It said that "the collective efforts of servicers and government officials to date have not translated into meaningful improvement in foreclosure prevention outcomes."

Unfortunately, if government lets the whole system just collapse--which is what you're suggesting above--the pain will be acute to the entire nation and the world.So certain priorities must be chosen and the priority is for owner occupant properties--not entrepreneurial purchases of real estate.Here is where your ability to put your life in perspective comes in.

I only wish we could profit as much from the expenditure of our taxes dollars as our government is poised to profit.

According to Reuters:Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver.

The bailout deal stalled on Thursday (see bulletin section). Watch out for the reaction on Wall Street Friday!

:cool:

A great article... thanks Dan.It sure does fill in some of the gaps, since the "mainstream media" is telling us NOTHING.I particularly liked these two paragraphs:"What terrifies me … what wakes me in a cold sweat … is that the single most corrupt, inefficient, incompetent and idiotic institution on face of the planet is now trying to “fix†the problem.And that especially frightens me because, the closer I examine the roots of this crisis, the clearer it becomes that it was engineered almost entirely by the very bumbling buffoons who are now charged with ending it: The U.S. government."

The government won't actually buy the toxic loans, but the bonds representing the packaged bundle of CDOs.If the average homeowner thinks they are going to see any benefit from the bailout they have not only been smoking weed but unlike the claims of Bill Clinton they have most definitely been inhaling.

It's been a long time since I filled out a CA form 520, but I'm pretty sure that it, and every other state form, just take the INCOME line from your Federal return and move it onto the state form.If the AGI on your 1040 has nothing on it to reflect the income, your state form won't either.You say the lot is "maybe" worth more.

I have a copy of the bill for you at: www.BillionDollarBailout.com/TARP I say keep the Federal Government away from troubled assets and let market forces in the private sector manage the assets.

. ;-) I fail to understand why it is that banks are so slow to act on any reasonable offer, it should be interesting to see what effect the government bailout will have.