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Baker Mortgage

Dean Baker on Bogus Mortgage Settlement

Feb. 9, 2012 - Full of sound and fury, signifying another back door bailout. Dean Baker sets the story straight on BBC World News.

VW Council on Aging has mortgage burning ceremony

“They’ve been a huge, huge, contributor,” Matthew said of the foundation, which was represented by Executive Secretary Seth Baker.

He also thanked the United Way of Van Wert County, which helps to fund transportation and other programs for those under age 60, and Van Wert Rotary Club, which has provided funding to purchase a new vehicle, as well as Rockford Construction, which held the mortgage and also has done work at the center, and Eaton Corporation, which has also donated funds for Council on Aging projects, such as the foyer renovation and the center’s current air-conditioning system.

Matthews said he was also grateful for a private donor who did not want to be identified that helped finance the purchase of an outbuilding behind the senior center and then forgave the $135,000 loan in his or her loan.

Following Matthew’s presentation, Council on Aging Board President Linda Frederick then burned the mortgage during a ceremony held outside the center.

High Court Rejects Proposal to Warehouse Mortgage

In a High Court decision of 22 May 2017 Baker J rejected a proposal by a secured lender to write down a portion of a debtor couple's mortgage debt and warehouse half of the debt as future repayment of the warehoused part of the loan was not predicated on an ability to repay. Thus, the proposal was capable of creating circumstances amounting to insolvency at the end of the mortgage term in approximately 23 years.


The decision arose in the context of an appeal to the High Court taken by KBC following the approval by the Circuit Court of a Personal Insolvency Arrangement ( PIA ).

Under the secured lender's proposal reduced mortgage repayments were to be made in respect of half of the mortgage debt with the balance of the debt warehoused. The proposal also provided the debtors with lifetime tenure in their property and a deferral of the secured lender's rights of enforcement under its security until after their death. The debtors would also be permitted to repay the warehoused amount during their lifetimes, if their means allowed. The PIA included an alternative proposal for dealing with the secured debt which the secured lender rejected.

Is the banking/mortgage meltdown the goverment's fault to begin with?

Does this crisis show the failure of capitalism? Or does it show the failure and arrogance of government meddling? Is it possible that ONE MAN is responsible?

This is really oversimplified. The US doesn't have a purely capitalist economy. It has a mixed economy that combines elements of a free market economy and a socialized economy.