I think it’s imperative that we approach this mortgage crisis with the seriousness that it is presenting. There are 95,000 homes in foreclosure in California right now. I want a moratorium on foreclosures for 90 days so we can try to work out keeping people in their homes instead of having them lose their homes, and I want to freeze interest rates for five years.
She is going to lose, isn’t she? Please God? Please?
14 responses so far ↓
1 Ian Bennett // Feb 25, 2008 at 3:58 pm
95,000 people in California would vote for her.
2 MikeinAppalachia // Feb 25, 2008 at 3:59 pm
One can only hope so. But her opponent for the party nomination is hinting at very similiar ideas (using the term loosely).
3 dearieme // Feb 25, 2008 at 4:03 pm
“with the seriousness that it is presenting” “we can try to work out keeping people in their homes”. They probably sound better in her mother tongue.
4 Bob B // Feb 25, 2008 at 4:05 pm
Yeah - all that celestial choir stuff is so much more appealing.
5 Bob B // Feb 25, 2008 at 4:10 pm
From this in the FT last December, anyone might think Karl Rove wants Obama to beat Hillary Clinton in the primaries. But why on earth would that be?
http://www.ft.com/cms/s/2/dee0a6e8-a109-11dc-9f34-0000779fd2ac.html
6 BlacquesJacquesShellacques // Feb 25, 2008 at 5:37 pm
Take cheer me hearties and hoist the black flag.
Every economically bassackwards government scheme like this generates opportunities. If this passes, I’m off to California, yo ho ho and a bottle of rum, to get me some of these properties.
We had a bust here (Calgary) in the eighties and we had home owner protection legislation of a mild sort. Residential mortgages became “non-recourse”; the lender could get the land only, and even then only after the usual lengthy foreclosure proceedings.
In the meantime the residential owner, not being entirely insane, dumped the property for a few bucks to ‘investors’.
The ‘investors’ either rescued the property by fixing it and renting it economically with a view to the long term or rented it short term then stripped it bare. Appliances, furnaces, piping, wiring, light fixtures, windows, carpets, hardwood, all gone for cash.
I don’t know exactly what the opportunities will be from this lunatic scheme, but I know they will be there.
7 llamas // Feb 25, 2008 at 7:04 pm
She wants to freeze interest rates for 5 years? Well, even the most dim-witted cash-out California refinancer can surely figure that, with the major lenders offering various approaches to get back from the brink, including lower interest rates, Senator Clinton’s idea don’t look so hot.
Actually, it would be nice, in a schadenfreude sort of a way, if she did manage to get these policies enacted in California (and, incidentally, these are matters of state law and therefore not capable of being altered by Federal action, but of course, the sort of people who would be swayed by this sort of rhetoric are too stupid to know that) because a 5-year freeze on mortgage interest rates for people in trouble would likely make such a complete and utter dog’s breakfast of the California residential real-estate market that maybe enough California voters would stop drinking the Democrat Kool-Aid for long enough to actually elect someone with half-an-ounce of sense.
llater,
llamas
8 Andrew Duffin // Feb 25, 2008 at 9:33 pm
I am beginning to allow myself to think that she might be beaten.
I don’t really care if the egregious Obama is just as bad - as well he may be - in terms of politics.
“Anybody, but anybody except that unspeakable woman” just about sums up my view.
9 Johnathan Pearce // Feb 25, 2008 at 10:46 pm
I think she is toast. But then I have always been an optimist.
10 Donavon Pfeiffer // Feb 26, 2008 at 4:43 am
Sure she’ll lose. But look at what Obama’s trying to pull on Tesco’s affiliate in the LA area and tell me the improvement.
11 billadams // Feb 26, 2008 at 4:57 am
Most of those foreclosures are speculators who got in on the housing boom a little late.
12 john b // Feb 26, 2008 at 11:21 am
look at what Obama’s trying to pull on Tesco’s affiliate in the LA area and tell me the improvement.
You mean, writing Tesco a letter asking them to open more stores in poor areas? Oh Noes, It’s Teh Communists - doubtless he’ll be sending Terry Leahy to the gulag next…
13 David Gillies // Feb 26, 2008 at 6:38 pm
It’s none of Obamamessiah’s goddamn business whether or where Tesco open a store. He should wind his neck in.
14 Philip Thomas // Feb 26, 2008 at 8:43 pm
“He should wind his neck in.”
Heh.
This has gone on my old-phrases-recently-remembered-and-soon-to-be-used list.
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