General Discussion

dkf

(37,305 posts)

88. They want the government OUT of banking, the opposite of what you want.

Reply to rhett o rick (Reply #80)

Thu Aug 8, 2013, 02:30 PM

Aug 2013

They are not only saying "no" but "hell no".

They don't want the risk of making loans.

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'Eminent Domain for the People' Leaves Wall Street Furious [View all] G_j Aug 2013 OP

Corporate blowback. AKA think Aug 2013 #1

Love the title of your OP... ljm2002 Aug 2013 #2

It's an awesome move G_j Aug 2013 #3

The banks were essentially clearcutting whern they made loans that were unaffordable Skink Aug 2013 #4

or loans that were liable to default/ kr/ clearcutting indeed. HiPointDem Aug 2013 #6

kr HiPointDem Aug 2013 #5

Good, for once average person is not the one left holding the bag PowerToThePeople Aug 2013 #7

There is probably a retiree or pensioner on the other side of that loan dkf Aug 2013 #62

or a mitt rmoney / koch bro investment account. PowerToThePeople Aug 2013 #65

Looked up his investments and that is doubtful. dkf Aug 2013 #67

I am trying to find something with decent numbers PowerToThePeople Aug 2013 #69

Something like this? dkf Aug 2013 #70

no. I was looking for where mortgage debt was held. PowerToThePeople Aug 2013 #71

Vast majority is Fannie / Freddie. dkf Aug 2013 #78

many pension funds are invested in mortgage securities Bully Taw Aug 2013 #93

Straw Man. Also, prudent fund managers are more than aware of the current risk factors Ikonoklast Aug 2013 #72

+1000 GoneFishin Aug 2013 #76

So you side with Wall Street again? To guess at your point here, you rhett o rick Aug 2013 #79

Boom! Orrex Aug 2013 #8

That link is not working out for me. n/t JimDandy Aug 2013 #33

Damn you! Orrex Aug 2013 #42

Nice! Very nice! JimDandy Aug 2013 #43

Wow, Orrex, it took them 3 years to catch up with you. LuvNewcastle Aug 2013 #56

I should demand royalties! Orrex Aug 2013 #58

Ah,did the big bad,bankie wankies get their cockroach feelies hurt? Rain Mcloud Aug 2013 #9

What would be really wild is for Detroit to declare eminent domain over it's distressed areas... Spitfire of ATJ Aug 2013 #10

That actually sounds like a great idea TxDemChem Aug 2013 #14

Homesteading requires you buy the property to live on it as your primary residence.... Spitfire of ATJ Aug 2013 #25

I'm concerned about where that money would come from TxDemChem Aug 2013 #35

Eminent domain can allow the city a wide lattitude to seize the property.... Spitfire of ATJ Aug 2013 #37

I never considered bonds. TxDemChem Aug 2013 #95

I actually have been looking at property in Detroit as an investment the last few weeks Lee-Lee Aug 2013 #19

At the height of the crash I saw houses selling for $75. Spitfire of ATJ Aug 2013 #24

But with anywhere from $5000-$20000 in back taxes the buyer has to pay Lee-Lee Aug 2013 #27

There comes a time when you just have to set your priorities... Spitfire of ATJ Aug 2013 #30

Getting them to forgive back taxes is going to be hard. JVS Aug 2013 #54

I don't even think they'd need to used eminent domain. They could probably seize a lot ... JVS Aug 2013 #52

The banks think that's their job. Spitfire of ATJ Aug 2013 #90

The moneyed interests use eminent domain when it suits them... KansDem Aug 2013 #11

MUHahahahahah ...fuck them! n/t L0oniX Aug 2013 #12

This would fuck-up their plan. DeSwiss Aug 2013 #13

I worry about the unintended consequences from this Lee-Lee Aug 2013 #15

This encourages banks to refinance at reasonable values and rates. Gravitycollapse Aug 2013 #16

Short term vs long term implications Lee-Lee Aug 2013 #17

Like an abuse victim staying with the abuser because they're afraid. Gravitycollapse Aug 2013 #18

