Gothamist: October Surprise from Chase: No More Foreclosures

NannyState

Sat, 01 Nov 2008 18:09:15 -0500

Gawd that Jamie Dimon is an old softy. Whatever happened to pushing the "deadbeats" out into the streets on Christmas Eve? Reagan must be spinning in his grave.

chadd232

Sat, 01 Nov 2008 16:47:49 -0500

And the dreaded free market does its job.

longacre

Sat, 01 Nov 2008 13:16:35 -0500

If someone stops paying their mortgage, the bank simply stop making money. If the bank forecloses on a house, it actually costs the bank a good amount of cash in legal fees and to actually maintain the house, and right now it's not like there would be a line of buyers knocking on Chase's door to buy this house they just repo'd for any decent price. This is a good business decision with some excellent PR benefits. As for Barney Frank's complaint, those nine banks that received that money were in pretty decent shape and some didn't even want that money. Why should the feds get to tell them what to do with it?

Spiritof76

Sat, 01 Nov 2008 12:39:11 -0500

Christmas comes early for some this year.

JacqueMehoff

Sat, 01 Nov 2008 12:26:18 -0500

like I said, everybody got rich off of this scheme. how many ads for mortgage brokers must I see on TV?

matty

Sat, 01 Nov 2008 12:19:39 -0500

"Well then, why the fuck didn't you include a clause telling banks where they would be allow to use the money... like lending." I completely agree. If this money is squandered I think people should be outraged (all over again). Who is auditing this money?

supernova

Sat, 01 Nov 2008 10:39:11 -0500

Seeing these are banks, who are in the business of making money, not charity, I'd say the latter. Barney Frank complained that banks thus far are using their portion of the $700 million government bailout for "bonuses, dividends and acquisitions. Well then, why the fuck didn't you include a clause telling banks where they would be allow to use the money... like lending.

texinyc

Sat, 01 Nov 2008 10:30:59 -0500

Compassionate fellow citizens of a democracy giving a break to the less fortunate? Or shrewd business people making a move to maintain a steady (albeit smaller) trickle of capital? I'll admit that I'm a bit stumped on this one.