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If it allows folks to keep a sub market interest rate for their most significant financial asset, at the expense of those holding the notes, how should it be labeled?
A bail out is government funding. It is not the case
This legislation is for Owner occupied (not investor). It allows notes to be bought and sold. The interest rates can be - "CAN BE" frozen (you should read the "voluntary" section). And, it is for a rather short period of time - It would ask that a rate not be raised beyond current market (around 6) versus 15% -
I haven't followed the topic much at all, but just knowing basic stuff about politics makes it obvious why Bush would do such an anti-conservative "free hand outs" "government involvement in the economy". Home owners far more often vote Republican. The more homeowners, the better - regardless of the economic and environment costs.
Quote:
Originally Posted by Greatday
Here is an alternative: Not enact this freeze. Let homeowners be foreclosed upon and be put out in the streets.
Now, who is going to benifit from this?
I'm sure they can rent an apartment. Americans on average own homes that have twice as much space per person as just a few decades ago. Surely they could do with some downsizing. They're spoiled, materialistic Americans!
I'm sure they can rent an apartment. Americans on average own homes that have twice as much space per person as just a few decades ago. Surely they could do with some downsizing. They're spoiled, materialistic Americans!
Let's see: I have Mom, Dad, three kids, a dog and a couple of goldfish.
Let's put them in, say, a 800 sq ft, 2 br Apartment - or, is 800 sq ft too much space?
Here is an alternative: Not enact this freeze. Let homeowners be foreclosed upon and be put out in the streets.
Now, who is going to benifit from this?
EVERYONE!. First, lenders will learn from their mistakes and not give hundreds of thousands of dollars in loans to deadbeats anymore. Second, irresponsible deadbeat buyers will learn not to bite-off more than they can chew. Third, responsible home buyers will see home prices fall back down to rational, realistic prices that are more in tune with current salaries. Fourth, it would signal the world that we have not gone completely crazy and that speculative, irresponsible behavior is not rewarded here. Fifth, it would help bring back the concept of a home as a place to live & raise a family, not as a get-rich-quick scheme. Sixth, it would avoid responsible people like myself (and many of you I'm sure) from having to pay out of our own pockets to cover the losses of other peoples greed. Seventh, it would help avoid the current phenomenon of having multiple families living in single-family homes just to pay the outrageous mortgages they've assumed. This overcrowding is an increasingly more visible nationwide phenomenon that has severly affected (negatively) the quality of life in many previously nice areas. Eighth, it would help prove that the US is not a socialist country that takes from one to give to the other. Talk about Chavez!. Ninth, it would help convince foreign investors not to dump our currency and sell-off all our securities overseas. Tenth, it would help ease the outrage & contempt that many of us responsible people are starting to feel towards our authorities and leaders.
What do you think people lived in 50 years ago? 3500 sq ft McMansions?
MOST houses were 1200 sq ft or less.
I cannot believe what I am reading here.
Lifestyles have changed over the last 50 years - or, didn't you notice.
There were few televisions - few swimming pools - mom stayed home while dad worked. The family had one car -
There were few soccer leagues - few little league teams. No pop warner.
Kids (of same sex) shared the same bedrooms back then.
Today, there are the swimming pools - there are all the activities with the Kids. Often, households are joint careers. Each child has their own bedroom
The average home has 2.3 cars.
Square footage of the average home has gone up too - Heck, 2000 sq feet is considered small by some. There are couples, with no kids, who have 3500 sq feet -
Times change
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