1990 all over again. When do lenders and borrowers get to feel the pain for their idiotic financial decisions? Now I have to help pay to clean their $hit up?
President George W. Bush is expected to outline on Thursday a plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments, industry sources said on Wednesday
There isn't supposed to be any taxpayer money involved. Its a better deal for the banks to show some leniency and extend the teaser rate out a couple of years, and maybe make up the difference at the end of loan....instead of foreclosing on thousands more homes and driving the US economy and possibly the world's into the shitter.
well, I don't know about a taxpayer "bail out"...but I'm guessing that we'll have to pay the difference between what the borrowers should've paid and what they will be paid.
Either way, its a total load of crap created by the gov't. Almost the same thing happened in the early 90's. These "loan originators" don't care about you paying back the money. It ain't theirs! They get paid the same.
I say kick these nonpayin' sons of female dogs out! and let the investors take the loss. They loaned money at higher rates with higher risks and this is what happens. This is suppossed to be lose/lose when you try to beat the system.
By doing any form of "bail out"...taxpayer funded or not all they're doing is extending the pain and causing more harm to the markets, real and financial.
CC
If it's not taxpayer money, I'm all for it. It's better then a bunch of homes in your neighborhood going into foreclosure and driving home prices down further.
If it's not taxpayer money, I'm all for it. It's better then a bunch of homes in your neighborhood going into foreclosure and driving home prices down further.
Too late in my hood - got 4 already
There isn't supposed to be any taxpayer money involved. Its a better deal for the banks to show some leniency and extend the teaser rate out a couple of years, and maybe make up the difference at the end of loan....instead of foreclosing on thousands more homes and driving the US economy and possibly the world's into the shitter.
Bingo...folks are worried right now about some guy not paying for his boat parts....(ie: everyone feeling a little pinch)........if we let the chips fall where they may and the whole darn thing will be owned by foriegn interests within 12-18 months...I mean the entire US banking and finance system....I am not sure this Gov move will help but it is a start...
phuc `em,,,let live on the street! If they couldn`t afford it they shouldn`t have bought it. Again,PHUC `EM!
Honestly it is 100% the borrowers fault. Self control people. If you are living in a house you cannot afford, it's your own damn fault. Now the average home buyer can't get a loan unless you have spotless credit and a chunk of money in the bank. Lenders are all scared. (which is their own fault)
If we want to move things in a better direction, we need to REDUCE government handouts, not INCREASE them.
Honestly it is 100% the borrowers fault. Self control people. If you are living in a house you cannot afford, it's your own damn fault. Now the average home buyer can't get a loan unless you have spotless credit and a chunk of money in the bank. Lenders are all scared. (which is their own fault)
Yep and I have to think if the Government is involved it going to cost us somewhere, (agents, monitoring etc).
Gee I over extended on my home, took what equity I had to buy an RV and a new home theater and now I am upside down when they called my ARM. Somebody should be responsible to help me
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