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Biden said it in the debate, that they'd get banks to reduce the principle people owe ... right Joe, I'm buying that, ever hear of free market? And if they only reduce it on those folk in over their heads, then how is that fair to those of use busting our butts, working and making our payments ... on time. Talk about class warfare.
So tell Obiden by how much and how are you going to do it? You going to call my bank and say "Hey, reduce his mortgage debt by $50,000.00, $100,000.00" and the banks are going to say "OK what ever you say!" .. please!
If some of you people buy into these lies flooding from the Obama/Biden ticket, you're rightly deserve what you get. Look back over the years of all the promises they've made then weigh it against what they've done.
Exactly!!! The biggest mistake everyone is making is taking Obama at face value without looking into the true facts.....anyone can talk a big game but mark my words....if he is elected we won't see anything he's promised,....quite possibly even the oppostie,.....now that's scary!
He never said he'd "get banks to reduce the principle people owe"- he said he'd like to give bankruptcy judges the ability to reduce principal amounts to help people avoid bankruptcy. Let's not put words in his mouth by skipping a dozen rungs on the ladder of inference- you make it sound like they want to pass a broad, sweeping reform to reduce the principal on every mortgage in America.............
Exactly!!! The biggest mistake everyone is making is taking Obama at face value without looking into the true facts.....anyone can talk a big game but mark my words....if he is elected we won't see anything he's promised,....quite possibly even the oppostie,.....now that's scary!
Sounds like the results after most elections, regardless of the winning party, doesn't it???
He never said he'd "get banks to reduce the principle people owe"- he said he'd like to give bankruptcy judges the ability to reduce principal amounts to help people avoid bankruptcy. Let's not put words in his mouth by skipping a dozen rungs on the ladder of inference- you make it sound like they want to pass a broad, sweeping reform to reduce the principal on every mortgage in America.............
Heres a nutty idea, why don't the deadbeats that got in over there head pay their own d*** bills, I'm sick of bailing people, companies, Wall St, countries out ... and these loons on the left want to hand money out willy nilly, no I don't think so. If they're to stupid to manage their money and make their payments, then maybe they need to live under a bridge.
These people made the mistake, they made their beds, now sleep in it. Just because they lived beyond their means doesn't make it my problem ... but now Congress has with stupid Democrat pushed agenda, just did.
I'm to the point of storming Washington with pitch forks and tossing them all out.
He never said he'd "get banks to reduce the principle people owe"- he said he'd like to give bankruptcy judges the ability to reduce principal amounts to help people avoid bankruptcy. Let's not put words in his mouth by skipping a dozen rungs on the ladder of inference- you make it sound like they want to pass a broad, sweeping reform to reduce the principal on every mortgage in America.............
Thanks Bob, exactly what I was going to say. That is what Biden said - he will give the bankruptcy judges the ability to reduce principal payments - to help people not go bankrupt. Who's going to pay their bills if they DO go bankrupt?
Heres a nutty idea, why don't the deadbeats that got in over there head pay their own d*** bills, I'm sick of bailing people, companies, Wall St, countries out ... and these loons on the left want to hand money out willy nilly, no I don't think so. If they're to stupid to manage their money and make their payments, then maybe they need to live under a bridge.
These people made the mistake, they made their beds, now sleep in it. Just because they lived beyond their means doesn't make it my problem ... but now Congress has with stupid Democrat pushed agenda, just did.
I'm to the point of storming Washington with pitch forks and tossing them all out.
Yup- and in the meantime, the bank ends up with a house that they can't sell, and eventually they get enough of those that they go crying to the government that they need a $700 billion bailout. So instead of helping some people who screwed up, let's help the bank that probably wrote them the mortgage knowing that they wouldn't be able to pay for it (but figured by the time it was a problem, they would bundle the mortgages together and sell them off- they'd be someone else's problem). At the same time, we'll create a glut of foreclosed homes, which makes it harder for people who did make their payments to sell there homes.
Is this the perfect solution? Of course not- but it'd be a lot better than the $700 billion cluster-**** that you and I just got stuck with while the corporations roll along as if nothing happened.
What I heard this morning was about a bill being crafted that would allow every home buyer currently financed, regardless of their payment status, ie even folks like me who have a decent mortgage that they can afford, to refi based on 95% of current market value, with a 5.25% rate. The banks would be more stable with lower default rates, and people like me would be able to put more cash back into the economy. I came in late to the broadcast on NPR, but nothing I heard indicated it was the brainchild of either candidate. Hopefully someone here has more factual detail than I do presently, but it would be nice if folks stopped talking out their arses with opinions about something that isn't actually being clearly referenced.
The wife and I feel like idiots now for not selling our house two years ago and moving into a McMansion financed 100%. We could have used the several hundred K from the sell of our current home to put into a pool and nicely furnish our palace. I know several who did such.
It seems Biden (according to last night) would reduce our principal and make all right with the world.
I am astonished at the lack of personal accountability and responsibility that is accepted as 'normal' in today's America.
Our nation must be full of complete morons. And now the conservative planners (like us) have to pay for this disaster.
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