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Banks Gone Wild (NY Times) --or-- A 30-50% Hike Into The Red
"...Merrill Lynch made its biggest purchases of bad debt ... after the subprime crisis had already become public knowledge."
+ Banks Gone Wild / NY Times
http://www.nytimes.com/2007/11/23/opinion/23krugman.html
"Most subprime loans are based on floating interest rates ... many homeowners ... are now facing 30-50% increases in their monthly payments."
"... subprime loans made up as much as 23% of the housing market in 2006. The increasing number of defaults and delinquencies means more than just homeowners in trouble."
+ Subprime Mortgage Market Collapse: A Primer / ERATE
http://www.erate.com/subprime-mortgage-market-collapse.htm
"When Obama launched his mortgage rescue plan, he promised that it would help 5 million households."
"... President Obama's plan to rescue those facing mortgage foreclosure is a dismal failure."
"Only 19,041 â€" a paltry 6 percent â€" were modified ..."
"And of those modified, only 11,200 involved any reduction in the monthly payments!"
"Only 12 percent involved any write-off of interest, fees, or principal, and 27 percent of the loan modifications actually increased the monthly payments due."
+ Obama's Mortgage Rescue Plan Fails Miserably / Newsmax
http://www.newsmax.com/morris/Obama_mortgage_rescue/2009/06/09/223238.html
"But with the foreclosure rate hitting a new record in the third quarter, the government's ability to put a meaningful dent in the tally of housing-crisis victims faces renewed skepticism."
+ Why Obama's Housing Rescue Hasn't Prevented Record Foreclosures / US News
http://www.usnews.com/money/blogs/the-home-front/2009/10/15/why-obamas-housing-rescue-hasnt-prevented-record-foreclosures
So...--drastically hike-up sub-prime rates, pull the rug out from beneath people's feet, and drive yourself right out of business--WHAT'S THE DEAL???
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