Off-Topic: This is a silly analysis
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Name:
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GoneFishin
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Subject:
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This is a silly analysis
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Date:
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10/8/2008 10:07:07 PM
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Reread what I posted. This is a direct quote from Holtz-Eakin economic advisor to Mccain explaining the program. READ the senerio he provided. The governemt will pay the bank the FULL value of the mortgage and eat the loss NOW. The $700billion rescue BUYS it at the distressed value. BIG BIG difference. You have selective reading.
To do so, the government would pay the full face-value of the distressed mortgages, Holtz-Eakin said.
Under that scenario, the government could buy a $200,000 subprime mortgage on a home now worth just $100,000, give the homeowner a 30-year, $90,000 loan with a 5 percent interest rate, and essentially eat the $110,000 difference.
"It's the only way to do it in a timely fashion," Holtz-Eakin said.
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