Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't know what the right answer is either. There's such a mixture of greed and ruthless people among the truly victimized people who got scammed into buying homes they could not afford.
I don't know how the gov't can possibly fix this.
Scammed into buying a house?? How exactly does that happen??
Scammed into buying a house?? How exactly does that happen??
To many people this was their first home..qualifications were lowered enough that they qualified for teaser loans (ARMS). I'll wager that they couldn't afford to hire a real estate attorney to advise them. If they did not use a buyer's agent, they relied on the realtor who works for the seller.
This is along the same lines of how retired folks get scammed out of their life savings. Yes..I agree that if it's too good to be true it probably isn't.
I see what youre saying about abandoned houses house values going down,but I for one dont have a problem mowing the empty houses lawn if it makes my neighborhood look better,I just get angry when I see people acting like this over something their own stupidity or lack of knowledge put them in ,If we bail them out they will learn nothing,on the other hand banks dont deserve a bail out either but they"ll probably receive it ,to keep the economy from collapsing,I dont have the solution either I"m just ranting.The only thing I notice more everyday is there is truly a small number of REAL victims.
I see what you are saying but not everyone can be smart like you and I. I still can not blame the home buyers....maybe a little bit.
I dont want to see a bail out but there must be another way.
But, why do people get mad at a government bail out for the people stuck with these homes yet not one person has complained that the govt bailed out Bear Sterns, which is basicly a bank. Banks are our enemy. I say let them fold. Just like the govt should have done with Chrysler. Letum fold. Now that is one dangerous car that should not be on the road but the govt bailed them out too.
But dont bail out the citizens of this country who pay the exorbitant salaries of these clowns.
Look. I hate this government more then even the muslims do. Way more. But I do feel the govt has some responsibility to fix things no matter who broke them. It is for all of our own good afterall right? I would like to see them come up with a plan. What - I have no idea but I dont get paid a million dollars a day like they do to come up with plans.
Some of these people don't want to be bailed out. They owe more than the house is worth. They want their mortgage reduced to reflect the lowered value of the house.
Do you think that is fair ?
I just thought of something else.
Do we think it is fair to lower some ones mortgage to reflect the lowered value of their house you ask?
Well that reminded me of something. You may remember in the news that many builders are lowering the prices on their new homes. Especially Pulte who is currently being sued by many home owners because of it.
People are fighting mad that they all paid $500,000 for their house and now the builder drops the price to $400,000 for the same exact home.
You can not blame the home buyers totally who got these teaser loans or what ever one wants to call them. The average human being who has a carrot dangled in their face when they wanted to eat it would bite, even if they are not hungry.
Yes you can, it's called being an adult and taking responsibility for your actions.
I bought 2 years ago, and guess what? They dangled all those low interest adjustable loans in front of me with payments half of what I'm paying on my fixed loan. We were first time buyers in our 20's, just married and starting out. At the time, we were stretching it really thin to take the fixed payment.
Guess what? We didn't take the shady loans. It's pretty much common sense to figure out that with a fixed loan, we'd be paying the same payment no matter what for the rest of the loan.
Why should these people be bailed out for being irresponsible and taking too good to be true offers, while I pay my regular loan? Are they going to reduce my interest rate too?
Scammed into buying a house?? How exactly does that happen??
They showed a woman on GMA the other day who was fighting to keep her house. She made $50,000 a year and bought a $400,000 house and then she acts surprised and blames the bank when she finds that she can't afford the payments, so she went after the bank to get the payments lowered.
I guess my parents were wrong when they raised us to take responsibility for our own actions. Apparently stupidity and a lack of responsibility actually DOES pay!
I'd LOVE to have my payments lowered, where do I sign up?
Oh wait, I got a responsible loan. Crap. So the people who lived beyond their means will get rewarded super low interest while I plug along with my regular loan.
Maybe I should try to refi into some crazy ARM while the going is good!
Well I certainly don't give a carp about any of these people losing their homes. But I'm really concerned about all the people at the brokerage firms who lost their "master of the universe" jobs with the big salaries, bigger bonuses, benefits, etc, etc.
Just because these people lied, cheated, cooked the books, got the underwriting firms to back up their lies and then had the company collapse around them. Why, oh why should these people suffer?
Some hard hearted people think that the whole house of cards needs to be backed up. The ill gotten gains restored to the company and the outside stockholders made (at least a little bit more) whole. What is the USA coming to when cold blooded politicians, so anxious to buy the votes of the gullible, can't afford just a little bit of welfare for the rich?
Don't you know that the greatness of the USA rests upon it's "compassionate conservatism"? If we can't provide a little security blanket under the millionaires what kind of heartless nation are we?
I remember when Bush said; "I refuse to balance the budget on the backs of the rich". Good words, then, good words now.
golfgod
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
