Community Forum: Shocked to hear Larry James let go

Editor:
We were shocked to learn that Larry James was let go after being on 4 forever.

We are glad we no longer live in the Valley; we would not watch that channel any more, either. Shame on Channel 4 for being so rude and unkind. ...Hope that they get theirs soon.
Patricia H. Urban,
Richmond, Va.
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Confused about $700B bailout!
Editor:
OK, as I understand this $700 billion bailout, of some of our country's biggest banks and financial institutions, the problem is primarily "bad home mortgage paper." Now, here's the part that confuses my small brain. I always thought that a home mortgage was secured by the property and the home itself as collateral. In the event of non-payment and foreclosure, the home was repossessed and sold by the mortgage holder. Soooo, with that said, I'm a little confused about this whole bailout thing and here's why.

1. If a group of the mortgages in question went into foreclosure, then what happened to the money from the sale of the repossessed home?

Maybe the financial institution didn't make a profit from the sales of the foreclosed properties, but I doubt they suffered too much of a loss. So, where did the money go?

2. If the U.S. government and taxpayers are going to give the financial institutions $700B for their bad mortgages, will the government also get the repossessed properties? If not, why not?
Bill Gagan
Port Isabel
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Looking forward to new president
Editor:
I am writing to talk about what a wonderful time we're living in, what with President Bush''s presidency finally coming to a close. It often felt like it was going to last forever, didn't it?

I'm so optimistic about the prospect of living under the policies of a new president. I mean, how could you not be? Because of the standards set by the current president, there's no where to go but up. Bush and Cheney epitomized and redefined the words "dishonor" and "incompetence," and I am sure glad to see them put out to pasture, finally, after 8 long years. Not even a corrupt voting system can extend their dishonorable presence in Washington (again).

I am grateful and optimistic about the improved quality of life that this country can expect under Obama or McCain.
Jamey Honaker,
Harlingen
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