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mike o asked:
Do they privately know bailing them out won’t do them any good in the long run?
Do they privately know bailing them out won’t do them any good in the long run?
Tags: Foreclosures, Long Run, Politically Correct
September 24th, 2007 |
Tags: Foreclosures, Long Run, Politically Correct
September 25th, 2007 at 7:25 pm
consider this as well:
the lenders that offered 0% down and artificially low interest rate for the first few years of home loans make huge profits over the last 10 years. now that their bubble has burst they stand to lose millions and some are looking at bankruptcy. they knew that they were making loans to people that either had bad credit, no credit, or were too poor to pay. they made a risky investment, made out like kings for a few years, and now they stand to lose on those same risky investments that made them rich.
so why are/should we bail THEM out?
September 27th, 2007 at 1:22 am
Most of these homeowners were lied to when they got their mortgages. They were told they could refinance after two, three or five years. In most cases this was not true, even with perfect payment history, banks were unwilling to change their high interest mortgages for a lower one.
My question is way did they allow these banks to continue to operate and prey on the working class.
September 27th, 2007 at 8:53 pm
No. They can’t bail out the mortgage companies directly so they’re trying to save their pals and face at the same time.
September 30th, 2007 at 6:03 pm
The help will not be enough, this crisis is spreading to Europe.
October 1st, 2007 at 7:19 am
In some cases, the home owners were at fault. After all, no one held a gun to their head. However, you can’t excuse the predatory lending practices that were conducted, as the first post points out.
The government has an interest in containing the problem, by helping the people that face foreclosure they simultaneously help the lending industry that is partially to blame for the problem.
October 1st, 2007 at 10:56 pm
I predicted this 5 years ago when everybody was running around San Diego buying up 4000 square foot track homes for $600,000 at $0 down and interest only payments for the first five years. I warned family members and friends who were all jumping on the mortgage banking business bandwagon that they might want to think twice. Well, here we are 5 years later and now all these people are whining and complaining that their house payments just went from $2500 a month to $4900 a month? THEY KNEW THIS GOING IN WHEN THEY SIGNED THE LOAN! So why should my tax dollars bail them out?
October 2nd, 2007 at 10:23 am
Government being politically correct. That’s funny.
So who’s fault is it? Those greedy banks? Foolish borrowers? Both?
October 3rd, 2007 at 7:48 am
Evidently not and that’s what is wrong with this country, no one has to ever assume responsibility and expects the goverment to always bail them out. This is only going to reinforce this idea! I think it’s a generous gesture and will help this sagging house issue but not the right one!
October 5th, 2007 at 2:25 am
Typical these days, unfortunately. No one really has to worry about screwing up - the government is more than happy to spend *our* money to bail them out.
Hell, I want a new home - anyone out there feeling generous? Didn’t think so!!
October 6th, 2007 at 1:39 pm
Lenders lied to folks getting mortgages. Lenders knew risks of 105% mortgages, homeowners by abnd large were sheep being led to a shearing.
October 9th, 2007 at 2:18 pm
They don’t need to bail anyone out.
That will just serve to make even more people make bad decisions.
They do need to go after predatory lenders, but if you buy a house that you know full well you can’t afford, and take out a mortgage with a variable interest rate - which suddenly skyrockets, then you need to lose that house - and have a huge black mark on your credit.
People need to learn to take responsibility for their actions - that way the next time, they will be smarter.
October 12th, 2007 at 2:57 am
These people were largely misled–in some cases, blatently lied too–to suckeer them into thesepredatory mortgages.
But, as usual, the self-righteous neoconswant to blame the victims.
This aid does not go far enough. There should be a ban on any foreclosures of these “variable-rate” mortgages–and the companies should be investigated. Quite of their managers belong in jail for what they’ve done.
October 14th, 2007 at 9:53 am
We must bail them out for our President Bush’s Legacy to try to salvage his Bush Ownership Society. It is turning into the Bush Foreclosure Society. If the cracks in our levy break before the Dems get in and take the blame our President Bush could be seen as another Herbert Hoover.
October 15th, 2007 at 12:08 am
The lenders and the borrowers should have to live with the consequences of their actions.
The lenders for their greed.
The borrowers for their irresponsibility.
The government just wants to avoid an economic catastrophe.
October 17th, 2007 at 2:58 pm
any homeowner having a problem with impending foreclosure can file a bankruptcy and save their homes. There is always a way.
October 18th, 2007 at 9:22 am
Its not about bailing out the homeowners at all. Its about bailing out the bankers who made the bad loans. Just like the savings and loan fiasco. The American taxpayer will pay through the nose because we can’t have the multi millionares on Wall street losing money. Wouldn’t it be great to be able to go to the track and know if you bet wrong that the American taxpayers will bail you out.
These bankers made these loans and they should be forced to take a lose. A serious lose. Bailing them out is wrong and it will just compound the problem.
October 18th, 2007 at 3:01 pm
I think this is being done to try to shore up the economy. If these folks default and the loan companies go under, it will be bad for the ecomony. Bush thought he would look like a hero and help his cronies in banking in one fell swoop.
October 20th, 2007 at 9:24 pm
The government isn’t doing this to help the people who are facing foreclosure. They are doing it because there are so many of them that it will cause widespread bankruptcy among the lenders and also radically effect the stock market here and abroad.