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Wow! I just tumbled onto this. Upon researching the writer, he appears to be a big Libertarian Republican type guy. Interesting. Just goes to show that sometimes there may indeed be an overlap between the left and the right when we discuss things like Rule of Law and property rights. Anyway, I highly recommend -
http://www.marketoracle.co.uk/Article26109.html
U.S. Mortgage Crisis: Where Does The Homeowner Stand?
Housing-Market / US Housing Feb 06, 2011 – 05:24 AM
By: Stephen_Merrill
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This might be a good link to send to those who claim that this financial crisis is just too complex for simpleton Americans to understand.
The writer doesn’t appear to have many high hopes for federal prosecutions or legislative remedies. Me neither since President Obama has surrounded and aligned himself with the perps.
On a side note, I read a suggestion in a comments section of the LA Times business section a great suggestion for President Obama’s reelection slogan:
Chagrin You Can Believe In
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Update -
Sorry, no idea why the link is not working. It does work if you paste it into your browser.
2 Comments
Thanks for the link- it is a very good explanation- and surprising coming from a Republican.
I agree. I did a cut & paste and it worked.
The article repeats a few paragraphs, but it’s still very interesting. I have not heard of REMICS before and it adds to the complexity of the entire problem.
We may be stuck with this problem for a very long time as it gets drug through the courts one mortgage at a time.
Federal gov’t solutions seem unlikely.
Anyone arguing that Obama wants to do wealth redistribution should study this problem from top to bottom to see how the Republicans changed laws to allow all this garbage and how it led to massive amounts of money going to ‘investors’ instead of state & local governments (for deed filing fees). THEY are the wealth redistributors.
What a mess.