More on Mark Souder
Posted by Mike Sylvester - 9/30/08 @ 12:37 pm - Filed Under 2008 National Elections, Featured, Local Politics, National Politics
He has a radio interview on WOWO that you really should listen to. I am not sure how long WOWO will keep the link up for, so I suggest you listen to it soon.
Some highlights (My comments are in bold):
Mark Souder did not think the bailout vote would be brought to the floor unless they had enough votes to pass it. Either he was wrong or people changed their votes.
Mark Souder said there was “minimal risk and taxpayers may come out ahead.” This is laughable at best.
Mark Souder said that “most people believe assets are 95 cents on the dollars. Warren Buffet is buying at 60 cents on the dollar. I would like to meet some of these people that believe that the risky and bad mortgages the bailout would direct the Treasury Department to buy are worth 95 cents on the dollar. Mark Souder is the first person I have heard say that. Please realize that some of these baskets of bad mortgages have greater then 50% of the homes in foreclosure already. There is no way that all of these mortgage assets are worth 95 cents on the dollar. There is also no way that the average value of these bad assets are worth 95 cents on the dollar either. If they were worth 95 cents on the dollar the banks would not be in the situation they are in.
Mark then went on to say that he supports the bailout because he wants a “Recession not a Depression.”
Later in the radio interview Mark Souder clarified that his figures (60 cents and 95 cents described above) were based on a local banker who in turn made them up since no one really knows what these assets are worth. I doubt that any local banker could possibly believe that a portfolio consisting of sub prime or alt-A loans that was written in 2005 or 2006 and had 50% or more of the houses in foreclosure could possibly be worth 95 cents on the dollar. I would believe that a banker MIGHT beleive that SOME of the baskets of bad loans are worth 95 cents on the dollar. If he does believe that the bad mortgages and loans that the banks want to get rid of are worth 95 cents on the dollar; I hope my money is not deposited in that bank!
I do not think Mark Souder is a fiscal conservative. I do not think he believes in smaller Government. I do not think he understands the value of sub-prime and alt-A loans that are bundled together.
Mike Sylvester
Comments
5 Responses to “More on Mark Souder”
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Mike,
What is your source for the “loans that was written in 2005 or 2006 and had 50% or more of the houses in foreclosure”?
Dan,
The “toxic loans” that the US Government wants to purchase are of varying quality. Some of the loans will have a huge percentage in foreclosure, some will have a moderate amount in foreclosure, etc…
The Government would be buying thousands of packages of loans of various quality.
So what my post is saying is that SOME of the packages of loans the government will buy will have 50% or more of the houses in foreclosure.
I am NOT saying that all of the packages will have 50% or more in foreclosure…
Mike
OK, maybe it’s time that Souder was checked for “controlled substances”, because he sounds like he MUST be on them…!
Stop visitng the SOUTH side, Mark…we’re trying to STOP drug use, not encourage it…!
;)
—– Original Message —–
From: “William Larsen”
Sent: Sunday, September 14, 2008 11:49 AM
Subject: Fwd: William Larsen, Libertarian Candidate for Indiana’s 3rd U.S.
Representative Seat
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[...] Every time I think congressman Mark Souder couldn’t get any more ridiculous I am brought back to reality and proven wrong. Seriously, how could one top the comment that all the worthless paper assets the government would be buying up via the Wall Street bailout were really worth 95 cents on the dollar? [...]