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Old 11-30-2007, 12:16 PM
 
Location: San Diego California
6,797 posts, read 6,133,191 times
Reputation: 5171

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The news today reported the Treasury Department is putting the final touches on a agreement with the Banking industry to keep sub prime mortgages at their low teaser rates and have the tax payers pay the difference. If you do not want to be taxed to bail out people who were irresponsible, and greedy bankers, it is time to write your Congressman, Senator, and the White House and raise hell.
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Old 11-30-2007, 02:56 PM
 
609 posts, read 1,876,973 times
Reputation: 230
Quote:
Originally Posted by jimhcom View Post
The news today reported the Treasury Department is putting the final touches on a agreement with the Banking industry to keep sub prime mortgages at their low teaser rates and have the tax payers pay the difference. If you do not want to be taxed to bail out people who were irresponsible, and greedy bankers, it is time to write your Congressman, Senator, and the White House and raise hell.
The taxpayers will not pay the difference. Investors will buy the paper as an investment.
That being said, why bail out the greedy or ignorant for being irresponsible.
Those of us the played by the rules, bought homes we could afford, loose again.
Sure lets reward people and companies for bad behavior. I am really tired of the ways things are ran in this country.
Whats next, bail out consumer credit, credit cards, where does this end?
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Old 11-30-2007, 03:16 PM
 
781 posts, read 3,491,310 times
Reputation: 276
Agreed......I get so angry when they, "talking heads", speak about the poor homeowners.......well, they are adults and knew what they were getting into when they bought way more house then they could afford with no money down!!!!

You hear how the buyers did not read all the small print and did not know they it was an ARM....well, whose fault is that???? The ding-dong buyer...thats who!!!!

As you can see this is my biggest "soapbox" right now......I just want to throw something at the tv when I hear these sobbing politicians rant how someone needs to help the buyers. Geez.....it was not a natural disaster...the buyers knew what they were doing.
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Old 11-30-2007, 05:07 PM
 
Location: Dallas, Texas
3,589 posts, read 2,989,669 times
Reputation: 533
Some borrowers were irresponsible, yes...but lenders also preyed on their ignorance and sometimes just flat-out lied to them.
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Old 11-30-2007, 05:26 PM
 
781 posts, read 3,491,310 times
Reputation: 276
Quote:
Originally Posted by nativeDallasite View Post
Some borrowers were irresponsible, yes...but lenders also preyed on their ignorance and sometimes just flat-out lied to them.

Okay.....but then is it someone elses' responsibility to get a borrower out of their predicament because they did not read the fine print or they signed a contract without having knowledge of the terms?

I guess I don't understand, when it is in black and white and you are signing a contract, how you can rely on anyone beside yourself. A purchase as big as a house should be well thought out and if you allow yourself to be ignorant or misled, then whose fault is that?
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Old 11-30-2007, 05:47 PM
 
Location: Dallas, Texas
3,589 posts, read 2,989,669 times
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Quote:
Originally Posted by martinez4 View Post
Okay.....but then is it someone elses' responsibility to get a borrower out of their predicament because they did not read the fine print or they signed a contract without having knowledge of the terms?
If they've been flat-out lied to and the terms of the contract weren't honored, it's not really their fault is it? Sure, most people defaulting on sub-prime mortgages are people whose eyes were bigger than their wallets or people who were just plain irresponsible...but not all of them were. Some people are genuine victims of con artist lenders.

Quote:
I guess I don't understand, when it is in black and white and you are signing a contract, how you can rely on anyone beside yourself. A purchase as big as a house should be well thought out and if you allow yourself to be ignorant or misled, then whose fault is that?
People trust financial advisers. I'm an intelligent, college-educated person who makes good money but some legal contracts baffle me. They can even baffle experienced lawyers; never underestimate a swindler.
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Old 11-30-2007, 05:59 PM
 
Location: US
3,082 posts, read 3,345,286 times
Reputation: 1629
This may be what you are talking about. I just found out about this yesterday, and haven't had a chance to research it further. www.fha.gov/hope/hnalliance.doc.


Quote:
Originally Posted by jimhcom View Post
The news today reported the Treasury Department is putting the final touches on a agreement with the Banking industry to keep sub prime mortgages at their low teaser rates and have the tax payers pay the difference. If you do not want to be taxed to bail out people who were irresponsible, and greedy bankers, it is time to write your Congressman, Senator, and the White House and raise hell.
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Old 11-30-2007, 06:25 PM
 
7,038 posts, read 6,675,353 times
Reputation: 5323
Quote:
Originally Posted by nativeDallasite View Post
Some borrowers were irresponsible, yes...but lenders also preyed on their ignorance and sometimes just flat-out lied to them.
A lot of buyers just lied. They wanted in on the game because it looked like it was no work and all profit. The housing bubble was like any other investment bubble.

"Analysis of census data for Sacramento shows that the region's homebuyers earned a median income of $84,000 last year, but the area's mortgage applications listed a median income of $102,000."

Behind the meltdown: No-proof loans fed mortgage bubble: Bloated income claims hit the vulnerable
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Old 11-30-2007, 06:55 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 20,644,651 times
Reputation: 3587
Quote:
Originally Posted by martinez4 View Post
Agreed......I get so angry when they, "talking heads", speak about the poor homeowners.......well, they are adults and knew what they were getting into when they bought way more house then they could afford with no money down!!!!

You hear how the buyers did not read all the small print and did not know they it was an ARM....well, whose fault is that???? The ding-dong buyer...thats who!!!!

As you can see this is my biggest "soapbox" right now......I just want to throw something at the tv when I hear these sobbing politicians rant how someone needs to help the buyers. Geez.....it was not a natural disaster...the buyers knew what they were doing.
Actually lots of them did not know what they were getting into. You ever try to read mortgage papers? Many lawyers cannot even figure some of them out! And everytime efforts have been made to simplify the statements, the lenders have opposed them with all their might.
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Old 11-30-2007, 06:59 PM
 
609 posts, read 1,876,973 times
Reputation: 230
I have no sympathy for the buyers or the lenders. The buyers should have been smarter, the lenders should have been more ethical and less greedy.
They need to all deal with their own mess and not have other pay for their mistakes.
Yes mad a hell.
I think I may quit paying my mortgage and see if I can get a better rate when they show up to bail me out. Snow balls chance in hell.
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