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And, it's only "part 2" that's coming under scrutiny????
Let's see...
I've been keeping up my mortgage payments except for seven months ago when the hard-drive on my computer died. That payment got to them a little less than 24 hours late. Since then, I've been keeping up until they sold the house to someone else and I'm out on the street. Now, I've got "FORECLOSURE" on my credit report, I've been having trouble finding decent housing, and all I get for that is $2,000? Is that what they are telling me?
And, in spite of the fact that they are the ones that screwed up, we have to bail them out again? Insult on top of the injury?
How about we just send them an "R. I. P." and let someone else, with a bit more common sense, take it all over.
obama did not create this housing mess.
These banks should be paying the piper.
I could careless whether you take me seriously or not, but perhaps if you could hold an on topic conversation without the juvenile name calling you would have something with some weight and validity to offer.
They all contributed to this mess. Clinton repealed Glass-Steagall with in a bipartisan maneuver to allow banks to speculate without any boundaries. The cash ratios went from 10-1 to 30-40-50 to 1, which caused the banks to become filthy rich on paper. When it all came crashing down both Bush and Obama took OPM (ours) and gladly handed it to banks, both foreign and domestic. Currently, with record profits from the banks they throw out this paltry $25B bone as some kind of repayment for the massive trillions they stole from people. The same people will now be charged to pay themselves. What a stroke of brilliant deception this scam is.
They all contributed to this mess. Clinton repealed Glass-Steagall with in a bipartisan maneuver to allow banks to speculate without any boundaries. The cash ratios went from 10-1 to 30-40-50 to 1, which caused the banks to become filthy rich on paper. When it all came crashing down both Bush and Obama took OPM (ours) and gladly handed it to banks, both foreign and domestic. Currently, with record profits from the banks they throw out this paltry $25B bone as some kind of repayment for the massive trillions they stole from people. The same people will now be charged to pay themselves. What a stroke of brilliant deception this scam is.
Glass-Steagall needs to be reinstated immediately.
Location: Democratic Peoples Republic of Redneckistan
11,078 posts, read 15,037,497 times
Reputation: 3936
Quote:
Originally Posted by Chromekitty
(MoneyWatch)* U.S. taxpayers may be on the hook to bail out big banks -- again. The Financial Times is reporting that taxpayers will subsidize a large portion of the $25 billion mortgage settlement, which was broken down into two distinct pieces:
I don't like the idea of paying banks to write down mortgages for those who are upside down. That's like rewarding risky behavior.
In any case, what about those people who HAVE been paying their mortgage payments on time, yet have seen the value of their house drop too? Paying banks to reduce mortgages for those in trouble is like penalizing those who have been responsible.
Location: Democratic Peoples Republic of Redneckistan
11,078 posts, read 15,037,497 times
Reputation: 3936
Quote:
Originally Posted by stillkit
I don't like the idea of paying banks to write down mortgages for those who are upside down. That's like rewarding risky behavior.
In any case, what about those people who HAVE been paying their mortgage payments on time, yet have seen the value of their house drop too? Paying banks to reduce mortgages for those in trouble is like penalizing those who have been responsible.
THANKFULLY I have not had to finance any of our homes,but if I had I would be enraged over that issue as I'm sure millions of responsible folks are.
Let the banks crash and the idiots who were making $30,000 a year but financing a $500,000 house crash with them imho...it's an evolutionary cleansing that's needed anyway....let the stupid learn even if it's the hard way.
THANKFULLY I have not had to finance any of our homes,but if I had I would be enraged over that issue as I'm sure millions of responsible folks are.
Let the banks crash and the idiots who were making $30,000 a year but financing a $500,000 house crash with them imho...it's an evolutionary cleansing that's needed anyway....let the stupid learn even if it's the hard way.
On the face of that, I'd agree. However, an exception should be made for those who are behind through no fault of their own. I don't see the justification for allowing the guy who lost his job during the recession to be tossed out onto the street right alongside the guy who bought a McMansion with the idea of flipping it and got caught in the downturn.
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