patrick.net

Just another scheme to transfer wealth from the responsible to the irresponsible. The government has made it clear that the banks will be made whole at any cost. Any nonsense like this that purports to "punish" banks is bullshit. The banksters will come out smelling like a rose, because they are the ones calling all the shots. The ones who lose out are responsible taxpayers, and it will remain so.

I like it.
The improved version will be 10% of the loan or $20k whatever is larger.

It is crazy that people can put no money down.
Then foreclosure next year because the price dropped 10%.

The state blames the lost revenue on the banks? The revenue went up because of the banks. The state spent funny money and is now crying about it because it shouldn't have. Boo hoo.

vain says

Boo hoo.

Just like the fat/rich tax on capital gains on stock option cash outs in 1998-1999, and then revenue from property taxes 2000-2005, the state wrongly believed and forecasting higher revenues coming in for years as it was becoming the norm, so the state kept increasing spending and greater obligations.

They believed the impossible bubbles would last for decades.

I appreciate the frank comments here. I am biased against bankers (too much perhaps)...