Comments on: Bernanke, Geithner and Gross use PPIP to rip off the taxpayer again http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/ Fri, 20 Nov 2009 19:19:20 -0500 http://wordpress.org/?v=2.8.5.2 hourly 1 By: mr_subprime http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5497 mr_subprime Mon, 06 Jul 2009 17:35:20 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5497 The truth of the matter is that the PPIP program allows Hedgers to buy non-performing mortgages. Now you have scavengers buying up non-performing mortgages to become third-party debt collectors. Just one problem: If the borrower was already foreclosed on and gave his house to the bank, and the bank sold the mortgage after taking the home inforeclosure, you have the 3rd party collector chasing the borrower for the note on the home he no longer owns. Talk about "DOUBLE JEOPARDY", this is "FINANCIAL DOUBLE=JEOPARDY" for the poor schlub who was falsely qualified for the mortgage he couldn't afford, lost the home, and now faces a debt collector holding the note. You want to turn this economy around? Turn the DEBT into EQUITY! Punish the bank by reducing principal to fair market value, re-write the mortgage to terms that fit the borrowers' REAL ablility to pay, and reverse the cycle. The BANKS are the ROBBER-BARRONS of the 21st Century. Wells Fargo is the largest purveyor of predatory lending in the country. THEY SHOULD BE PUNISHED! Thank GOD the Supreme Court came down on the side of the law last Monday that allows these STATE AG's to go after the National Banks, who have been hiding behind the National Bank Act. THEY ARE THE CRIMINALS! Prosecute THEM!!! The truth of the matter is that the PPIP program allows Hedgers to buy non-performing mortgages. Now you have scavengers buying up non-performing mortgages to become third-party debt collectors. Just one problem: If the borrower was already foreclosed on and gave his house to the bank, and the bank sold the mortgage after taking the home inforeclosure, you have the 3rd party collector chasing the borrower for the note on the home he no longer owns. Talk about “DOUBLE JEOPARDY”, this is “FINANCIAL DOUBLE=JEOPARDY” for the poor schlub who was falsely qualified for the mortgage he couldn’t afford, lost the home, and now faces a debt collector holding the note. You want to turn this economy around? Turn the DEBT into EQUITY! Punish the bank by reducing principal to fair market value, re-write the mortgage to terms that fit the borrowers’ REAL ablility to pay, and reverse the cycle. The BANKS are the ROBBER-BARRONS of the 21st Century. Wells Fargo is the largest purveyor of predatory lending in the country. THEY SHOULD BE PUNISHED! Thank GOD the Supreme Court came down on the side of the law last Monday that allows these STATE AG’s to go after the National Banks, who have been hiding behind the National Bank Act. THEY ARE THE CRIMINALS! Prosecute THEM!!!

]]> By: Cruth http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5496 Cruth Mon, 06 Jul 2009 07:23:42 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5496 So, what is PPIP? And, please use complete sentences. lead off paragraph is pure garbage. So, what is PPIP? And, please use complete sentences. lead off paragraph is pure garbage.

]]> By: Scott http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5495 Scott Mon, 06 Jul 2009 01:11:22 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5495 It all comes down to "Ignorance is Bliss!" Majority of the people that voted for this goon in the White House don't understand what he's doing nor do they care because they're looking for a handout. Us as Conservatives need to band together and start working triple time in 1 1/2 years to get the LIBS out of the House and Senate. I think we're safe for now on the Cap and Trade and this Free Medical Care bills. However, if we don't get this done and get majority in the House and Senate our liberties will be GONE! It all comes down to “Ignorance is Bliss!” Majority of the people that voted for this goon in the White House don’t understand what he’s doing nor do they care because they’re looking for a handout. Us as Conservatives need to band together and start working triple time in 1 1/2 years to get the LIBS out of the House and Senate. I think we’re safe for now on the Cap and Trade and this Free Medical Care bills. However, if we don’t get this done and get majority in the House and Senate our liberties will be GONE!

]]> By: Matt http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5494 Matt Fri, 03 Jul 2009 16:44:25 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5494 I think we all need to read the Declaration of Independance agian, especially the part concerning the removal of the government when it fails to serve the people. I think we all need to read the Declaration of Independance agian, especially the part concerning the removal of the government when it fails to serve the people.

]]> By: rick http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5492 rick Fri, 03 Jul 2009 01:14:56 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5492 You got it they don't care what we think!!! You got it they don’t care what we think!!!

]]> By: rick http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5491 rick Fri, 03 Jul 2009 00:45:49 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5491 You are right what do we "the citizens have to do" file a lawsuit against the feds the government to stop this fraud. Who would take the case. I have really thought about this if you are a small business owner you know what I mean. You are right what do we “the citizens have to do” file a lawsuit against the feds the government to stop this fraud. Who would take the case. I have really thought about this if you are a small business owner you know what I mean.

]]> By: MadMarv http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5490 MadMarv Thu, 02 Jul 2009 23:47:52 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5490 This crap has to stop now!!!!! I am listening to a group of bright minds, but nobody seems to have the legal answer to stop this criminal activity. Please, address these crimes against the people as CRIME, and spell out how to bring them to justice. This crap has to stop now!!!!!

I am listening to a group of bright minds, but nobody seems to have the legal answer to stop this criminal activity.

Please, address these crimes against the people as CRIME, and spell out how to bring them to justice.

]]> By: Bert http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5489 Bert Thu, 02 Jul 2009 18:02:15 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5489 Cody, yesterday on Happy Hour you hit the nail on the head when you made your call on "Cash for Clunkers." I'm in the car business -- you do have to qualify for a loan in order to buy a car. My bet is that only 20 to 25 percent of the people who believe they will qualify for the program will actually be able to trade and buy a new car. Lots of the details are lost on the public who think they will get the "Cash" plus the value of their trade in. Not so. The "Cash" is in lieu of a trade-in value for the Clunker. Cody, yesterday on Happy Hour you hit the nail on the head when you made your call on “Cash for Clunkers.” I’m in the car business — you do have to qualify for a loan in order to buy a car. My bet is that only 20 to 25 percent of the people who believe they will qualify for the program will actually be able to trade and buy a new car. Lots of the details are lost on the public who think they will get the “Cash” plus the value of their trade in. Not so. The “Cash” is in lieu of a trade-in value for the Clunker.

]]> By: Les Opp http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5488 Les Opp Thu, 02 Jul 2009 15:55:32 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5488 I remember hearing the same thing from a coworker while stationed in Korea (south) in 1978. I also remember the economy under Carter, interesting how that has cycled. I hope the country enjoys Carter 2.0 and the associated loss of freedoms. I remember hearing the same thing from a coworker while stationed in Korea (south) in 1978. I also remember the economy under Carter, interesting how that has cycled. I hope the country enjoys Carter 2.0 and the associated loss of freedoms.

]]> By: tom http://cody.blogs.foxbusiness.com/2009/07/01/bernanke-geithner-and-gross-use-ppip-to-rip-off-the-taxpayer-again/comment-page-1/#comment-5487 tom Thu, 02 Jul 2009 15:27:27 +0000 http://cody.blogs.foxbusiness.com/?p=829#comment-5487 Reply to Mike's post: And that is exactly the plan; destroy the economy, angering everybody to the point of mass rebellion, establish martial law, and then confiscate everyone's weapons. Reply to Mike’s post:
And that is exactly the plan; destroy the economy, angering everybody to the point of mass rebellion, establish martial law, and then confiscate everyone’s weapons.

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