Comments on: Geithner: Some rescue programs will end, others won’t http://blogs.reuters.com/rolfe-winkler/2009/09/10/geithner-some-rescue-programs-will-end-others-wont/ Option ARMageddon Thu, 09 Aug 2012 01:58:02 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Lisa http://blogs.reuters.com/rolfe-winkler/2009/09/10/geithner-some-rescue-programs-will-end-others-wont/comment-page-1/#comment-1486 Lisa Fri, 11 Sep 2009 02:51:54 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3576#comment-1486 Toxic assets seems like a very vague term to me. Residential mortgage loans (REOs)? Commercial real estate loans? Credit cards, auto loans, etc? That's a broad phrase. I'm a forensic loan auditor and, according to the Truth in Lending Act & UCC, these laws apply to all of the assigns. Translation: A portion of these loans could be able to be rescinded, setoff or would be able to recoup monies paid into a bad loan. The upshot? Someone could buy these loans and have them blow up in their faces. That will only happen a few times before people get wise and figure out that these assets are not only toxic; they're radioactive! Toxic assets seems like a very vague term to me. Residential mortgage loans (REOs)? Commercial real estate loans? Credit cards, auto loans, etc? That’s a broad phrase.

I’m a forensic loan auditor and, according to the Truth in Lending Act & UCC, these laws apply to all of the assigns. Translation: A portion of these loans could be able to be rescinded, setoff or would be able to recoup monies paid into a bad loan. The upshot? Someone could buy these loans and have them blow up in their faces.

That will only happen a few times before people get wise and figure out that these assets are not only toxic; they’re radioactive!

]]> By: will http://blogs.reuters.com/rolfe-winkler/2009/09/10/geithner-some-rescue-programs-will-end-others-wont/comment-page-1/#comment-1474 will Thu, 10 Sep 2009 20:42:35 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3576#comment-1474 Read the bill. Read the bill.

]]>