None of the politicians, economist or news reporters claim they can tell you how much the liars mortgages (sub-prime mortgages) are worth so I guess we will have too tell them. Far below zero. Each one of those so called mortgages have been leveraged many times. In common language the mortgage its self has been put up as collateral in a large poker game in the form of I. O. U to ever gambler in the investment banking game in New York investment casino and to most investment banking casinos in the world.The politicians and their yes men, claims they will sell the sub-prime mortgages they will buy with our money from the cheats that created them and possibly make a profit on them, Hoot! What they are really doing is printing a trillion dollars that will dilute your dollars by five percent and run the resale value of your house into the ground.I hear of people who were waiting on workmans comp benefits or some other scam being relocated into large cities where socialist politicians are in bed with lawyers and judges that are controlled by real estate brokers and investment bankers who already control the fraudulent appraisers and the fraudulent real estate agents who recruited the clients to scam the tax payers of America. Where did I get MY information? HGTV. HOOT!My wife tunes to HGTV every time she turns on the tv and she has been asking me. Why would a real estate broker give a wide screen tv and thousands of dollars to some one from Chicago to relocate to Atlanta and get a minority builder and a minority agent to build them a home knowing they were unemployed with bad credit and no money to pay down on a home.The brokers and the neighbors know they are unqualified but the appraisers at the broker and the investment banker direction certify them to be qualified to buy a home worth two hundred thousand dollars or more. There are more than one answers and I would start in Chicago asking who the recruiters were, because evidently the people of Chicago were to smart from prior experiences with them to let them pull their scam in their city and could supply plenty of answers. Maybe that is why we have a dumb down educational system that by manufactured ignorance prevents true participation of all Americans in our government. They had to move it to one of the top ten dumbest run cities and states in America where the possibility of a socialist being indicted is nil.While the socialist were busy in their large cities of America their friends the politician, investment bankers and lobbyist were in senate and house politicians offices in Washington and New York were writing laws repealing all regulatory safe guards for ordinary Americans.Our politicians claimed they needed to free up small businesses from excessive governmental regulation and we all bought it with the exception of Lou Dobbs. Hooey! They were loosening the restraints on their masters the investment bankers to allow them to borrow money many times on a mortgage that was worthless at the time of it conception.The news media have chosen sides and report only what is favorable to their politicians. Even Lou Dobbs has only one or two reporters that have or make any pretense of objectivity.Ask your self why dont the untarnished politicians tell who sponsored the bill that killed the Glass-Steagall Act in 1999?Or who sponsored the bill that killed the three percent down payment rule on a home mortgages and rewrote it to say no money down. Answer, the majority of their names appeared on the law or it would not have passed. They would be pointing fingers at themselves. If there truly was a maverick in Washington he or she would sure be a refreshing change. Eddie
Here's the sobering truth for you: Buying outbad debts and bad loans with a bad check isbad fiscal policy, period.
_________________Martin G. Smith