assume that they meant this to fail...
or assume that they are incompetent...
or assume that they are stupid...
or suspect that they are ignorant, incompetent AND venial.
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During the Boeing housing bust in Seattle, The Billboard told U.S.: "Will the last person leaving Seattle turn out the lights." Bad, very bad. But a CPA friend of mine, who did the accounting & tax work for about half the builders & subcontractors there, told me this: "IF you tell me the price you demand to get, OR the interest rate you must have; and let me choose all the rest - interest rate/price, how long we can pay you, and how much each month - we will buy anything you are willing to sell. His point, given the time price of money, he CAN structure a deal that will be good for him.
IF the lenders/banks/servicers had WANTED to restructure the RE loans they could have. IF the govt had WANTED to structure a RE loan program that directly addressed the BAD subprime & ARM loans - if only JUST the sand states - Cal, Nev, Fla & AZ - they could have done it. At first what they DID do was keep the principal, keep the interest, skip a few payments and tack everything onto the end of the RE contract. Slightly different now, same result - nothing.
There is a great line in legislative politics: "It doesn't matter whether you couldn't do it, or you wouldn't do it; the only thing that matters to U.S. is that you DIDN'T do it.
IF the lenders/banks/servicers had WANTED to restructure the RE loans they could have. IF the govt had WANTED to structure a RE loan program that directly addressed the BAD subprime & ARM loans - if only JUST the sand states - Cal, Nev, Fla & AZ - they could have done it. At first what they DID do was keep the principal, keep the interest, skip a few payments and tack everything onto the end of the RE contract. Slightly different now, same result - nothing.
There is a great line in legislative politics: "It doesn't matter whether you couldn't do it, or you wouldn't do it; the only thing that matters to U.S. is that you DIDN'T do it.
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Sputtering Obama Foreclosure Program May Threaten Recovery
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Loan Modification Failure of the Day
http://seekingalpha.com/article/215713-loan-modification-failure-of-the-day
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Loan Modification Failure of the Day
http://seekingalpha.com/article/215713-loan-modification-failure-of-the-day
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