If we wanted a Republican, don’t you think we would have voted for one?
As Atrios says, we are so screwed.
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Well I have a better one for you.
If you have a mortgage that was created in the last 7-8 years your note maybe part of a toxic asset pool even though you pay it timely. Such is the nature of secularized mortgage instruments.
So the deal is to offer xx¢ on the dollar for essentially your mortgage to investors. Lets say its 60c/$1. So a guy like Buffet comes in and buys up these assets and hopes for maybe 75c/$1 return.
My question is if somebody like Buffet can come in and untangle the mess. Then why can’t a Trust Public Corp do the same? Then turn around to the original mortgage holders and offer 75c/$1 for them to refinance their home at a lower capital basis. It lowers the cost to the homeowner, it bails out the banks somewhat so their balance sheet improves. The security holders other than say the AA tranch was never going to be made whole anyway.
2 out of 3 winners ain’t a bad deal.