Who pays when lenders fail?
Don't foreclose - keep borrowers in their homes
Ted W. Lieu
Thursday, August 7, 2008
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/08/06/ED361269K6.DTL
If there is any silver lining to the second largest thrift failure in U.S. history, it is this: the IndyMac bank collapse has ironically resulted in the nation's first foreclosure moratorium. The Federal Deposit Insurance Corporation, after taking over IndyMac, declared it would halt all foreclosures on the $15 billon worth of IndyMac mortgages and modify the loans to keep borrowers in their homes. In one fell swoop, the FDIC did what no presidential contender, governor, or legislator has been able to do: force a moratorium on a significant number of foreclosures.
IndyMac's dramatic collapse provides two important lessons learned. First, the bank's failure reminds us that preventing foreclosures helps everyone, including those who did not participate during the mortgage boom. Representing an Assembly district with several IndyMac branches, I know that customers who lost money on their uninsured deposits did so not because of their own doing, but because of a nationwide foreclosure crisis spiraling out of control.
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Thursday, August 7, 2008
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