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  #1 (permalink)  
Old 6th December 2007, 11:00 AM
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Bush to subsidise Homeowners.

http://news.bbc.co.uk/1/hi/business/7129990.stm

No doubt it will all be financed from the surpluses accruing from the Iraq War.
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Old 6th December 2007, 11:24 AM
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Re: Bush to subsidise Homeowners.

This is the "best" of the options to try and help many homeowners keep their houses. The costs are going to be spread across the lenders and ultimately down the line thru other loans they write.

The success and failures of Iraq and foreign policies by all western governments will best be judged 10 years from now if there is positive change and movement towards lasting peace in the Middle East.
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Old 6th December 2007, 11:36 AM
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Re: Bush to subsidise Homeowners.

Well I guess we will have to look to see what is proposed.

I guess it makes sense for lenders to hold the loans at current levels rather than simply bankrupt even more of their debtors. That would only result in greater losses.

Everything still has to be paid for by someone though. There is no such thing as a free lunch.
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Old 6th December 2007, 11:38 AM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by bwhhisc

The success and failures of Iraq and foreign policies by all western governments will best be judged 10 years from now if there is positive change and movement towards lasting peace in the Middle East.
If they think they can impose their western idea of positive change and peace in 10 years in the middle east then I would say they are dreaming and have no idea of what's going on there.
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Old 6th December 2007, 12:31 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by mulligan
If they think they can impose their western idea of positive change and peace in 10 years in the middle east then I would say they are dreaming and have no idea of what's going on there.
Judging by their solutions on domestic US policy, they must be canvassing the opinions of a class of 10 year olds. What hope could they possibly have in Iraq.
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Old 6th December 2007, 12:56 PM
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Re: Bush to subsidise Homeowners.

It will probably be the British, the Europeans, and American pension funds that will finance Bush's subprime freeze plans. They bought the most MBS, and an interest freeze may mean no payout for 5 years! A foreclosure freeze means there goes your security! In the meantime, if the grade is subprime, mark to market becomes closer to nada.

Overall, i think this proposal is brilliant for Americans home owners.
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Old 6th December 2007, 01:02 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by touchring
It will probably be the British, the Europeans, and American pension funds that will finance Bush's subprime freeze plans. They bought the most MBS, and an interest freeze may mean no payout for 5 years! A foreclosure freeze means there goes your security! In the meantime, if the grade is subprime, mark to market becomes closer to nada.

Overall, i think this proposal is brilliant for Americans home owners.
Yes, except that they have a huge need for borrowed money, and this is going to make lenders much much more cautious. Combined with the unilateral decisions to low lending rates, I can only see the Credit Crunch getting much much worse.
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Old 6th December 2007, 01:11 PM
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Re: Bush to subsidise Homeowners.

Freeze or no freeze, the damage is already done. Credit crunch is here. But a freeze in foreclosures will help the elections which is just round the corner. After 10 years, people will forget what happened and start over again.

This strategy can work, but as in all drastic measures, e.g. the middle east war, the plan might be good, but the outcome may be vastly different if not executed properly.

It might be interesting to dig out reports and reviews on the capital control measures that Malaysia imposed during the Asian Financial crisis.

Last edited by touchring; 6th December 2007 at 01:24 PM..
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Old 6th December 2007, 01:40 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by mulligan
If they think they can impose their western idea of positive change and peace in 10 years in the middle east then I would say they are dreaming and have no idea of what's going on there.
No one said it would happen in 10 years, only that the outcome of the regime change good or bad would best be critiqued in 10 years.

And on the other note, I think the likes of England, France, Spain, Germany etc. understand all too well...
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Old 6th December 2007, 05:43 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by touchring

Overall, i think this proposal is brilliant for Americans home owners.
Not sure the interest rate means much when the amount you borrowed is higher than the current value of the asset.
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Old 6th December 2007, 05:56 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by Drewbert
Not sure the interest rate means much when the amount you borrowed is higher than the current value of the asset.

There's a discussion on this on itulip forum - http://itulip.com/forums/showthread....ghlight=freeze

One of the posts:

Quote:
Returned last night from a NYC trip. Among my interviews, a 25 year Wall Street hedge fund manager who told me this was coming today. He expected price controls on home mortgages and here they are. The short term objective is to float bad debt, as the Bank of Japan did in the early 1990s. It's the usual government response to a real-estate based credit and banking crisis. The long term problem is that government intervention to stop normal market price clearing is that economic activity declines and commercial and financial failures follow.

Also met with the head of the largest investment bank in the middle east. They have quite an oil boom going on: the GCC has increased from $120 billion in 2000 to $1 trillion in 2005. The investment fund presentation included a peak oil slide, and this ain't Matt Simmons.

Was interviewed for an hour by German public radio. Unlike US counterparts, my interviewer has a PhD in economics. The questions were very good and she understood the answers.

Details to be published in the Select area later.
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Old 6th December 2007, 06:23 PM
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Re: Bush to subsidise Homeowners.

I rather suspect that their proposals are actually not legal and this will end up involving a mass class action from the holders of the syndicated securities who have probably not even been consulted but will be expect to bear the losses!
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Old 6th December 2007, 06:39 PM
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Re: Bush to subsidise Homeowners.

What ever happened to Dubya's "let the market decide" mantra?

Just like everything Commander Codpiece does (country invasion, disaster area clean-up), this'll make things worse.
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Old 7th December 2007, 02:09 PM
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Re: Bush to subsidise Homeowners.

From todays news...
http://biz.yahoo.com/ap/071207/economy.html
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Old 7th December 2007, 02:11 PM
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Re: Bush to subsidise Homeowners.

Duck,

You never post flaws with the UK....

You consider your country perfect? Just wondering...
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Old 7th December 2007, 02:37 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by IDNCowboy
Duck,
You never post flaws with the UK....
You consider your country perfect? Just wondering...
RD had that discussion with me on another thread recently

http://www.idnforums.com/forums/1522...es%22-a-2.html
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Old 7th December 2007, 02:40 PM
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Re: Bush to subsidise Homeowners.

can we rename this forum... IDNandHousingmarketforums.com

sometimes I have to check the banner at the top to remind me where I am, but it all comes flooding back when my browser times out
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Old 7th December 2007, 02:54 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by Alphamale
can we rename this forum... IDNandHousingmarketforums.com
sometimes I have to check the banner at the top to remind me where I am, but it all comes flooding back when my browser times out
We are still hoping for a subforum. lol
No doubt there is an overdose of the economics and politics of the world here.
So lets put it to good fun and create a big old friendly wager on the predictions for 2008 outcomes.
Time to see who's only willing to talk the talk, and who has the kahuna's to walk the walk.
Of course our currency of choice is the idn

Last edited by bwhhisc; 7th December 2007 at 03:09 PM..
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Old 7th December 2007, 03:08 PM
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Re: Bush to subsidise Homeowners.

Quote:
Originally Posted by IDNCowboy
Duck,

You never post flaws with the UK....

You consider your country perfect? Just wondering...
Not at all. I have little time for our government either and the weather is appalling!

At the current time, however, whilst our housing market has cooled and is indeed falling, it is not yet a threat to the global financial system.
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