RE:Paulson Says GSEs Need a Strong Regulator

M Calvit — Tue, 15 Jul 2008 11:00:00 GMT

Nobody has been able or willing to mark to market. At this time it is impossible. From what I understand about Paulson, his approach will bankrupt this country soner than later. Throwing more laws at the problem a only a bandage for a gushing wound. I am a Florida lawyer working with more and more people every day trying to keep them in their homes. There are already laws in place to defend most of the folks I represent. Many of them come to me with perfect credit and are paid up on their loans, however they are having trouble buying anything else like food and gas to go to work. They want to do the right thing and try to modify their loans before they go into default but the lenders are telling them they are great customers and there is nothing they can do! Even after they go into foreclosure the lenders are unwilling to mitigate the loss. I have had people in their homes for over 2 years and have not made a single payment. This is not for lack of trying, but the lenders refuse to do anything about it, even though we have judges sympathetic to the problem and are doing everything they can to "encourage" lenders to come to the table. The lenders don't care about their borrowers, the economy or even taking back properties which mean even more expense and diminished investor value. The CEOs will take their golden parachutes of 30 million or more and leave the problem behind for all of us to deal with waiting for the bailouts. In 2002, Bush promised that by 2006 over 500,000 low income people would own their own homes. Well...here we are. Whoever becomes the next president will inherit one monsterous pile of steaming poop.