Originally Posted by tkemery
when people are buying homes or cars they cant afford or when they are charging up their credit cards that they cant afford, why should we pay for it.
we shouldnt, but we are. now if the fed regulated the terms of the loans they gurantee we wouldnt be in the position we are in now. its that simple. the government shouldnt make me pay for bad loans THEY APPROVED. So at the end of day I blame the government for insuring the loans and we need to make them change their policy because i know we can't stop dumb people from doing dumb things. The FED enabled these idiots!
Obama himself said we neeeded to help people who bought homes they could not afford.
listen, if someone can be helped a bit and gets to keep their home i'm all for it. If they lose their home they just become a bigger strain on our tax dollars and that doesnt do any good. If the fed cant help someone because they are totally upside down in the loan and there is no hope then its going into foreclosure and the area's value continues to unfortunately decline.
It makes economic sense to help keep people in their homes IF THEY CAN.
Banks needs to step up (with alittle prodding from the FED) and re-work those arms to keep people in their homes.
Whether we agree that the loans should not have been approved, did the lender twist the arm of the individual and MAKE them take those loans?
No the gov didnt. but lenders were enabled by the FED and they in turn enabled consumers with interest only, arms, neg-am mortgages, and "liar" loans.
listen, if a bank and a consumer want to enter into a bad loan thats their business but if the bad loan is enabled by the FED it becomes our business and the FED was asleep at the wheel on this one.
Obama's position is fair.
McCain calls us whiners and thinks the market will fix itself. It probably will but how many of US are going to get buried b4 this correction.
the FED reforms need to ease the pain NOW. they just cant bail out the lenders who originated bad loans or speculators that purchased portfolios saddled with these sub prime loans of which they are now writing down the asset and posting huge losses.
wall street is to blame as well because they rated many of these portfolios high knowing full well they were over valued.
all the books were cooked and then the arms started adjusting and the foreclosures began.
this whole mess is so much larger then the consumer.
thats why they are going to prison.