Go ahead and get yourself into deep debts that you can't afford. Your government will save you there is no threat at all. Spend, spend, spend....... http://www.investors.com/editorial/IBDArticles.asp?artsec=5&issue=20080723
I read about it and it's quite sad and infruriating. I suppose they'll just print more money and make me pay for the stupidity and greed of these people through taxes and currency devaluation.
This bill is the ultimate "Fuck You" to people who live within their means and take personal responsibility for their actions and consequences. It is just unbelievable. If you read further, it raises the debt ceiling, hands out money for the government to fix up neighborhoods, etc.
I am total free market guy. And believe in letting failure occur as a natural result of poor business decisions. For people and corps. However... "Fannie and Freddie back or own almost half of the nation's mortgages â about $5 trillion worth." If these two failed there probably wouldnt even be a market for us to trade. A total economic collapse leading to a couple generations of rebuild would most likely be the result. As a taxpayer I am sitting back gritting teeth. And as a man who pays his mortgage timely I despise those who got in over their heads. In this case failure is simply not an option.
Yep, FU Work hard, get an education, pay your due's, spend wisely and Pedro (the roofing worker) can buy the house next to you and be your neighbor "risk free" even though he makes 1/4 your salary. Un believable !!!
Exactly. Raising the debt ceiling had to happen regardless, its not like we are running a balanced budget. This bill actually doesn't cost that much money - read the details. It puts the gov't on the hook to guarantee a lot of GSE debt but it doesn't actually spend that much money. "FHA would get $300 billion in lending authority." != $300B in spending. Estimates are that that will cost $2B, another $4B for the "aid to communities". Chump change really.
Bullshit. These bills obligate U.S. taxpayers to guarantee a bottomless pit of toxic waste - no one knows how deep. We're talking about homes that were once valued at 100k+, and that will ultimately be torn down as nuisances, all over inner city areas across the country. I'd bet the losses will exceed at least 25 times what they're claiming as their maximum, and maybe much more, by the time all is said and done. This is the worst form of taxation with TERRIBLE representation, using taxpayer money to finance the criminally reckless decisions and actions of lending authorities. There should be a revolution in this country. We no longer have a government by, of and for the people. It's now for the pigs. The greedy motherf$%*cking pigs...
False Worst case if every home is foreclosed and sold for $0 then the FHA program loses $300B - that is a hard limit, not "bottomless" The GSE's are liable for $5T but the gov't has always implicitly backed their debt so all this is doing is making the guarantee more explicit. Letting the GSE's default was never going to happen.
"if every home is forecloses..." What is the true value of a foreclosed home? Whatever a willing buyer and willing seller agree upon. It can and will be much lower than the currently stated value. Think carefully about the implications of that.