"Make it so banks are not legally allowed to give out such unstable loans" SomethingFishy Aug 2013 #21

this doesn't make sense bigapple123 Aug 2013 #29

"5 Reasons Banks Would Rather Foreclose" Gravitycollapse Aug 2013 #32

that bigapple123 Aug 2013 #36

Be careful hueymahl Aug 2013 #45

I agree with you about bad loans Lee-Lee Aug 2013 #22

There's no way we could get too tight a grip on financial regulation. Gravitycollapse Aug 2013 #26

That sounds all well and good Lee-Lee Aug 2013 #28

"We're better off. Even if it doesn't feel like that right now. Our future is better off." Gravitycollapse Aug 2013 #31

If Obama gets rid of Fannie and Freddie and someone wants to take a loan from this area dkf Aug 2013 #63

They want to only apply this to performing loans Morganfleeman Aug 2013 #74

And also requiring larger down payments, which many will balk at. 7962 Aug 2013 #89

"will any lenders be willing to make loans in these cities going forward,". Good. Fuck 'em. jtuck004 Aug 2013 #38

guess what bigapple123 Aug 2013 #39

Guess what? People have always had trouble leaving the plantation - this is nothing new. jtuck004 Aug 2013 #40

well bigapple123 Aug 2013 #49

deep... jtuck004 Aug 2013 #53

And who is the entity putting together this deal? dkf Aug 2013 #68

It's always a drag when thieves are involved, everyone may lose. Pensioners may get less, but jtuck004 Aug 2013 #83

Well this is another mortgage maker with a guaranteed profit through government seizure. dkf Aug 2013 #84

Oh, absolutely. But the alternative is to do nothing, which leaves jtuck004 Aug 2013 #86

The real estate market is recovering. This is exactly the type of action that will hit it. dkf Aug 2013 #87

Without the 85 billion the government is throwing in, which is primarly bolstering jtuck004 Aug 2013 #92

Obama wants to do away with Freddie and Fannie. dkf Aug 2013 #66

So? What's your point? nm rhett o rick Aug 2013 #80

They want the government OUT of banking, the opposite of what you want. dkf Aug 2013 #88

Amen! burrowowl Aug 2013 #47

No loans, no new sales. Homeowners will be stuck. dkf Aug 2013 #64

That is what I worry about Lee-Lee Aug 2013 #73

Maybe our credit unions will make the loans. We should nationalize the big banks. rhett o rick Aug 2013 #81

If that's a small credit union more specific to that area you've just damaged them significantly. dkf Aug 2013 #82

Credit unions will be pulverized by this Yo_Mama Aug 2013 #101

Well, it seems that eminent domain in service to business is AOK, but Trailrider1951 Aug 2013 #20

Wait until Jubilee. Octafish Aug 2013 #23

People need to consider that: bigapple123 Aug 2013 #34

nothing different than if they were building a new road quaker bill Aug 2013 #55

It's not as straightforward as that Morganfleeman Aug 2013 #59

No need for 'blight'. Thank 'Kelo vs. New London' for that. Xithras Aug 2013 #91

you got it quaker bill Aug 2013 #94

Strongly disagree Morganfleeman Aug 2013 #96

This is exactly right Morganfleeman Aug 2013 #57

Well, until this is cleared up I wonder who's going to be making loans in Richmond? Yo_Mama Aug 2013 #61

K & R !!! - Hey G_j, Did You See This ??? WillyT Aug 2013 #41

I sure hope this continues G_j Aug 2013 #46

My Mayor!!! BuddhaGirl Aug 2013 #44

you are fortunate G_j Aug 2013 #60

Of course Wall Street is furious Samantha Aug 2013 #48

no not really bigapple123 Aug 2013 #50

"by investors" --- PERFECT! DontTreadOnMe Aug 2013 #51

You might be right -- I heard the banks would take the hit from the interview Samantha Aug 2013 #75

Since part of the overall strategy on the right is to prevent people from owning their own homes, brewens Aug 2013 #77

This gets around the Bankruptcy Reform Act of 2005 happyslug Aug 2013 #85

Yeah well, nobody IS going to be writing mortgages in Richmond CA Yo_Mama Aug 2013 #97

This exactly what I was saying Lee-Lee Aug 2013 #98

Of course you wouldn't Yo_Mama Aug 2013 #99

Well someone had to put a stop to Wall Streets endless lust for money. Rex Aug 2013 #100