Mortgage

[The Mole]

In recent days we've heard of foreclosures, etc, directly related to the poor lending policies of the banking industry. The bottom line is that the government pushed the banking industry into providing these loans in order to get people into homes but look at reality. The banks knowingly gave loans to people that they knew would be unable to pay. Also these borrowers knew what they were getting into. Come on did the borrowers and banks think all involved were going to win some fantastic lottery????

 

Wait a minute !!! They *DID* win the lottery !!!! Because everyday we hear how the Fed is going to bail out this mortgage crisis on the backs of the taxpayers. Just consider this people...

That guy you know that purchased a home for 200 thou (or more) while you eek out your existence in your small, out of date home, will now be getting a break.... Give it time, it's coming.....

Smaller mortgage payments because the borrower and banks were money hungry.

 

Was this push by the Fed really a concern for families to have homes or just a phony excuse to shore up the economy with a bad outcome. I for one was looking at homes but I refuse to pay the price for a home that would need to be gutted. Yeah, I've seen quite a few of those around here. I just don't think the tax payers should be footing the bill for poor banking practices. Or there is another way to look at it.... Maybe I'll just be happy with it and in the spring visit one of those huge homes that the owner cant afford and ask to sit in for a dinner.... After all, I'm helping pay for it. Either in taxes or high interest rates, we're all paying for this economic boondoggle.

 

I'm not against anyone having a home but this is a prime example of bad business practices combined with bad government.

Consider it come election time.

[beowulf]

Why cant people point the finger where it should be pointed? The consumer.

People went out and signed their name to a mortgage they had no idea what the payments would be in 3 to 5 years and did nothing in the mean time to refinance to a known set term.

All they did was point and click their way into a new home they could not afford. Now they are expecting you and I to bail them out.

They were pre-approved and they looked at two things. 1. how much they were approved for 2. how much the monthly payment is. After that it was a mad dash to buy a house. They did not read the fine print and being lazy, ignorant, Amricans they got in over their head and now they are demanding the Government come bail them out of the mess they got themselves into. Being an election year, both parties are trying to score political points by blaming the lending institutions. Part of home ownership is responsibility. If you cant step up and take ownership of the mortgage you just signed for, then how can you be responsible enough to own the home?

I know there are certain circumstances like an injury, loss of job, and other things and that is not what I am getting at. I am talking about those new home owners that could not even tell you the name of the finance company, the payments, or interest rate.

[Guest Carney Barker]

http://www.cnn.com/2008/POLITICS/02/12/for...ures/index.html

 

 

 

Step right up and getcher free money from GWB!!!

 

Somehow this and the Great Tax Rebate of the 2008 Election Season seems uncharacteristically unRepublican of the Republicans.

 

Can you say "vote buying scam"?

[2pelo Honey]

There is fault on both sides, because often times, Bank's have to save people who don't know any better from themselves...trust me, I know.

 

There was a reason these people had to rely on subprime lending...because they had subprime credit.

 

The lending institutions were taking a calculated risk on these, and it blew up in their faces.

 

I am strongly against a Govt bailout.