I don't think we should bail out anyone's mortgage.
Posted By: You play, you pay! on 2009-02-25
In Reply to: How many think you should bail out illegal - aliens' mortgages? NM
Anyone who took out a mortgage and signed a contract to repay the loan and needs to do so. I don't care if they are illegal aliens, legal aliens, space aliens, or United States citizens.
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Why should we pay your mortgage?
Why on earth should the people who were smart enough not to jump on the bandwagon and buy a bigger house than they could afford give a 30% mortgage decrease to the people who went hog wild and spent above their means? I am not a homeowner, by choice, and I am totally against giving anyone a decrease on a mortgage that they agreed upon when they purchased their home. You make a mistake, you pay the consequences!
Mortgage
Somebody who cannot afford to buy a house should not buy a house, bedasue they do not want to lose out on the rent money.
There are people out there who buy a house, rent it out and expect the tenants to pay the mortgage. If something goes wrong, who pays the mortgage then?
Wrong speculations!
about that fixing your mortgage --
are they going to go back and fix everybody's mortgage that has already had their house foreclosed?
DH and I should get our mortgage fixed....
we have no debt but our home, have never missed a payment or been late, pay a few hundred dollars extra every month towards the principal, have never taken out a HELOC or used our equity (quite a bit) for anything and have a fantastic credit score. We should have our rate lowered below the 5% it is now for doing a great job. But no, we'll give a break to those who bought too much house, had to compete with the Jones' and who took out foolish loans to begin with.
The Mortgage Failure......
Check out the mortgage failures.
Tell me which failed more, prime or subprime
Tell me what is the rate of failures under the CRA or even Bush's ADDI (which i attack alll the time)
Once again, REALITY AND THE DATA doesn't fit ya'lls claims.
Basically what happened was.. we reformed bankruptcy laws.. so that people who ran into dire straights could not restructure.
We packaged the loans into commodity derivatives. These are sorta mirror bets on the loans. Sorta..as the same loan will be sold many times in many derivative packages.. that's why the housing derivatives are worth more than all the real estate in the US. Derivatives are actually not that bad.. when a market is stable and only has to deal with natural forces. The housing market was bubbled.. partially due to low interest rates that encouraged everyone to buy, even the rich, and partially due to the CRA and the ADDI.. which did add customers to the market (helping form the bubble was the extent the CRA and the ADDI had in this mess)
All it took was a few failures to pop the bubble..and make real estate prices drop,. and mind you, it was mainly prime loans (READ not loans given to poor people and not loans under the CRA) that failed. The derivative market.,.which like I said, is really mirrors of the same loans.. cause the defaults to explode with ten times the ferocity, because one loan could effect the price of dozens of derivatives.
Really the poor and even irresponsible people .. simply did not have the economic ability to cause this mess. Pool all their money together and waste it on hookers.. it would have zero effect without help from the rich elites and their magnifying packaged derivatives.
THE CRA and ADDI both had stricter requirements than loans you got from normal banks.. both required income data.. where many prime loans did not.. they also greatly limited you on how much home you could purchase..whereas private banks did not care if you tried to buy something you could not afford.
Don't believe me?.. Look in the phone book.. call your own housing authority - you can get a loan for 106% the purchase price of a home even today.. if you're poor enough.
Ask to hear the red tape and hoops you must go through.. Heck, it is probably easier to just get a real job and earn real money than go through the FHA.
Well, it would not have been necessary to bail out...
FM/FM had the Democrats running it not stolen it blind, and the "reform" bill the Dems passed that nailed the coffin shut.
Obama dogged and hounded by the media? Are you JOKING? Any interview he did was on the softball channels where he never got a real question...were you even watching? He would not go on Fox where he knew he would have to answer the tough questions until this week. Hounded by the press my eye...only to fawn over him. Sheesh...lol
do you think they should just bail out
what kind of solution do you propose?
we bail out ceo's ......
It's okay to pump billions into the auto industry and wall street but not into our own people?
So what happens when we bail them out?
See! We bail out the big guys and the money goes straight to the CEOs that ran the company into the ground, rewarding their incompetence! Oh, lets hurry and bail out the automakers too!
WASHINGTON - American International Group is paying out millions of dollars in executive bonuses to meet a Sunday deadline. But the troubled insurance giant has agreed to administration demands to restrain future payments.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company that has already received more than $170 billion in U.S. support.
AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Here's what happens when we bail them out: sm
AIG accepted our money after losing 60 billion, and guess what? They are paying out 167 million in bonuses. Why is this allowed to happen? How can you lose that much money, accept money in bailouts, and then have the unmitigated gall to pay yourselves bonuses? This is UNACCEPTABLE!! Out and out thievery!!
That's how the mortgage cookie crumbles!
I am still against bailing out homeowners only!
the whole mortgage thing upsets me...sm
I have a subprime mortage and have had for over 3-1/2 years, but I make my payments on time every month. I can't even get a refinance to go through with almost $40,000 in equity in the house and only needing a loan for $85,500, as I put down a big down payment when I bought the house, but if I had an ARM or was in foreclosure there are programs that would put me in a new mortgage. So, here I am trying to take care of my bills, be a productive citizen, and I get no help. Makes lots of sense don't it.
McCain's mortgage plan
Did anybody understand when McCain brought up plan to buy bad mortgages and renegotiate, etc. Would that be with the $700 billion we are already shelling out or would this be an additional $300 Billion the taxpayers have to pay. If I can get my mortgage renegotiated with the government, maybe I'll just stop paying my mortgage and get something out of this after all!
Citi is my mortgage holder too. sm
They are just downright nasty when you call, can never post things on time, and then have the nerve to call and ask me when I am going to send my check when I have my bank statement in front of me saying they processed the check 3 days before they called me.
I am with you...LET THEM ALL TANK. Why should I give ANYBODY more of my hard earned money. And that includes Obama and his "redistribution of the wealth" schtick.
Disagree. Mortgage lenders FM/FM
and sub-prime mortgages did it, along with all the money certain senate leaders got for sticking up for for FM/FM. It's called GREED.
Dear Crabby, about the mortgage
Yes, American people were also greedy, but there were predatory lenders who got higher commissions for giving out those certain types of ARM mortgages. Do you know what an ARM is? Even if people qualified for conventional mortgages, the mortgage brokers didn't offer them because there was more money in it commission-wise for them if they brokered the ARM loans. We can thank Bush and the repubs because they did not want to regulate any of this.
You really should educate yourself.
Fugget about Uncle Tom's Cabin. Is that your claim to fame? aww shucks.
I have my mortgage throught CitiCorp.....
I wonder if I will see any of that largesse....NOT. Guess you have to be on the letter head. Oh well....LOL
Do you think our government should bail out FM/FM
Just wondered what everyone thinks about this subject. I haven't seen it discussed yet and if it has been sorry. Do you think the government should bail out these two institutions and if so, or not so, why?
I heard someone on the TV today (didn't recognize the name but he's an idependent) he asked the question, so is it going to be the people who make $30K a year the ones who pay for this or the billionaires and trillionaires? I thought that was a good point.
Also I heard that one of the guys in charge (forget his name right now) made over $90 million and he isn't paying anything. I would think that if you make over $90M on this and you run it into the ground you should have to forfeit whatever you made and pay it back (but that's my own opinion).
the bail out really irks me
I think they should just let them fail and use the 700 billion or whatever it is to try and clean up the fallout from this mess. These greedy b@$st@rds need to deal with the consequences. I really don't get it. I thought you had to have mortgage insurance if you didn't have enough down. My sister has to pay for mortgage insurance, and it's highly unlikely that she is going to default on her mortgage (for one thing, she bought what she could afford). And as far a people losing their homes, well maybe they should move into homes they can afford anyway. There are nice 1-bedroom apartments in Harrisburg for $540, including utilities. Sounds good to me. grrrr....
The reason behind the bail out is
to put money back into the market. If we do nothing at all, the result is likely to be horrific. We have to do something to get money back into the market. However, bailing out these big banks and making us foot the bill is unacceptable to me. These banks and their big wigs should learn the consequences of their actions and not just walk away with a heck of a lot more money than I will ever see in my lifetime. This initial bail out is just a band-aid really. Our economy is collapsing and this bail out will slow down the collapse but there is no guarantee that it will stop it.
Right now they are debating about how to go about this bail out. Some want the bail out left like it is with us taxpayers footing the bill. Others are trying to come up with a plan to not make the burden on us and yet still get money into the market. That is why no agreement has been made.
