something from the past that may help today
let me tell you a story from days gone bye that may have some bearing on what is going on in the housing market and maybe a way for people to keep from being thrown out of their houses.....
i started a company in the 70's which, because of its nature, required that i and my managers presented a "successful" front. i found a luxury car leasing company that was getting ready to go under and i bought 6 cars from them, two panteras, two lincoln mark IV's and two lincoln town cars. i made a very small down payment and took delivery. when the first monthly payments came due i refused to make them because the company had indeed gone under and the "banks" owned the paper on the cars. problem was (for them) no one knew just which bank owned the paper on which car since there were multiple banks involved and they had, as in today's housing market, "bundled" them and sold and resold the paper. i would tell the person calling about my notes that i was glad to make the payments but i had to know that whoever was collecting the money actually had the title to which ever car. since they could not come up with the proper documentation i made no payments for a year. (as a side note, by the time they had figured it out, my company had gone broke so i just gave the cars back....all except one pantera which had caught on fire while driving across the lake ponchetrain bridge)
i think, but do not know, that the same tactic could be used by homeowners who are being evicted. does the bank actually have the physical title to the home? i don't think they can produce a clear ownership of title because these mortgages were sold and resold and then resold again. someone ought to look into this because if i am right, hundreds of thousands of folks could keep the wolves from the door while they get their ducks in a line. (lot of wildlife in that sentence)
if any of you do look into this please let me know what you found out.
on to the stimulus plan, i find the republicans hypocritcal to the nth degree by screaming fiscal responsiblity and fighting tooth and nail to keep the plan from going forward. this after years of fiscal diaster as bush and company fought wars without raising taxes (first time in our history) and running up huge debts. now that the piper has to be paid, the republicans are screaming like banshees. (more wildlife)
the plan is far from perfect and, in my opinion, does not do enough NOW to putting people to work. fdr had dozens, if not hundreds, of programs going and almost all of which put huge numbers of people to work and today those projects are still viable and are being used by millions. i think that obama has to face the fact that the republicans are not willing to go bipartisan and he will have to just run over them. by taking his plan to the people and pointing out what the repubs are doing then the people will put enough pressure on to get things going.
one of the things the country has to realize is that we all are to blame. citizens spent money like crazy running up huge debts on credit cards and home equity loans. the government under bush had no restraint whatsoever. when we went to war the citizens were not asked to sacrifice in any way and in fact were told to "go shopping" as our duty in the war effort. what a crock. businesses and citizens saved nothing for the rainy day nor did the state, local and national government. what a crock. we, as a country, acted like immature teenagers buying all the gadgets and status symbols we could put on our visa cards. (i must say that rhonda and i did not fall into that trap nor did we refinance our home, matter of fact, we made such a large downpayment that our house note is less than 900 per month and that includes taxes and insurance so we should always be able to keep roof over our head...but you never know.)
one final comment...i think they should have left in the BUY AMERICAN part of the plan. i am not buying the argument that if we only spend money with american manufactures then we could cause a trade war. that sounds like the international corporations just covering their asses. but what do i know?
i started a company in the 70's which, because of its nature, required that i and my managers presented a "successful" front. i found a luxury car leasing company that was getting ready to go under and i bought 6 cars from them, two panteras, two lincoln mark IV's and two lincoln town cars. i made a very small down payment and took delivery. when the first monthly payments came due i refused to make them because the company had indeed gone under and the "banks" owned the paper on the cars. problem was (for them) no one knew just which bank owned the paper on which car since there were multiple banks involved and they had, as in today's housing market, "bundled" them and sold and resold the paper. i would tell the person calling about my notes that i was glad to make the payments but i had to know that whoever was collecting the money actually had the title to which ever car. since they could not come up with the proper documentation i made no payments for a year. (as a side note, by the time they had figured it out, my company had gone broke so i just gave the cars back....all except one pantera which had caught on fire while driving across the lake ponchetrain bridge)
i think, but do not know, that the same tactic could be used by homeowners who are being evicted. does the bank actually have the physical title to the home? i don't think they can produce a clear ownership of title because these mortgages were sold and resold and then resold again. someone ought to look into this because if i am right, hundreds of thousands of folks could keep the wolves from the door while they get their ducks in a line. (lot of wildlife in that sentence)
if any of you do look into this please let me know what you found out.
on to the stimulus plan, i find the republicans hypocritcal to the nth degree by screaming fiscal responsiblity and fighting tooth and nail to keep the plan from going forward. this after years of fiscal diaster as bush and company fought wars without raising taxes (first time in our history) and running up huge debts. now that the piper has to be paid, the republicans are screaming like banshees. (more wildlife)
the plan is far from perfect and, in my opinion, does not do enough NOW to putting people to work. fdr had dozens, if not hundreds, of programs going and almost all of which put huge numbers of people to work and today those projects are still viable and are being used by millions. i think that obama has to face the fact that the republicans are not willing to go bipartisan and he will have to just run over them. by taking his plan to the people and pointing out what the repubs are doing then the people will put enough pressure on to get things going.
one of the things the country has to realize is that we all are to blame. citizens spent money like crazy running up huge debts on credit cards and home equity loans. the government under bush had no restraint whatsoever. when we went to war the citizens were not asked to sacrifice in any way and in fact were told to "go shopping" as our duty in the war effort. what a crock. businesses and citizens saved nothing for the rainy day nor did the state, local and national government. what a crock. we, as a country, acted like immature teenagers buying all the gadgets and status symbols we could put on our visa cards. (i must say that rhonda and i did not fall into that trap nor did we refinance our home, matter of fact, we made such a large downpayment that our house note is less than 900 per month and that includes taxes and insurance so we should always be able to keep roof over our head...but you never know.)
one final comment...i think they should have left in the BUY AMERICAN part of the plan. i am not buying the argument that if we only spend money with american manufactures then we could cause a trade war. that sounds like the international corporations just covering their asses. but what do i know?
posted by Ron Shock | 9:35 AM
2 Comments:
Ron...you ignorant slut. (as usual)
Read my reply in your Hicks post. I left you a link.
PS You really type a lot of shit. It's gonna take me forever to catch up on all this.
well, hey JT,
thought we had lost you. most of what i write is just tripe and drivel but sometimes....
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