erynthered Posted June 25, 2010 Share Posted June 25, 2010 Does this sound familar? "No one will know until this is actually in place how it works. http://www.washingtonpost.com/wp-dyn/conte...2500675_pf.html Link to comment Share on other sites More sharing options...
Chef Jim Posted June 25, 2010 Share Posted June 25, 2010 Does this sound familar? "No one will know until this is actually in place how it works. http://www.washingtonpost.com/wp-dyn/conte...2500675_pf.html Banning 'liar loans': Lenders would have to document a borrower's income before originating a mortgage and verify a borrower's ability to repay the loan. Damn I better buy a house now while I can still use stated income. That part is actually going to suck. Mortgage help for unemployed: Unemployed homeowners with good credit would be eligible for low-interest loans to help them avoid foreclosures. The bill would spend $1 billion on such relief, using funds that had been directed for Troubled Asset Relief Fund bailing out the financial system Great so we "help" people that are in debt by putting them further in debt. Fixed-equity annuities: Prohibits tougher federal rules on life insurance products, in which customers pay a lump sum upfront in exchange for monthly income over time, pegged to an index. The Securities and Exchange Commission had been gearing up to step in and start requiring more disclosure for these products, often sold to seniors, that are currently regulated by state insurance commissioners. Lawmakers decided to stop the SEC from tougher federal regulation My broker-dealer has been treating these as securities for probably 5 years now. Link to comment Share on other sites More sharing options...
DC Tom Posted June 25, 2010 Share Posted June 25, 2010 Damn I better buy a house now while I can still use stated income. That part is actually going to suck. When we re-fi'd, we had to provide income tax records and pay stubs. I have no idea how they're going to do that any differently than they do it already. Sounds like a bit of legislation that serves no purpose other than to say "We're doing something! Hooray for us!" Link to comment Share on other sites More sharing options...
Chef Jim Posted June 25, 2010 Share Posted June 25, 2010 When we re-fi'd, we had to provide income tax records and pay stubs. I have no idea how they're going to do that any differently than they do it already. Sounds like a bit of legislation that serves no purpose other than to say "We're doing something! Hooray for us!" I think they won't be doing it any differently. You lender probably required it to cover their own ass. With the new law every lender will be required to do this to protect the idiot consumers. Kind of like my BD treating the equity indexed annuities as a security for years when by law they didn't have to, they just chose to. Link to comment Share on other sites More sharing options...
/dev/null Posted June 25, 2010 Share Posted June 25, 2010 "No one will know until this is actually in place how it works. Sounds like the 18th Amendment Link to comment Share on other sites More sharing options...
Chef Jim Posted June 25, 2010 Share Posted June 25, 2010 Sounds like the 18th Amendment To be fair there are a lot of things that we don't know how they're going to turn out until they're put to practical use. Link to comment Share on other sites More sharing options...
DC Tom Posted June 25, 2010 Share Posted June 25, 2010 To be fair there are a lot of things that we don't know how they're going to turn out until they're put to practical use. All the more reason to make small, incremental, targeted changes than wide, sweeping, expensive ones. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 25, 2010 Share Posted June 25, 2010 All the more reason to make small, incremental, targeted changes than wide, sweeping, expensive ones. That's what I was calling for with the Health Care crap. Link to comment Share on other sites More sharing options...
Adam Posted June 25, 2010 Share Posted June 25, 2010 That's what I was calling for with the Health Care crap. Health care that makes us sick! Link to comment Share on other sites More sharing options...
erynthered Posted June 25, 2010 Author Share Posted June 25, 2010 To be fair there are a lot of things that we don't know how they're going to turn out until they're put to practical use. Toms right. Expecting those retards in congress to understand that is stupid. They have a history of enacting laws that they have no !@#$ing idea of the ramifercations (sic) of how its been written and what will happen. IE take your pick!!!!!!!!!!!!!!! 3.5 Link to comment Share on other sites More sharing options...
....lybob Posted June 26, 2010 Share Posted June 26, 2010 For people afraid that this bill represents major change of any kind 1. no reform of the credit rating agencies 2. no reform of stockholders rights vis a vis CEO's 3. no obligation for stockbrokers to pursue their customers best interests 4. no reform on bank leverage 5. consumer protection agency will be run by Fed 6. no reform on credit lending 7. no meaningful reform on derivatives Like the Health Bill a huge corporate hand job pretending to be something for the people. I really wish Obama was 1/20th the socialist that people on this board paint him as instead of the corporate flunky he is. Link to comment Share on other sites More sharing options...
