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Radical bailout plan has a jawdropping price tag
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[QUOTE]Originally posted by glassman: [QB] [b]That balloon bs is part of what put us here. "[/b] not true. first off? balloon notes are not exotic loans ballon notes WERE the normal type of mortgage in the US prior to Fannie and Freddie and the creation of the 30 yr note in a balloon? you pay interest until the expiration date and either refi or sell. had the banks immediately begun issuing balloons? they would have avoided all these foreclosures on the market. people would not be on the street. housing prices would have remained more stable. nobody would have made one penny on overspeculation. the refi's would have been for the complete (foolish) amount of the original laon.. people would have had 7-20 years to sell their home without a loss.. that way? the CDSes that have crashed the market would have been satisfied instead of being cashed in, because the refinancing money would have gone to cover them. AIG would not be govt owned right now. the big three would not be needing a bailout because financing would not have disappeared... this is moot now tho... it's too late. [/QB][/QUOTE]
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