A reader offers this vital point:
“Candy — as to your objection to giving federal bankruptcy judges jurisdiction and discretion to reform loan terms, they used to have the ability to coax lenders and borrowers and it worked well. They were stripped of that right in the “Reform” act of 2005. Drop the bankers’ talking points. Do some research.”
My concern: balance billing. In health care, for example, one of the main reasons why private health care insurance costs sky rocketed is that, as providers and hospitals kept on treating patients without coverage for free, they passed this “lost revenue” onto those with coverage by raising fees, which got us to where we pay a fortune now for less care. It was just a thought and a concern, but if you think this is going to work, well, here we go.
Swear to you, I emailed Robbie today and talked about writing a story on his experience in China, his recent return to Dallas and the transition. Then Cheryl Hall goes and beats me to it – nice work. Briggs Freeman is, of course, a totally class act firm and has been for years. ( I know one secret Cheryl didn’t print, the reason why all B-F agents have such perfect hair: the firm is located above the Jean Phillipe Hair Studio at Inwood Village.) I wanted to ask Robbie what he thought the significance of the “Chinese Americans Welcome Bush” sign is — and the growing Chinese influence in Dallas. Always room for more interviews.
I know the reports are preliminary, but I am already getting ulcers over President Obama’s cure for our housing woes. Here’s my first report card:
A -$8000 tax credit for first-time buyers, l like very much. Assuming this will work like a section 179 deduction and come right off the taxes, not add 5 more pages or 6 hours of CPA billable hours to the tax return, essentially using tax dollars to help fund the home purchase.
F- Revamping U.S. bankruptcy rules, giving judges the power to reduce mortgage payments and set lower interest rates. Excuse me, but I think part of our problem was that banks got too big, unregulated and complex. So now we are going to let judges play banker? This will slow down lending and banks will have to recoup their losses from somewhere —charge more to the customers who pay their bills, or higher PMI or PMI for everyone or higher interest rates.
Not fair, folks.
C – The government will match reductions lenders make to keep borrowers home payments at 31% of their income. What income — stated income? Does that include alimony?
Incomplete – Flushing Fannie Mae and Freddie Mac with $900 billion.
Sheryl Jean at the Dallas Morning News went down to Mexia to probe the roots of accused global financier now AWOL Allen Stanford. What is it about Mexia that produces people who crave high net worth — first Anna Nicole Smith, now Stanford.
Since Octu-mom does not have a house of her own to shelter her litter brood, she lives with her mom who is behind on her house payments by more than $23,000… this is just sick. Please, someone, psych examination for these people and the physician. Then, I guess, bail out?