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So your counter-argument is that because the country already did one wrong thing in bailing the banks out, that we should double down and bail out everybody else, too?
Weak argument.
It is actually a sensible argument. That debt needs to be destroyed, because it is what is holding our economy back.
Is it fair? No, but then, neither were bank bailouts.
Quote:
BTW, the banks paid back their TARP funds, with interest.
I have the perfect remedy for those who aspire to be the member of the Handout Class:
For once in your life, take a look at an Amortization Schedule and see for yourself what it will really mean for you, your family, and your future by planning ahead. You get to avoid all of that interest paid to the banks that you hate if you focus on being a real, productive, and prosperous citizen. You should aspire to nothing less. And you'll have more money in your pocket by being a good planner.
Don't wait for me to bail you out. Bail yourself out by performing your due diligence at an early age. Stop the Revolving Door of Worthlessness™ that your upbringing afforded you. An Ammortization Schedule should totally scare the schit out of you.
I know what an amortization schedule looks like, and that has exactly zero to do with the issue.
Why do people like you (Conservatives) have so much more rage toward the borrowers, than the bailed out creditors? Do you work for a bank or something?
Whining about Obama wanting to help out homeowners with 1/30th of what Bush & Obama "helped out" the big banks is ridiculous. That's what I'm saying. And it isn't an argument. It's an observation.
Obama did vote for the same thing Bush put his signature on.
Also of note: His "Well, this won't help an irresponsible buyer because they'll have to be current on their mortgage" angle Obama is trying holds no water, because everybody knows these homeowners will just negotiate a "payment forgiveness" plan with the bank by which they will magically "become current" on their notes without paying a cent, all so the banks can get out from underneath the burden of these slugs.
It is actually a sensible argument. That debt needs to be destroyed, because it is what is holding our economy back.
Is it fair? No, but then, neither were bank bailouts.
So YOUR argument is that because these people are "holding our economy back", that we should just go ahead and give them stuff to bring them back up with the rest of us instead of letting the banks evict them all and set us back on the right path? There's a brilliant theory.
so refinancing a loan at 4.25% is something for nothing?............
It is under Obama's proposal that the taxpayer's pick up the tab via paying higher bank fees, yes.
Once again Obama thinks he is king and interjects the federal government into contracts in which he does not have an interest. Furthermore, have you considered why he wants to level a "fee" for this onto banks? It is because the FHA mortgage program is close to bankruptcy itself, just like Fannie & Freddie. Wait until he calls for the taxpayers to bailout the failed federal mortgage lending triangle.
Yes indeed, something for nothing describes it perfectly. Another wealth re-distribution scheme.
No matter what side of the Bush / Obama blame game you are on, it makes no sense to continue throwing good money after bad - just to bail out greedy idiots.
I know someone who was saving to buy a house (no, it's not me - I already owned property). Then the housing boom happened. She kept saving and saving, but housing prices exploded at a rate that far exceeded her saving capability, to the point that as time went on, the farther she was from actually being able to purchase a home responsibly. So she rented. And rented. And rented. And then rented some more. Meanwhile, everybody around her bought up houses. They didn't have any money. They weren't saving. But they were still becoming homeowners. They were taking subprime loans. They were signing up for 2 year "interest only" ARM's that would result in monthly payments after that 2 year period which was more than they would ever gross pre-tax in 3 months. They were signing up for mortgages that had huge balloon payments they would never be able to pay unless the housing prices went up enough for them to take out yet another loan on the property. Then they'd use those houses as ATM machines to go out and buy 2 German cars and a boat and an RV and some new furniture because, hey, the house will always be worth more than they owe, right? My friend? Didn't get a boat. Didn't go on a vacation. Bought a used car. No RV.
Then the housing market collapsed. Prices started to fall back down again, but kept getting artificially propped up by the government as the politicians scrambled to make it look like they were saving the day (when all they were doing was making things worse). The "show me the note" movement started, and foreclosures came to a grinding halt. These same people who knowingly took on bad loans because they just "had" to have a house that was "always" going to go up in value were now trying to claim they were the victim. Fast forward to today, and many of these people are nothing but squatters. They haven't made a mortgage payment in YEARS. They've been living, rent-free, in a house they never deserved in the first place. It's "not their fault" that they didn't do simple math to see what they could afford, or that they didn't pay $400 to have a lawyer look over their mortgage and explain it to them. And if they weren't smart enough to do that, the argument is that it's "not their fault they lacked education".
And Obama's solution to all this? It's not to have people take responsibility for their actions, or to convert these people to renters, which is what they should have been all along. Oh no, it's to ask people like myself, my friend, and every other well-adjusted taxpaying American to open our wallets and GIVE these people money so that they can keep their ill-gotten gains (both the house AND the stuff they bought with money they extracted from the house), so that the housing prices will remain artificially high, and to reward these slugs for their horrendous decision making at the expense of those who are responsible with their money.
Enough is enough. These BUMS (yes, bums) need to be kicked to the curb and taught that life doesn't always give you a mulligan, and that it's not everybody else's responsibility to save you from yourself. Some extreme liberal will undoubtedly start in with some anecdotal sob story about medical bills or losing a job "through no fault of their own", but the end point is the same: The VAST majority of these squatters simply took on more than they could chew, and now want saved.
Meanwhile, if something like this goes through? My friend? Still gonna be stuck renting (well, possibly. I imagine this person could probably buy at this point, but still), still going to be punished for being responsible.
No more. I'm TIRED of carrying my weight and theirs, too. It's time to cut the cord and have these people learn about life.
Very well put. This is the type of story that needs to be printed and mailed directly to the President and Congress. This is what has happened in America. And it will be the death of us.
I know what an amortization schedule looks like, and that has exactly zero to do with the issue.
Why do people like you (Conservatives) have so much more rage toward the borrowers, than the bailed out creditors? Do you work for a bank or something?
It has everything to do with this issue. How many of these failed borrowers know that they would have paid double for the houses they financed? Had they looked at the Amortization Schedule, there's a high probability that a decent percentage of those people would have been scared straight.
Why do you make excuses for ineptitude? We already have plenty of that coming from Democrats and the President. We don't need any more citizens crying foul over a problem of their own making.
So YOUR argument is that because these people are "holding our economy back", that we should just go ahead and give them stuff to bring them back up with the rest of us instead of letting the banks evict them all and set us back on the right path? There's a brilliant theory.
It comes from the same line of thinking of giving everyone a trophy for participating; only this time just those who want/need to refinance their "underwater" homes get trophies while those who have paid off their mortgages get the bill.
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