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Thread: Sec. of Treasury says aggressive action needed re: housing

  1. #1
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    Default Sec. of Treasury says aggressive action needed re: housing

    http://biz.yahoo.com/ap/071016/paulson_housing.html

    WASHINGTON (AP) -- Treasury Secretary Henry Paulson called Tuesday for an aggressive response to deal with an unfolding housing crisis that he said presents a significant risk to the economy.

    In the administration's most detailed reaction to the steepest housing slump in 16 years, Paulson said that government and the financial industry should provide immediate help for homeowners trying to refinance current mortgages before they reset at much higher rates...

    In his most somber assessment of the crisis to date, Paulson said that the housing correction is "not ending as quickly" as it had appeared it would and that "it now looks like it will continue to adversely impact our economy, our capital markets and many homeowners for some time yet."

    The cynic in me wonders if he (and by extension the Administration) isn't more worried about the fate of investors than homeowners. But, arguably, that's the focus of his job.
    Last edited by matclone; 10-16-2007 at 01:01 PM.

  2. #2
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    Default Re: Sec. of Treasury says aggressive action needed re: housing

    WASHINGTON (AP) -- Treasury Secretary Henry Paulson called Tuesday for an aggressive response to deal with an unfolding housing crisis that he said presents a significant risk to the economy.
    In the administration's most detailed reaction to the steepest housing slump in 16 years, Paulson said that government and the financial industry should provide immediate help for homeowners trying to refinance current mortgages before they reset at much higher rates.


    Sounds almost like a communist talking. This could very well be a quote from a Politburo meeting in Soviet Union during 1970s.

  3. #3

    Default Re: Sec. of Treasury says aggressive action needed re: housing

    The way I see it, a bunch of people are in trouble because ...
    A. they were stupid / greedy and got in over their financial head
    B. they got swindled by a shady mortgage company.

    Either way, is it fair for the government to bail them out?

    I got a mortgage a few years back during the height of these risky adjustable mortgages.

    I chose to be conservative and got a fixed rate that was a bit higher than the exotic adjustable mortgages.

    What do I get for making a good sound decision?

    Is it fair to bail out the people who have been enjoying a super low mortgage for the past few years while I paid more for security?

  4. #4
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    Default Re: Sec. of Treasury says aggressive action needed re: housing

    Quote Originally Posted by Ground&Pound View Post
    The way I see it, a bunch of people are in trouble because ...
    A. they were stupid / greedy and got in over their financial head
    B. they got swindled by a shady mortgage company.
    You don't seem concerned with the overall effect on the economy or on our communities. Treasury certainly is.

    Quote Originally Posted by ground&pound
    Either way, is it fair for the government to bail them out?
    I don't know. Is it fair to help those who have been swindled? Is it fair to help anyone with basic human needs: food, clothing, shelter, healthcare?

    Quote Originally Posted by ground&pound
    I got a mortgage a few years back during the height of these risky adjustable mortgages.

    I chose to be conservative and got a fixed rate that was a bit higher than the exotic adjustable mortgages.

    What do I get for making a good sound decision?
    For one, you get your house. For two, what do you want? The problem at issue isn't about you.

    Quote Originally Posted by ground&pound
    Is it fair to bail out the people who have been enjoying a super low mortgage for the past few years while I paid more for security?
    You assert facts that aren't established (that someone got a lower mortgage than you). If it makes you feel better, I guess we could kick people (kids and old people too) to the curb and say, "Sorry, sucker!". Maybe we could make them wear signs that point to their character flaws (a scarlet "D" (dumb) perhaps), so if they beg, people will know not to give them anything. And if crime comes to your neighborhood, enticed by abandoned houses, it probably isn't fair to expend any more public resources for police protection. After all, the "smart" homeowner will probably have his private security alarms in place.

  5. #5

    Default Re: Sec. of Treasury says aggressive action needed re: housing

    Matclone....You are an ass hole.

    I won't be discussing anything with you any longer.

    You put words in my mouth for the last time.

  6. #6

    Default Re: Sec. of Treasury says aggressive action needed re: housing

    Of course he put words in your mouth. He claims others use bias, are close minded, and make unsubstantiated claims while he is the biggest "spinner" on both boards!

  7. #7

    Default Re: Sec. of Treasury says aggressive action needed re: housing

    Amen!!

  8. #8
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    Default Re: Sec. of Treasury says aggressive action needed re: housing

    Ah... compassionate conservatism.

    Small wonder the GOP fell out of power...
    I am 49, bald, ugly, and don't own a single cool thing. Kids like me though.

  9. #9

    Default Re: Sec. of Treasury says aggressive action needed re: housing

    I do consider myself compassionate but I am allowed my opinion right?

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