--- In AsburyPark@yahoogroups.com, "Gabrielle Obre"
<[EMAIL PROTECTED]> wrote:
> in no way did i assert i was smarter than anyone (are you sure
you're
> not just pissed cuz i found something to back up the debt thing?)
I don't care how many bad reporters you can dig up that call it a
purchase of debt. Shame on their editors for running it.
Let's take a closer look:
Assume I'm buying your business.
Your business owes money to a bank.
After I buy your business, I now owe that money to the bank.'
That would be a debt purchase. You had a debt owed, and I purchased
it.
Now assume someone owed money to your business (like an account
recievable).
After I buy your business, they owe the money to me. That's an asset
purchase.
Now apply that to the mortgage situation.
The government is buying the accounts receivables of the banks (money
people owe to them - an asset). The government is not buying debts
the banks owe to other people (their debts).
The bad reporters are thinking of this from the point of view of the
people who owe the money to the banks. To those people it is a debt,
because they owe.
The government is not buying a thing from them.
This is an ASSET PURCHASE, not a DEBT PURCHASE.
In fact, in the end, if all goes well, the government will make money
off the deal (time will tell).
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