admittedly paranoid ? re bailout: do we want Repub admin owning our mortgages?

[zazen]

I'm sure I don't understand what Paulson means by $700 billion to buy all of the mortgages. Does that mean the govt is actually going to own our property with all of the rights of foreclosure (and God knows what else) and not the banks? Does this bear any relation to eminent domain law?

[FreakinDJ]

1. I'm pretty sure the gov won't claim ownership

and allow banks to continue foreclosures / short-sales / devaluation of our property

[Overseas]

2. Golly no, let's keep it all privatized since that has worked so well.

Maybe we can have different private guys buy all the mortgages and bail them out ten years from now !!
Pirates Rule !! Country Club First !!


:sarcasm:

[CJCRANE]

3. It's a valid question.

I wondered the same thing about Fannie Mae and Freddie Mac - is it really a good idea to put a Bush crony in charge of such large financial institutions?

[lonestarnot]

4. Not "all of," just the bad ones, and the decider may decide which of those are the bad ones, you

know the "unitary executive," that one.

[azul]

5. No, Big Brother gets them all.

"We know where you work, and we hold your mortgage, trust us."

Or so we would believe, if the ghost of Reagan were to say it.

[HamdenRice]

6. Scariest idea: will the feds use the IRS to collect mortgage debt?

I realize this is far fetched, but it is one of the fears being bandied about. If the feds are full on in the mortgage business, will they use all the devices they have at hand to collect mortgage debt?

I doubt it.

[zazen]

7. one of my worries--and will it embroil selective service registration, too?

Socializing mortgage ownership under a right-wing regime looks more like a move toward totalitarianism than socialism. It's not happening in a context of grass-roots revolution. We're completely kept out of it.

[Tierra_y_Libertad]

8. Not foreclosing...collecting.