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Do Overs - Primary elections, Mortgage Principal/Rate
Old 03-09-2008, 02:20 PM   #1
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Do Overs - Primary elections, Mortgage Principal/Rate

Do over mania.

I want a do over on the tech bubble. And all the other mistakes I made in life.

Matter of fact, I want a do over on the last 3-4 months of the market.
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Old 03-09-2008, 02:26 PM   #2
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Like Michigan and Florida - all you got to do is find someone to pay for it! Some win (i.e. mortgage bail out) and some lose (i.e. financially responsible folks).
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Old 03-09-2008, 02:32 PM   #3
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The downside of the mortgage do-over Congress seems to want to cram down the throats of the mortgage lenders is that nobody will invest in mortgages again without an extremely high risk premium built into the interest rate. Also, as the economy softens, the risk premium will spike higher which will further choke off housing sales.

The idiots politicians that decided ethanol from corn was a great idea didn't expect many food products would double in price. They also don't seem to understand that the days of low cost mortgages will disappear when a new major risk of principal erasure in bankruptcy is introduced. Soon mortgage rates will look like credit card rates. Savy shoppers with 750+ FICO scores might get 9 to 10%. Those with 600 and above might get 18%. Below 600, 28% might be all there is.
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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