lenders, then we have successfully identified the party that should bear the cost of this fiasco.


Instead, Deval's bailout would turn the lenders into beneficiaries, in effect rewarding most those who are most predatory. There must be a better way.

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jbw
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PostPosted: Sun Jul 01, 2007 3:43 pm GMT    Post subject: Reply with quote

For this discussion to be effective, it needs to be put in front of the traditional media outlets and the government reps. For some reason, those outlets seem to have the greatest influence on voters and representatives. The blogs are still a niche outlet.

I haven't seen the traditional media do a story on the people who got screwed out of home ownership because they were prudent and didn't buy into the hype.

I also don't see the traditional media getting unbiased expert opinions about the effect that a bail out would have. i.e. The bail out will probably temper the market correction and homes would still be unaffordable. This would lead to an increase in the brain drain of MA. The loss of disposable income due to high mortgages would also have an effect on the economy.

I think that not only must we blast Deval's and state reps inboxes with emails about our objections to these transfer payments, we must also fill the inboxes of the Boston Globe and other traditional media sources.
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admin
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Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Sun Jul 01, 2007 7:37 pm GMT    Post subject: Reply with quote

jbw wrote:
I think that not only must we blast Deval's and state reps inboxes with emails about our objections to these transfer payments, we must also fill the inboxes of the Boston Globe and other traditional media sources.


The Herald may be a receptive outlet. I have noticed in the past that they appear to give Mr. Patrick a hard time even over seemingly minor things, so they might actually be interested in airing dissent on something weighty.

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