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you do realize that people where basically lied to when they bought there houses right? Could you afford your mortgage if it triples next week? Oh yeah thats right though we gave banks what 7 billion dollars so they won't fail but screw the hard working family that got coned.
B.S. lenders and realtors explain what ARMs are to their clients. Clients make bad choices anyway thinking it will be easy for them to re-fi because they just know that their house value will magically go up as the equity fairy gives them something for nothing in their 0% down mortgage.
They were not lied to. They failed to listen and they failed to READ the terms of their mortgage before signing it!
And we wonder why Congress doesn't read the bills before they vote on them? Because they are from the same population that doesn't read a purchase contract for a home or the mortgage before signing it!
And we wonder why Congress doesn't read the bills before they vote on them? Because they are from the same population that doesn't read a purchase contract for a home or the mortgage before signing it!
When we're signing contract documents, and we come to a section of small print and the salesman says, "Oh, don't worry about that. It means nothing. It's just standard, it's in every contract," we say, "oh, OK", we cross it off, put N/A in the margin, initial it, and ask him to do the same. I've seen some interesting expressions on faces.
A frenzy of fraud was perpetrated by unregulated private mortgage brokers, by friendly property appraisers, by Wall Street investment banks, by bond rating services, and by inattentive government regulatory agencies. If you are looking to place blame for this situation, even the worst of individual borrowers comes way down the list...
There are no irresponsible borrowers. Only irresponsible lenders. The lenders who made these smoke and mirror loans should suffer consequences too. They should have been allowed to fail. But they were not. So fair is fair. Help the borrower too. Actually it would be SMARTER for many borrowers to just walk away from their mortgages anyway. Don't keep paying on a loan for something that is now worth 1/2 what you paid for it.
I can understand your argument. My only retort would be that I didn't buy my house as an investment, I bought it as a place to live. Now if the value went down so much as to encourage a bad element to move in next door then that would concern me a great deal.
Disagree. We've bailed out the banks & the Prime rate is very low. Who is making out here? the banks on our tax dollars. What should have been done is to reduce interest rates across the board which would have cost zip and put money in peoples pockets. It wouldn't have to be drastic, go from 6.75% to 4.25%, the home owner now has a few more hundred a month to spend, the banks still make money and people in some cases get to keep their homes. The programs to help homeowners are cumberson, ineffective and IMHO a delay tactic used by the bank that doesn't want to help anyone anyway in reality.
B.S. lenders and realtors explain what ARMs are to their clients. Clients make bad choices anyway thinking it will be easy for them to re-fi because they just know that their house value will magically go up as the equity fairy gives them something for nothing in their 0% down mortgage.
They were not lied to. They failed to listen and they failed to READ the terms of their mortgage before signing it!
And we wonder why Congress doesn't read the bills before they vote on them? Because they are from the same population that doesn't read a purchase contract for a home or the mortgage before signing it!
right and all those real estate agents and bankers are honest and straightforward right?
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When we're signing contract documents, and we come to a section of small print and the salesman says, "Oh, don't worry about that. It means nothing. It's just standard, it's in every contract," we say, "oh, OK", we cross it off, put N/A in the margin, initial it, and ask him to do the same. 
I've seen some interesting expressions on faces. 
