It was Sunday afternoon, and I was driving home from a child's birthday party. As I turned the corner by Chase Bank, here was a group of people protesting the way the bailout has gone. If you subscribe to my blog, you know that I opposed the bill that authorized more than $700 Billion dollars to "rescue" the economy. Nothing in that bill required the banks who got the money to put it back in circulation. The result is that while 2,500 mortgage holders (families, investors, speculators--the lot) are being foreclosed each week, the "rescue" money is being used by the banks to gobble each other up. What a wasted opportunity at your expense, IMHO.
I spoke with the protestors, and none of them own homes that are in foreclosure, so I can't give you a clear motive for the protest. It didn't make the evening news, so you're seeing it here first.
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your Tucson mortgage expert.
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We MUST keep people in their homes for humanity reasons and for the economy. Basic economics: stabilize the market and prices will stabilize. Thanks for the post!
Ann Sabbagh
www.annsabbagh.com
Mike, as you know the bailout wasn't intended to help homeowners, but what's worse it won't solve the so-called financial crisis. The government did what it does best; it threw money at a problem. Only this time I think they bit off more than they can chew.
John,
It's your money they're lobbing over the fence! Someone likened this congress to Paramedics standing over a heart attack victim arguing whose fault it is. Thanks for commenting.
Ann,
Thanks for being the first to comment. The post is an observation, not agreement. Basic economics says that I shouldn't borrow more than I can pay back. A lot of people did that. I'll be interested in seeing the thread develop here. Thanks again for commenting.
Mike in Tucson
It is good to see the public making a statement....all I have seen so far is call ins to talk radio shows...
Mike - Only in Tucson! I love it that people are wiling to speak their mind in a peaceful way.
I think the slow easing of the credit markets is only happening because of the "bailout..." which I choose to call a rescue. Without it... no more loan activity... the pipeline gets frozen.
Mike: I have always wondered why your comments go all the way over to the right side of the page. Is that something you do on purpose ? If you want them to start on the left side... you can click on the first of the "justify" buttons above... just to the right of the B I U ABC buttons. That will take care of it. I was just wondering.
I heard a GOOD story last night on the tube about someone buying a house in foreclosure back for the owner, who was watching the foreclosure proceedings in tears. Loved it.
Susie,
That's a great story!
Karen Anne,
As a lender, I wish I could agree that the credit markets are easing slowly. You would sell more houses, and I'd be making more loans. Fact is that they aren't. A 30 year fixed mortgage for a buyer with fantastic credit and 20% down was close to 6.375% at the market close. It should be closer to 4.75% given the historical spread between the 10 year bond and mortgage money rates. Banks are still reluctant to lend each other money overnight, and jumbo mortgage rates are really ugly.
Regarding the justification of my replies, I do that on purpose, using those buttons you pointed out. It makes it easier to find one's place and to distinguish between your comments and my replies. Thanks for commenting.
Todd,
There must be more of this somewhere else in the nation, but I haven't seen it in the news.
Pat,
The ability to speak one's mind without fear of reprisal from the authorities is one of the things that makes this a great nation.
Mike in Tucson
I'm sure after this is over we will find a better way to correct the sins of the past however this could work if the correct over site is put in place. I do believe to possibility of fraud and deception is tremendous.
Funny thing about protestors. They often have no knowledge of the "cause" for their demonstrations.
I spoke with a college student who was referred to me to buy a home. When getting her financial information, I asked about her major. "Demonstrating", was her answer.
She and other student demonstrators would appear and demonstrate for any cause that paid them $25.
Mike,
Isn't congress going to vote on the Mike Jones-Gary Miljour bailout package next week?
I think if they would of just given the 750 billion directly to the taxpayer at about $1mill. each we could figure this crisis out for ourselves.
Instead our government thinks the people who crashed the banking system can now fix their own problem by giving them more money. Wow!
Government Stupidity!
Jonesy,
You don't miss a thing!
Mike the signs say all you need to know and I happen to agree!
I wasn't for it either...whole thing makes me sick.
All the "bail out" did in my eyes was make me even more skeptical of our leaders ability to lead.
"I can't give you a clear motive for the protest." I guess I am just glad that we live in a country where anyone can speak up about issues. The fact they did not have homes in foreclosure has nothing to do with it. All of us are feeling the pinch of Wall street Greed and Govt. ineptitude...hmmm... you got me on a soap box. Thanks for posting and have a good week!
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Mike in Tucson
My son was in front of Chase Bank Sunday. Unlike what Lenn Harley of Homefinders think some students are very knowable and are in school to learn... My son knew why he was in front of the back...He knows about the bailout and how the future generation is gointg to pay for it.....He didnt get paid to be in front of the back......He went to protest before work ....I am sure he would of be catching up in his sleep or his studies...Or not lose a couple of hours of pay in front for what he believes in........He has seem his parents house that we have owned for over 20 years decrease because of greed..............I proud my son thinks for himself and stand for what he believe it...Not all students party....Some all decent citizens...Some do read and are aware of things beside what hollywood star is sleeping with who or who is on American Idol......A PROUD MOTHER AND AMERICAN