My fear is that if we bail them out
what have they learned. They obviously won't have any consequences to their actions. We will be the ones to suffer for their greed and crimes. However, what is to become of us if we don't bail them out? I really don't know the answer to this. I am just thoroughly ticked off that our government has allowed things to get like this. Now they are sitting around crying and whining, pointing fingers, wanting special interests included in the bill, etc. I'm just so disgusted.
Is anyone actually in favor of the bail out?
I personally think that we should just let the banks fail and not save their greedy banker butts. It seems like that's the way a lot of other people feel too. I haven't heard one person say let's save their greedy banker butts. However, I'm pretty sure that congress will bail them out. If I could vote on this, I would definitely say no, no matter what consequence to myself (drop in stock, retirement and possibly the value of my home, no loan for college next semester).
Are there any average Americans out there that are for this?
bail out the world?
So we have to borrow our own money so we can bail out the world? Call your Senator.
Auto bail out s/m
Read the following report. 8-10% of total cost doesn't seem like a huge percentage for labor costs. Maybe they can't afford the big salaries and bonuses for the top dogs? About time the wealth started being redistributed. Funny I haven't heard any outrage over the outrageous salaries the top dogs in these automobile business are paid. Just whining about how much the UAW workers are paid. It's about time the working class started standing up for the working class!!!!!
Let 'em all go bankrupt. I have no doubt the idjits in Washington are way more concerned about job losses in "developing countries" than those of American citizens.
http://news.yahoo.com/s/ap/20081115/ap_on_bi_ge/auto_bailout_gettelfinger
Did you see where if we bail out the automakers - see msg
There are people that are laid off and have been laid off for years that are drawing $31 an hour to just sit in a room - they play checkers, they read, they watch TV, or they sleep and stare at the walls. It is a guaranteed thing that cannot be stopped except through bankruptcy (and they may have to pay them off even then). So in effect, if we bail out the automakers, we who are struggling to make our money in this world will be paying those people to keep sitting there!!! 
How many think you should bail out illegal
what would that matter? you want to bail them out?
nm
No need to wonder...current mortgage bank crisis...
brought to you courtesy of greedy democrats on Congress and greedy Democrats at the top of Fannie Mae. The handwriting is on the wall. This one's on you. McCain saw it coming in 2005 and the dems shut him down. Well, we are reaping what they sowed. To quote Toby Keith...how do you like them now?
Rush just said the same thing....give everyone with a mortgage...sm
something like $75,000 to pay down their mortgage.
Do you agree with him also?
Yes, slimy mortgage companies who have no oversight....they don't ask anything
just selling 'em as fast they could and packed them all up into nice little derivatives to drive up the bubble and make fast money - at our expense.
You don't mind paying for an illegal mortgage?
nm
bail out.. Amen, sam. Disgusted with
the whole dang bunch of them, for sure. As far as this bail out goes, I think those at the top who made so many millions and apparently will just go on, should be treated the same way as Ken Lay and others of Enron fame. They should pay it back, confiscate their new homes and boats or whatever they have bought, do jail time and be forced out of their elite positions. Of course, by the time congress does an investigation they will no longer be around anyway. But I do not think they should continue to give away our jobs to nontax paying people and still fall back on the age old answer of taxing us. Even my math is better than that!
Fear is that they will still collapse even after the bail out.
Hedge funds are about to fold. Derivatives which I do not understand are a whole other ballgame - They are what made the hedge fund managers millionaires - it is like betting on stocks (as one would with football) and is somehow linked to the stock market.
This site explains it well:
http://georgewashington2.blogspot.com/2008/06/derivatives-market-is-unwinding.html
What is the bank bail-out if not socialism? s/m
Maybe you'd have better luck with your employees if you gave them a raise. If you have a profit margin that allows you to give them a 25% bonus, surely a 10% raise wouldn't cause you to suffer too much.
And if we did bail out the auto industry......sm
how much is that going to cost us and where is the money going to come from?
I realize this country's economy is in the toilet at this point and people are hurting everywhere, but my question is, like I said above, where is the money going to come from (I don't believe tax increases on the wealthy are going to cover the tab) and what is going to happen when "they" call in the loans?
