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	<title>
	Comments on: More Mortgage Mangling	</title>
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	<link>https://norunnyeggs.com/2008/04/more-mortgage-mangling/</link>
	<description>The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger).  The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.</description>
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		<title>
		By: Shoebox		</title>
		<link>https://norunnyeggs.com/2008/04/more-mortgage-mangling/comment-page-1/#comment-34929</link>

		<dc:creator><![CDATA[Shoebox]]></dc:creator>
		<pubDate>Mon, 21 Apr 2008 22:56:02 +0000</pubDate>
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					<description><![CDATA[Dad29
Agreed and you&#039;ll note my distinction in the post.  This distinction is another reason we should not have the govt. involved.  The mortgage industry is regulated far differently (and less) than banks...much more wild west like and when you make your living with a gun, you take the risk of dying by the gun!]]></description>
			<content:encoded><![CDATA[<p>Dad29<br />
Agreed and you&#8217;ll note my distinction in the post.  This distinction is another reason we should not have the govt. involved.  The mortgage industry is regulated far differently (and less) than banks&#8230;much more wild west like and when you make your living with a gun, you take the risk of dying by the gun!</p>
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		<title>
		By: dad29		</title>
		<link>https://norunnyeggs.com/2008/04/more-mortgage-mangling/comment-page-1/#comment-34928</link>

		<dc:creator><![CDATA[dad29]]></dc:creator>
		<pubDate>Mon, 21 Apr 2008 22:37:20 +0000</pubDate>
		<guid isPermaLink="false">https://norunnyeggs.com/2008/04/more-mortgage-mangling/#comment-34928</guid>

					<description><![CDATA[Let&#039;s be careful here.

They were not &quot;BANKS.&quot;

They were mortgage-brokers who wholesaled their garbage to INVESTMENT BANKING COMPANIES such as Bear, MerrillLynch, Lehmann, etc.]]></description>
			<content:encoded><![CDATA[<p>Let&#8217;s be careful here.</p>
<p>They were not &#8220;BANKS.&#8221;</p>
<p>They were mortgage-brokers who wholesaled their garbage to INVESTMENT BANKING COMPANIES such as Bear, MerrillLynch, Lehmann, etc.</p>
]]></content:encoded>
		
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		<title>
		By: foreclosurefish		</title>
		<link>https://norunnyeggs.com/2008/04/more-mortgage-mangling/comment-page-1/#comment-34927</link>

		<dc:creator><![CDATA[foreclosurefish]]></dc:creator>
		<pubDate>Mon, 21 Apr 2008 16:49:36 +0000</pubDate>
		<guid isPermaLink="false">https://norunnyeggs.com/2008/04/more-mortgage-mangling/#comment-34927</guid>

					<description><![CDATA[I agree with you. Neither the banks that came up with these mortgage contracts nor the people who signed them should be given a bailout by the federal government. The bailout is usually worse than the original problem anyway.

And in cases like the one you detail here, who cares is 4 $300,000 homes that no one is living in anyway are lost to foreclosure? The entire situation was artificial, from the Collins&#039; getting $1.2 million in loans on a $60k/yr salary, to the terms of the mortgages themselves.

Taking money from you and I (in taxes, inflation, or borrowing) to pay off these mortgages or bail out the banks just rewards actions like this, and will contribute to a repeat of the subprime mess. It may not repeat itself for years, and it may not be in residential real estate, but subsidizing moral hazard will just create more of it.]]></description>
			<content:encoded><![CDATA[<p>I agree with you. Neither the banks that came up with these mortgage contracts nor the people who signed them should be given a bailout by the federal government. The bailout is usually worse than the original problem anyway.</p>
<p>And in cases like the one you detail here, who cares is 4 $300,000 homes that no one is living in anyway are lost to foreclosure? The entire situation was artificial, from the Collins&#8217; getting $1.2 million in loans on a $60k/yr salary, to the terms of the mortgages themselves.</p>
<p>Taking money from you and I (in taxes, inflation, or borrowing) to pay off these mortgages or bail out the banks just rewards actions like this, and will contribute to a repeat of the subprime mess. It may not repeat itself for years, and it may not be in residential real estate, but subsidizing moral hazard will just create more of it.</p>
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