THIS MESS IS APROX. 20% OVER AT THIS POINT!

As per usual,....

If the offer sounds too good to be true,... and if the person/company offering that offer seems too quick to pull the trigger on the deal,...

The offer is too good to be true.

If only we had 'educated' consumers and not 'greedy & lazy' ones.

Yep , and many of these "qualified buyers " used the subprime to buy more house than they could afford so they are still in trouble.

And today the Paulson bailout that looks surprisingly like BushCo response to homeowners in the Katrina debacle - all talk , No plan.

When Bush comes to your rescue be afraid , very afraid ... ask any Iraqi .

A court in Ohio has already ruled that Deutsche Bank, which thought it held mortgages there, had no legal standing to foreclose on non-performing properties.

So with this decision, it appears confirmed that investors in the mortgage debacle may in fact own nothing---not even the bad loans they funded. It seems their right to the cash flow from the underlying properties does not extend to ownership of the properties themselves.

http://tinyurl.com/39b4l5

Sorry folks but this is no where near being over. If this were a baseball game we would be in the top of the second inning.

Just pray that we don't go to extra innings.

In other words ...

... usury.

Maybe there was a solid financial reason why "usury" used to be against the law in all 50 states; why religious books specifically mention and forbid it; why in some countries you can have your hand chopped-off for it (without a scalpel, or anesthesia).

"Credit" is supposed to be a "resource." You can borrow some of mine but you'll have to pay it back and give me a FAIR price for it. That does not mean that I can stick a hundred leeches to your skin and wonder why you're starting to turn pale.

Let it also be noted, as an aside, that people might be shocked at what their once-pristine credit scores now are. "The worse your score, the higher interest-rates I can 'justify,' therefore, I have a tremendous if illegitimate business incentive to push your score down." And they do, in all sorts of purely-fraudulent means. (Did you ever wonder why your payments seem to be arriving "one day late" so much these days?) (Don't you think it odd that your interest rate can jump from 11% to 31% overnight at the discretion of the bank?)

Bankers made this bed. They spent hundreds of millions of dollars in bribes to sustain it. And, now they're bankrupt. Surprise? Not really.

And thanks to the drunken spending of the Bush administration there is no "cushion" to help bail people out of this mess.

Just remember that it was Bush and the Republicans that rewrote the bankruptcy rules so that even if you become bankrupt because of a tripling of subprime mortgage interest you still have to pay off the debt. Meanwhile they still think that the richest of the rich must have their tax cuts or the world will fail to turn.