OCinBuffalo Posted June 26, 2010 Share Posted June 26, 2010 That's what I was calling for with the Health Care crap. You, me and 75% of the country. Link to comment Share on other sites More sharing options...
OCinBuffalo Posted June 26, 2010 Share Posted June 26, 2010 Why do these idiots thing they can solve problem with these big sweeping changes? Why do they HAVE to be big, and why do they HAVE to be sweeping? I hate the argument "yeah, but, we have to do all of it for it to work?" Horsechit. And, even if that was true, then the plan sucks. Anything that has so many dependencies is almost certain to fail, because one of them is certain to not work as planned, and if the whole system is based on everything else, then the whole thing collapses. And, as a professional implementer of systems, I can tell you: we don't go around using the "big bang" as a sound example on which to base methodology. Link to comment Share on other sites More sharing options...
Keukasmallies Posted June 26, 2010 Share Posted June 26, 2010 Outrageous! Next thing you know we'll expect employers to actually check references for potential employees.... Link to comment Share on other sites More sharing options...
Magox Posted June 26, 2010 Share Posted June 26, 2010 All the more reason to make small, incremental, targeted changes than wide, sweeping, expensive ones. Amen Link to comment Share on other sites More sharing options...
Magox Posted June 26, 2010 Share Posted June 26, 2010 For people afraid that this bill represents major change of any kind 1. no reform of the credit rating agencies 2. no reform of stockholders rights vis a vis CEO's 3. no obligation for stockbrokers to pursue their customers best interests 4. no reform on bank leverage 5. consumer protection agency will be run by Fed 6. no reform on credit lending 7. no meaningful reform on derivatives Like the Health Bill a huge corporate hand job pretending to be something for the people. I really wish Obama was 1/20th the socialist that people on this board paint him as instead of the corporate flunky he is. Thats twice youve said that. He is not a corporate flunky. He has managed to demonize just about every profitable sector of the economy. Banks bad Oil companies bad health insurers bad drug makers (were bad until he struck a deal with them) hedge funds bad investment banks bad gm bondholders bad credit card companies bad chamber of commerce bad sorry, youre wrong on this one Link to comment Share on other sites More sharing options...
....lybob Posted June 27, 2010 Share Posted June 27, 2010 Thats twice youve said that. He is not a corporate flunky. He has managed to demonize just about every profitable sector of the economy. Banks bad Oil companies bad health insurers bad drug makers (were bad until he struck a deal with them) hedge funds bad investment banks bad gm bondholders bad credit card companies bad chamber of commerce bad sorry, youre wrong on this one yeah he talks the talks he just doesn't walk the walk- he scolds, shows his indignation and out of that comes nothing at the end of the day- either he's bought or he is tremendously weak and has no balls- Tim Geithner, Larry Summers, Ben Bernanke, Rahm Emanuel, when I saw who he surrounded himself with I knew that meaningful change was a long shot - but I gave him a year before I started to be critical, probably waited too long - so sorry you are wrong on this one. Link to comment Share on other sites More sharing options...
Magox Posted June 27, 2010 Share Posted June 27, 2010 yeah he talks the talks he just doesn't walk the walk- he scolds, shows his indignation and out of that comes nothing at the end of the day- either he's bought or he is tremendously weak and has no balls- Tim Geithner, Larry Summers, Ben Bernanke, Rahm Emanuel, when I saw who he surrounded himself with I knew that meaningful change was a long shot - but I gave him a year before I started to be critical, probably waited too long - so sorry you are wrong on this one. The only ones who would characterize Obama as a corporate flunky are the Huffington Post/Daily Kos uber lefty loons. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted June 27, 2010 Share Posted June 27, 2010 Why do these idiots thing they can solve problem with these big sweeping changes? Why do they HAVE to be big, and why do they HAVE to be sweeping? I hate the argument "yeah, but, we have to do all of it for it to work?" Horsechit. And, even if that was true, then the plan sucks. Anything that has so many dependencies is almost certain to fail, because one of them is certain to not work as planned, and if the whole system is based on everything else, then the whole thing collapses. And, as a professional implementer of systems, I can tell you: we don't go around using the "big bang" as a sound example on which to base methodology. Might want to drop that one. Sounds like you put in septic tanks. Link to comment Share on other sites More sharing options...
Booster4324 Posted June 27, 2010 Share Posted June 27, 2010 Might want to drop that one. Sounds like you put in septic tanks. Close, he adds a lot of **** to stuff. Link to comment Share on other sites More sharing options...
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