Thursday, October 25, 2007

Citizens for Financial Responsibility

Be sure to see the Market Ticker's online petition, Citizens for Financial Responsibility. It's a strong message to Congress, well delivered: you provide your name and address, your member of Congress and Senators will receive individual faxed letters.

Updated: See also today's LA Times editorial "A subpar sub-prime plan?" on Countrywide. And the fact that 65% polled think it likely "the nation could face an economic recession sometime in the next year".


Anonymous said...

I agree - no bailout.

Let the houses go to foreclosure auctions - foreclosure auctions will clear the market.

Can anyone give me the address of the house in 90402 that is in foreclosure now?

Roughly what date will it go to foreclosure auction? I want to attend - this auction will show us the true honest market clearing price

Don said...

The auction won't necessarily tell us anything since the bank will bid at the mortgage level which is likely more than the market value which is why the house is in foreclosure to begin with.

Anonymous said...

I think foreclosures are different than auctions.

Anonymous said...

Don is right. mortgage paper on home is higher than todays value. no one will bid. home will go back to the foreclosing lender. this says nothing about market value. this is what's happening at trustee sales today.

Anonymous said...

Citizens For Financial Responsibility proposal is simply silly. It feeds at the gut, and scares you with their data, most of which is misrepresented. The core proposals would do far more harm than good, though there are a couple thoughts (such as more transparency) worth exploring - but not in the manner they would implement. Their statements reflect the small cases and not the vast majority of activity, or point to the few instants and portray them as common place. It is classic "throw out the baby with the bathwater", and it plays to many misconceptions that are commonly held. Anyone supporting this has not looked into the real details of the current and past situations being represented in the proposal.