Re: City of Philthadelphia suspends foreclosure sales

Trav, just to add to what I wrote: so in this case it was the banks
(according to what you and Mr. Sigman wrote) who were "forced" to do
stuff that tehy should never have done. I.e., they chose to do
business on the terms the dishonest fuckers in government at the time
wanted them to. This is what I meant with my closing remarks in the
previous post: that at the end of the day you may find yourself
excluded from a large part of the market if you stay honest. This
sucks.

I agree. The system is institutionalized graft. Surely.

But, eliminating foreclosures to *** just the banks hurts everyone
while keeping Joe Poverty in his overpriced house. No thanks to
that. This is a little bigger than just changing a point card in a
store.

The houses NEED to be foreclosed on and the banks take the losses.
Not wipe the bonds out to zero.

Why was no bank large enough to protest? Don't banking corportations
have enough leverage in government compared to .... who?

Well, they just did it...we'll see what the fallout is.

And vice versa, did smaller banking companies say, yes, OK, we'll try
to make money off this and roll; or did some say, no way, for us small
people this is way to risky and unsafe, we need to protest this.

To what are these questions addressed? Some banks did not participate
in structured credit. So, now, they suffer to preserve those who
did? That is abhorrent. A bank that was prudent should be rewarded
by the destruction of its imprudent peers. It should then acquire
their assets and life goes on.

Losses should NEVER be removed from the equation. The systematic
mispricing of risk is what got us INTO this mess in the first place.

Trav
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