Why in the hell should responsible borrowers have to pay for the mistakes of irresponsible borrowers and bail out lenders who made stupid loans. Let the market work itself out and don’t punish those of us who are responsible. Irresponsible exuberance always causes these problems. Much like the tech stock bubble and the speculation before the Great Depression. If you bail these folks out, it only encourages them to make more stupid decisions.
This is in no way a bailout in any way shape or form.
While I agree, wholeheartedly, with your stance. I've lived long enough to know that 'something' is going to happen.
I just prefer to assist the home owners, rather than the lenders who KNEW BETTER.
These problems are mostly caused by the Fed's boom and bust credit cycle. And I've never seen speculation yet that is nearly as bad as the government's cure for speculation.
Well you keep that condescending attitude when your 401k goes in the crapper, we have 10% unemployment and milk is 6 bucks a gallon. We let the “market” work itself out in 1930 with Herbert Hoover. How’d that whole depression thing workout? You John Birch Society types are all puffed up with your brilliance thinking like the hardcore lefties that you’re the smartest guy in the room. Same myopic thinking as the “Nuke Iran” morons. Most folks who pontificate on mortgages know dick about them. With sinking property values who knew that ARMS couldn’t be refi’d back in 2004.
For people in the real world with real bills and real expenses like 500 per month health insurance, a 10% down mortgage on a 300k home was all we could afford. Sure could we live in some 100k home in BFE , but some like me had sick parents and had to stay local. Hate to break it to some of you, between sending my kids to a crappy school in the 100k neighborhoods and taking the risk with an ARM, the decision was a no brainer. Think McFly before you speak. I’m not saying the government should bail out lenders but letting the market work itself out as you dumbly pointed out would be a worse disaster. There is no WORKING out if you know about who buys mortgages and the way the whole money wheel cycle works.