Bailout Plan Modifications

[genrlj1596]

[DebtSlave]

I read the bill carefully 3 times.
I listened to the talking heads all weekend.
I called my representatives in Washington.

From my limited understanding there is NO provision for individual help.

As far as golden parachutes go. Current CEO's will stay be able to walk away with millions. This provision is only applicable to those who will become CEO's after the legislation is enacted.

[chloe0724]

Remember, it still hasn't passed yet. It still has to be voted on by the house and senate.

[JRScott]

The bailout plan is really horrendous as you look over the 107 pages.

Worse I think is the oversight committee is going to be the same people that have been overseeing the financial mess coming and did nothing about it.

[genrlj1596]

I think the point has been overlooked. If we can modify now with our lender. We would be in a better position if the bill is passed and the government is calling the shots on the modifications.

[Flamingo]

I think the point has been overlooked. If we can modify now with our lender. We would be in a better position if the bill is passed and the government is calling the shots on the modifications.

Your lender would be the best source to keep checking on what, if anything, you will be able to do or what they can do for you. What everyone needs to keep in mind is that there will probably be no "free equity" out of any modifications due to programs that were or are in place right now where the "bought out" portion of any principle would have to be paid back at a future time when the property value again rises. Do a search on here for previous discussions on all the mortgage discussions as to helping those in foreclosure.

[genrlj1596]

Flamingo
Is free-equity when the lender modifies your mortgage at the present value? If so, that is not what I am looking to get done on my loan. I have no problem with the principle balance, accept the those illegal fees and charges. I need fixed lower interest rate and I can handle my situation and the lender is being difficult with that. Just for the record I am not talking 4% either.

[Flamingo]

Yes, a lot of folks when mortgage help discussions starting going on several months ago to help those in foreclosure thought they would get free equity by having the mortgage modified to the present value. Things quieted down when they found out that that was not so and they would be responsible to pay that amount back at a later time or when sold when the house increased in value. You can't blame folks for hoping but nothing is ever free as we all find out...

[justbroke]

Worse I think is the oversight committee is going to be the same people that have been overseeing the financial mess coming and did nothing about it.

And that folks, is why i don't trust them! Well put JR, very well put.

We keep electing these folks, after they've destroyed the system and then seek to "fix" it by "revamping" Washington and getting rid of special interest.

Wish we had a parliamentary system (not always, only sometimes), whereby you could wipe out the entire Congress and put new people in in total.

[Mi Bankruptcy]

Would it not be funny if congress was to put the banks and financial institutions on the ballot in November and let the people choose if they should bail them out. LOL.

[justbroke]

Would it not be funny if congress was to put the banks and financial institutions on the ballot in November and let the people choose if they should bail them out. LOL.

Would be, but it's too late to modify the national ballot... they don't do these things, and it's too difficult to get a national referendum. There's technically no provision for it in the Constitution either.

I'm no constitutional scholar anyhow.

But, it would be funny. The problem is, not even the SENATORS and CONGRESSMEN understand economics and the underlying issue. A ballot issue would just confuse people.

It will be like the California-style referendum attacks which will just have HUGE ads that read "Vote No on Number 1". No information given.

[Mi Bankruptcy]

Would be, but it's too late to modify the national ballot... they don't do these things, and it's too difficult to get a national referendum. There's technically no provision for it in the Constitution either.

I'm no constitutional scholar anyhow.
But, it would be funny.

I know.. I was just thinking about the executives and managers that would be jumping hoops to evaluate how well they provide customer service to their clients. I.E willing to work with people.

It made me laugh.. So, I thought I would share.

[justbroke]

I know.. I was just thinking about the executives and managers that would be jumping hoops to evaluate how well they provide customer service to their clients. I.E willing to work with people.

It made me laugh.. So, I thought I would share.

I changed my posting. There's nothing in the Constitution allowing it... and it has been used once or twice in history... but I believe those were for Amendment related efforts.

In any case, it would be too confusing for the electorate. The referendum would have to come with a 107-page primer on "micro-economics" and include a 2-hour video from Paulson, Bernanke, and Greenspan. Actually, I'd listen to Dr. Charles "Chuck" Vest.

[Mi Bankruptcy]

LOL.. nah.. too complicated.. You tell the people that they want a bailout. Tell the institution they have 30 days to get 300,000 signatures to be included on the ballot. If they don't get the signatures they dont get a bailout. Next.. List the names and it's a popularity contest.. Just like the presidential election.

[justbroke]

I'd take it one step further... to make it more like an Election.

Here's my proposed Ballot

Referendum #1: Which Bank Would You Like To Bail Out?

____ AIG

____ Bank of America

____ Bears-Sterns

____ Lehman Brothers

____ Wachovia

____ Washington-Mutual

____ All of the Above

____ None of the above