on Bailout, who does only the government have to try to renegotiate mortgages they buy?

[yurbud]

To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.

http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1

That was the one "bottom up" piece that would actually help homeowners being foreclosed or threatened with that.

Rather than require the rat bastards on Wall St. to make any effort to fix the damage they caused with their scam mortgages, Washington is essentially still relieving them of the consequences of their actions.

While this is an important piece to include, it would have been better to rub the puppy's nose in the place where he peed on the carpet to prevent him from doing it again.

[rzemanfl]

1. The government will not even be able to prove it OWNS these

mortgages, they have been passed around so much.

[FreakinDJ]

3. More then 1 loan on the same house

is the basic problem

[galileoreloaded]

7. Correct. This is not RTC II, they are not BUYING the mortgages..

just the securities. The money is for the equities, the paper, not the real estate that backs it. You will send your payment to the bank, the bank still owns the house, the government is buying the banks debt, or the paper liability, not the real estate.
It's a screwjob.

[aquart]

2. Rephrase?

[soothsayer]

5. well, either means heloc or means criminal fraud, with the

same mortgage (or fake mortgage) being bundled and sold over and over (to china, to russia, to w. buffet, etc.). suspect there's quite a bit of that going on

[soothsayer]

6. well, either means heloc or means criminal fraud, with the

same mortgage (or fake mortgage) being bundled and sold over and over (to china, to russia, to w. buffet, etc.). suspect there's quite a bit of that going on

[YellowRubberDuckie]

4. Actually, I read on WSJ that they will buy some loans...

...and refinance and retool the terms of the mortgages.
I think BreitBart.com uses really crappy verbiage to explain this.
You have to refinance a loan in order to retool the terms of mortgages.
Duckie