I think they shouldn't bail them out. They're
All those crooks in the banking, insurance/HMO industries, and most certainly Wall Street, need to be held accountable, have all of their assets seized to help pay for this, and then they should all be sent to Guantanamo Bay to rot.
If the current mortgage securities plan prevails,
come out of it all smelling like a rose. They are proposing to refinance the mortgages based on inflated appraised values that existed BEFORE the mortgage crisis, not the current lower values. In this way, the homeowners will still end up owing more on their mortgages than their homes are actually worth....they will just be paying for it for a longer term with more accumulated interest on the loan. Those terms are the ones we need to keep our eyes on and see how it plays out, but it looks to me like it is not going to make it into the next session of Congress.
BT, I am sooo with you, we also finally paid the mortgage, the cars are ours....sm
and no more credit, bad debts and loans killed the economy and Wall Street. Just providing for our 3 kids and making ends meet is the daily challenge, but we have each other and a good extended family, I so hope that the good thing that comes out of this crisis is LESS MATERIALISM in this country, back to simpler living and being happy with less!
I'd be happy if they just reduced everybody's mortgage rate to a fixed 3%. sm
Then everyone is still responsible for the debt they took on, yet they're still getting a break. It would free up a couple hundred bucks a month for me, which I could then use elsewhere to stimulate the economy. Fewer foreclosures, banks are still getting their money.
Yeah, but wouldn't it be great if they paid your mortgage?
Apparently, you have no problem with charity if it begins at "home."
445,000 per citizen is the bill for the bail outs.
And what then? The govt will own our homes and regulation will take on a whole new meaning.
This is called fascism.
Since when is a tax cut welfare? Corporate bail-outs, maybe...
corporations and plans to continue W's tax cuts for the rich in 2011. Is that welfare too? Sheesh.
And we bail out Wall St. who created this mess.....
Didja watch House of Cards? That spelled it out pretty succinctly. People were sucked into mortgages they couldn't afford, they were told they could refinance in 1-5 years and keep the mortgage payments they could afford - THEY WERE LIED TO. The bankers and Wall St. had to keep that Ponzi scheme going.......pizza delivery drivers were selling mortgages!! The more they sold, the more money they made - upwards $20,000 per month - they sucked people into refinancing to put cash in their pockets because housing values were skyrocketing.......and it all crashed down. So who did we bail out first? The banks and Wall St.............not the people who got screwed by con men. And these people were not POOR - they just got sucked into buying more house than they could afford. So, stick that in your pipe and smoke it.
Wrong. Democrats are responsible for the mortgage meltdown, not Bush....
McCain tried to tell them in 2005...Dems blocked the regulation he begged for for Fannie/Freddie. But the Dems were too deep in the pockets...Franklin Raines, Jamie Gorelick, James Johnson, Timothy Howard...all democrats, all walked away from fannie Mae with golden parachutes of millions...and we are left holding the bag. Fannie contributed more to Chris Dodd, Democratic head of Banking and COmmerce committe than any other senator in the past 20 years...followed closely by Barack Obama, who has only been IN the senate for 2 years...you do the math and follow the money. Democrats largely responsible for this. ANd you want to put one in the white house. Who wants to raise taxes in this financial crisis. What part of collapse of the economy don't you...and Mr. Obama...understand?
While I have to admit that the Republicans started this whole bail out thing...
I really thought we were going to get change with Obama. I didn't vote for him, but this isn't just a continuation of the same old mess, this is adding on to it. You can't blame all of the dems for it, either - there are a couple of repubs signing on as well. I'm pretty sure that this isn't what those who voted for Obama signed on for.
All I can tell you is be sure to write your congressman about this - if you need email addresses or such, go to Congress.org - there's a place to put in your zip code and it gives you the names of all of the reps from your area. Doing that is a much better outlet than attacking each other on this board.
Excellent idea. I'm also charging up my cards, so I hope you bail me out! SM
But wait. If I bail you out and you bail me out and we bail out AIG and the government bails out mortgage-skippers and China bails out the US and...somebody tell me again, where does all this money come from? It's all so confusing.
McCain has fogotten the stock market crash, mortgage/credit crisis,
unemployment rates, job losses, stagnant wages, rising prices in gas, food, health care, etc, etc, etc.
Foreign investors. China and Russia insisted on Fannie Mac bail out.
dd
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