could anyone see the governemnt giving a 6 month or one year reprieve for mortgage payments? in other words,they suspend mortgage payments and convert automatically to a 31 year mortgage or something like that. the idea is to let people catch up on all their bills and get back on their feet.rather than let a meltdown happen. of course that sounds socialist but is it a possibility?
Yes- this will happen right after we start wearing fur hats, drinking vodka, and calling each other" comrade" (no this will not happen, we still live in somewhat of a capitalist country)
I was just talking about something similar to this with my buddy.. see, he's got 50K in credit card debt and has no intention whatsoever of paying any of it back... I told him that a credit reset is the only thing he could hope for, and if any government in history could do it, it would be this piece of shit bailout monster...
that will finally happen. according to Maxism theory, the next steps of Capitilism is socialism, then communism. since we accumulate too much wealth to that point,...... comrades, at that time, trading will cease to exist. No bubble, or maybe lots of revolution.....
at that stage, the goverment will take care of everything: they will build houses, then they allot it to you based on your family size, at the same time, there is no labor market, the goverment will assign your jobs and you get paid teh same rate, you will put on the same shoes/clothes or any thing. one word, the same!
Why would the holder of a mortgage willingly agree to a lot of the crap the pandering fools are throwing out? It's an election year - I wouldn't rule anything out. Look how quickly everyone put aside their squabbling to agree to a stimulus package. If there wasn't an election in the fall, they'd be busy pointing fingers for months. As it is, both sides are terrified that someone might point a finger at them. I gotta believe the dems would have love to stonewall & blame 'W' but they know that he'd be holding a news conference every day to blame them.... If you're CFC (Countrywide), you know that 1) you helped cause some of the problem, 2) there are probably additional 'abuses' to be found on top of the ones that have already been discovered / disclosed & 3) your executives got insanely rich due to 1) & 2). R
It didn't happen in 1987 and it won't happen now. The best they have to offer is a refund check 1600/800. If the people do the right thing they will pay some of their debt with that check.