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December 7, 2007 - 7:01am.
President George W. Bush's band-aid fix for the home mortgage crisis isn't fooling many people and critics are quick to point out his "deal" with lenders to freeze rates for sub-prime lenders in trouble is too little, too late. The plan would not help the millions of Americans currently behind in their mortgages nor will it aid others headed for trouble. Quick fixes seldom work in the long run and Bush's quick fix may not even provide relief in the short term. No quick fix for subprime mortgages AP - Be ready to wait if you want to get information from a toll-free hot line about freezing the interest rate on your subprime mortgage.  Technorati Tags:
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I was amazed to hear someone
Submitted by Elmo on December 7, 2007 - 4:09pm.I was amazed to hear someone say this morning that if this goes through you can count on the investors to litigate based on "illegal taking" of their property. Apparently the notion that an investment can fail to generate a positive return is not something they considered up 'til now.
Elmo, I think that you are
Submitted by Cobaltkid on December 7, 2007 - 6:09pm.Elmo, I think that you are missing the point. All of these bonds need to have the consent of the investors in order for the servicing agent to change the terms of the original investment. If you bought a CD or bond and a third party changes the original terms of the investment WITHOUT YOUR CONSENT, you would be very unhappy.
This is not a question of a default but a situation where the original terms are being altered without you the investor having any say. There is a good piece on this subject in today's online Bloomberg.
Would you like to do business with someone who obligates himself to perform in a certain manner and then someone who is not a party to the transaction changes the terms?