[StBernard] Is it Dems or GOPs?

[Westley Annis]

John I saw a segment on ABC News last weekend I believe.  Showed a guy in, I
think, Arizona.  He was walking away from one house with a variable interest
rate mortgage,
because it had risen too high and couldn't afford the payments, so the bank
was taking it.  Meanwhile he had gone and gotten another house which was
bigger, with a fixed rate mortgage which was cheaper than the A.R.M. house!
I don't know how he did it, whether he got the new house before the
foreclosure or what.  They had a talking head on there who said sometimes
folks will walk away from the one and then get another house but in the
wife's name and that's the workaround.  The talking head said there were
ways to get around it.  I just don't see how people can get "rewarded" like
this.  I mean, surely the guy understood what he was getting into with the
A.R.M.  And I guess the bank will have to take it (or sell it to the govt
now) and then get rid of the first house at a loss.

JY




	
	-----------------------------------------------------
	All this crap started with a bill that was BAD from the start..the
Community
	Reinvestment Act, which was a joke.  As the article clearly points
out, the
	CRA was not interested in sound lending practices, its goal was to
put
	people with crappy credit into homes.  As the kook reverend Jeremiah
Wright
	would say, "these chickens have come home to roost" - and you, me
and
	every
	other tax payer are going to foot the bill for the government's
f***-up.
	
	Anyone care to note the dates when both the original CRA and its
follow up
	took place?..and guess which political party was in the White House
and
	controlled Congress?
	  In other words, guess which political party is
	sticking the taxpayer again with paying for the clean up of this
mess?
	
	John Scurich 
	
	-----Original Message-----
	You may be right Westley.  I read the articles that you (?) posted
	yesterday.  There's enough blame to go around.
	
	On a similar topic, remember the Resolution Trust Corp. with the
failed S &
	L's?  Looks like we are going to have something similar with this
batch of
	"dodgy debt".  An RTC-type thing will take all the "bad
	mortgages" (and
	properties?) and, I guess, sell them off.  Govt. bailout part ...  I
forget
	now how many it is.
	
	JY