Posted on 03/27/2008 11:26:53 AM PDT by Typical_Whitey
Fifty-three percent (53%) of Americans say that the federal government should not help out homeowners who borrowed more than they could afford. A Rasmussen Reports national telephone survey found that 29% disagreed and believed that federal action is appropriate. Seventeen percent (17%) are not sure.
(Excerpt) Read more at rasmussenreports.com ...
Most Americans oppose amnesty for illegals too but no one seems to care in DC.
Personal Reponsibility.
If you can’t afford it, don’t buy it.
And you best not expect for me to bail your sorry a@@ out if you get in debt over your head.
Gee, go figure. 58 million mortgages. 4 million in default. And the mean, selfish 58 million don’t want to have to pay for their home and the financially clueless’ too. Who’d have thunk it? We probably need a governmentally funded study to confirm these findings.
Or just a Government run by Democrats who like to keep minorities and the Poor on their Economic Plantation.... Same old Corvee labor that FDR supported.
Don’t kid yourself. This is a bailout for the lenders.
100% in agreement.
I could have taken a refi deal that would have given out about $80K on my home, only to find it under-priced market wise, especially if I tried to sell it.
As it stands, the current market value still is quite a lot more than I bought it for 8 years ago, so I have equity, which is a good thingy, on paper.
Those that over-extended themselves for greed or convenience, need to face the music, right along with the Finance Cos that encouraged it.
Seems the careful, taxpaying folks get to carry water for the fools and idiots as usual, but only qualify for a $600 tax refund- Let’s get real!
God Bless
Exactly but Obama wants a 300 billion bail out for homeowners... Idiots looking for a free ride on my tax dollars are flocking to him.
bttt
This is a bailout for the lenders.
Where these people were essentially land speculators taking out risky loans and betting that their land values would increase I must wonder if we’ll be bailing out stock investors who screw up, too? Oh, that’s right, we already did exactly that at Bear-Stearns. )-:
"Nuff said.
Bump (and welcome to FR)
Exactly!!! this is a bailout for the Big Investors...
what a bunch of rat thieves....
The craps table, actully. Please make the check payable to Smogger, P.O. Box 364...
Whats next bailing out folks that have a bad day at the track?
No, me first! My renovations are running over budget and I need to be bailed out!
I am writing to Her Pantsuitedness and to Bawhack to see who will help me the most.
Don’t matter to me...VISA, cash, paypal...
Preach it!
My guess is that a racial component exists to this proposal.
As I understand it, a much larger percentage of blacks than whites is facing foreclosure.
Now it may be that the best way out of this is to bail out the banks, and one way to do that would be to also bail out the homeowners, which I would prefer to bailing out the banks and letting the homeowners go down.
But, and here is the big but, there should be a review of the mortgage application and any fraud, or even just a little fudging, should prevent a bailout of that homeowner and that loan.
I have had dozens of mortgages over my lifetime and have never exaggerated my income, or left off a debt on an application. Mortgage interest rate follow the law of supply and demand, just like anything else. People who lie on their applications and get away with it increase demand and cause interest rates to go up. Those of us who are honest have already been victimized by those who were dishonest by paying higher interest rates than otherwise.
Obama wants to victimize us again by taxing us to bail out the cheaters. I could swallow bailing out honest families, but let the cheaters sink.
This problem goes to the issue of people buying houses with almost no down payment. If you had established a requirement of twenty percent down to make any loan...the vast majority of these failures would never have occurred. This is the real story of the episode. I worked with a gal who moved to the panhandle of Florida two years ago...and bought a $215k house...with only $8k as a down-payment. The house has dropped in the past six months to a value of $195k. She has neighbors in the same position. Most put down only a few thousand and relied on a good economy. Across the entire US....you have the same story. The guys who put down 30 percent....I’ll bet they have few if any bankruptcies.
I agree.
I think the idea, if done properly, is a good one. It’s not only the hopmeowners that got scammed in the mortgage crunch. I think that the blame, while partly on the home ownwers, also should fall on the lenders shoulders.....and especially on the property appraisers. These are the guys that you have to pay to make a legal statement that a piece of property is worth X amount of dollars....only to find out a week later the value is only about 3/5 of what they said it was worth. They seem to tell the lenders what ever they want to hear so they can collect their fee. AND they are not held accountable for any of it. I know there are reliable appraisers out there and this statement does NOT reflect on them as a whole. But even mortgage lenders have told me that they use certain ones because....”They get the job done.”
The economy is always a mess when the Congress takes action.
Leave the market alone!
I doubt there is a racial component. If anything it’s Mexican’s that are the most affected (”we couldn’t understand the terms of the loan cause they were in English”) My guess is that the percentages closely mirror the population.
Look here then: Atlanta
Or maybe here: New York Times
Out here in California they were marketed agressively to Latinos... by other Latinos, naturally.
I met a lot of people many of them minorities who worked in the mortgage business, I assume they mostly marketed to minorities.
Women and minorities hit hardest.. lol. Nevertheless, it doesn’t matter what the percentages were.. The total number of homeowners with subprime mortgages are undoubtedly white.
I am not for bailing anyone out.
I believe the next segment will be credit cards.
Can you explain how these folks were "scammed"? They weren't shown the details of the loan?
Regards
Can you explain how these folks were “scammed”? They weren’t shown the details of the loan?
By property appraisers stating their real estate is worth more than it actually is. I seen it happen countless times. An appraiser comes and tells the home owner his home is worth 275k and they only want to refinance or take some cash out. Then after the deal is said and done....the home owner finds out his property is only worth 150k and he has a mortgage of 175k.
"By property appraisers stating their real estate is worth more than it actually is. I seen it happen countless times ... "
You are describing houses that were appraised for more than they were worth. I worked IT for an MLS so I know what you are talking about.
This does not explain folks that went ahead with interest only loans or decided to take loans on these properties when they knew that the monthly payment was set to increase at a certain point.
Regardless of the properties value being deliberately exaggerated no one forced them to make these disastrous contracts.
Regards
I read article recently that states many banks authorized second and third mortgagaes for these same folks.
I saw one instance where property was mortgaged 180% of value.
My understanding is when property is sold, that only first mortgage will receive any money.
Second and third mortgage holders are out the money.
My question, why is homeowner or former owner not on line for other 2 mortgages? He/she incurred debt and has not repayed?
Just because he/she lost value of said property does not automatically void contracts that were signed.
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