Middle Class ready for another squeeze (credit, refinance, short sale, consumer)

[Jorge Camargo]

I have been perplexed, dazed and confused about the going on in the industry. We have a bill that is utterly useless to most people because all the subprime mess. The qualifications are nill in comparison to the middle class working people because it is going to be almost impossible to refinance under the new bill. Short sales are going to be hard because the greed of our finacial institutions will not give the average joe a break. You sign you pay.... We chalk it up as a loss and you will be homeless. Responsibilities should have been garnered when they were making nina, stated and payoptions. Now that the market is resetting in values we are seeing the beginning of whats to become worse. Crazieness

[Dee74]

That is because this bill was not designed to help home owners. It was designed to bail out the very folks who are bringing down our country due to their greed, Mr.Paulson and all his pals from Goldman Sachs who now run Wall street. This and any other "bills" coming along will not be for main street. This is the gutting of what remains of the "middle class".

[jamesandveybe]

Good words, Jorge, it's called responsibility. Socialism is the antithesis of that notion.

[rcarrillo]

Originally Posted by Dee74

That is because this bill was not designed to help home owners. It was designed to bail out the very folks who are bringing down our country due to their greed, Mr.Paulson and all his pals from Goldman Sachs who now run Wall street. This and any other "bills" coming along will not be for main street. This is the gutting of what remains of the "middle class".

You give the government too much credit on this bill. It likely won't even "bailout" the banks... it is just good show to win votes come November, just like most of the energy plans Congress passes.

The bill does have a few good points (discussed in other threads) and some worrisome ones. Big business does have an influence on the bills, as do consumer protection organizations... but by and large they are just pretty sounding words that sound good on the evening news.