Monday, September 22, 2008

A Cleaner Cleanup

Here's something we should all get behind:

In an effort for transparency, I'd like to see a website that listed each transaction purchased by the government. This could list the details of the asset, the PAR value, the selling institution, the underlying characteristics, the originators of the loans, the price the government paid (and eventual sold the asset for) and any other relevant detail.

Proposed by Calculated Risk.

4 comments:

Dan said...

Wouldn't that be covered by open records?

asianbadger said...

Now that would be one hell of an annual report! Not to mention the 10-Qs.

I agree with the premise, though.

Dan said...

Can someone answer this question: If the government takes over all of these bad loans, who do these people make payments to? The government? the companies?
Also, if the government does take over the loans, does the government get all the property that is defaulted? And if a person gets a tax refund, can the government take that to help pay off the loan?

Dad29 said...

Dan:

1) Either the Gummint OR whatever company re-purchases the note from the Gummint.

2) IF the property is defaulted, then either the Gummint OR the company which purchased the note from the Gummint.

3) No, unless there's a default lien filed which allows the Gummint to snatch the bucks.