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Worse thing that could be done. People were and are adults. Can't make your payments, then lose your home. Wrong to help any homeowner out since they put themselves in the position they are in.
BTW, I was also against Chrysler getting bailed out. It is not the job of the government to bail out stupid and ignorant people who think that contracts mean nothing to them.
The homeowners should have to pay their payments. This is ridiculous, to say the least. The mortgage companies should also have to pay for the way they have set people up but people should read their damn contracts. What the hell do they think ARM stands for anyway? Government should stay out of it no matter what.
Worse thing that could be done. People were and are adults. Can't make your payments, then lose your home. Wrong to help any homeowner out since they put themselves in the position they are in.
BTW, I was also against Chrysler getting bailed out. It is not the job of the government to bail out stupid and ignorant people who think that contracts mean nothing to them.
YOU need to read the details of this plan, MOD CUT. The bill DOES NOT bail anyone out. You must be current on your payments and stay current. This will only prevent your interest rate from going up thus causing the payment to go us. If you don't make your payments; no fixed interest.
Sheesh. Read and understand first. MOD CUT
Last edited by NewToCA; 12-05-2007 at 06:58 PM..
Reason: rude comments
Location: By the sea, by the sea, by the beautiful sea
68,279 posts, read 54,049,347 times
Reputation: 40566
Quote:
Originally Posted by Rggr
I agree that there are big problems with the healthcare system, the specifics of that are a different thread. I agree with your point on buying the house too.
It's just that some of the home loan deals I've read about don't seem much different than lending an 18 year old making minimum wage the $$$ to buy a $100K Porsche, seems like a pretty damn stupid deal on both sides, I have a lot more sympathy for those facing a serious illness through no fault of their own.
YOU need to read the details of this plan, MOD CUT. The bill DOES NOT bail anyone out. You must be current on your payments and stay current. This will only prevent your interest rate from going up thus causing the payment to go us. If you don't make your payments; no fixed interest.
Sheesh. Read and understand first. MOD CUT
Sheeesh....are you telling me that the idiot homeowners didn't know what ARMs were? They knew of the chance of the interest rates going up. That is why they are called teaser rates. Let them file bankruptcy and learn from their ignorant mistakes.
It is not up to the government to do anything to help people out, whether there is money involved or not. The people need to learn from them being so stupid as to get loans like they did. I always read contracts before signing. Why in the hell didn't they?
If the government is going to make sure that the interest rates don't go up then it is a bailout and they have no right doing it. There might be no money passing hands but keeping the interest rates level is screwing around with mortgages and is still a bailout. MOD CUT before showing yourself to not understand about how bailouts don't always have to be about money passing hands.
Last edited by NewToCA; 12-05-2007 at 07:00 PM..
Reason: keep to subject
There was a huge amount of mortgage origination fraud taking place at the end of the boom. Multiple homes being bought with questionable mortgages by the same investors. Nobody was checking whether multiple loans were being taken out, else they were lying on the applications. It was a rigged game from the outset. The Fed and Wall Street did this to themselves by not having any meaningful rules or regulations over the industry.
It's just that some of the home loan deals I've read about don't seem much different than lending an 18 year old making minimum wage the $$$ to buy a $100K Porsche, seems like a pretty damn stupid deal on both sides, I have a lot more sympathy for those facing a serious illness through no fault of their own.
Exactly!!! They all deserve to lose because they were all trying to act like they could buy more than they could afford.
Location: By the sea, by the sea, by the beautiful sea
68,279 posts, read 54,049,347 times
Reputation: 40566
Quote:
Originally Posted by ParkTwain
There was a huge amount of mortgage origination fraud taking place at the end of the boom. Multiple homes being bought with questionable mortgages by the same investors. Nobody was checking whether multiple loans were being taken out, else they were lying on the applications. It was a rigged game from the outset. The Fed and Wall Street did this to themselves by not having any meaningful rules or regulations over the industry.
Isn't fraud something that should be prosecuted rather than protected?
Isn't fraud something that should be prosecuted rather than protected?
It will eventually be prosecuted but I don't hear about too many GOP U.S. Attorneys busting their humps to do so. It's against their political philosophy to prosecute business people in a wide swath. It will require a change of administrations to get the job done.
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