Ya know those adjustable rate mortgages that adjusted so high that some people can’t pay for them?
Ya know how they were sold off as securities that now don’t pay squat?
Ya know how that pretty much almost caused a redux of October 29. 1929?
Well, here’s an idea: Adjust the interest rates back down.
“But, Jim, that shows a lack of understanding on your part about how credit works.”
It’s not working, so that statement is both irrelevant and unintelligent.
“But we would be rewarding people for their bad credit decisions.”
Hey, dumbass. You wrote the loans. You eat the losses.
It’s really simple, and your interest formulas be damned. It’s all fake, anyway, just like any political system you can name.
Charge less interest, and people can make their payments, you get paid, and your investors get paid.
Charge more interest, and no one gets paid. Or they get paid back in penny-stock amounts, like Bear Stearns.
And who was the waste of skin who came up with the idea of some of these mortgages anyway? Yeah, I know, some people were stupid enough to take them, but does that excuse a drug dealer for selling your kid meth? I can run over your grandma with my car (or could when gas was less than $3 a gallon.) Doesn’t mean I should, even if I’m having a really bad day.
Find the people who up with some of these more questionable mortgage schemes…
And use them for shark bait.