My gosh what has the country come to. Being responsible is punished, being stupid is rewarded. http://www.bloomberg.com/apps/news?pid=20601109&sid=aPFaqO.S_m.g&refer=news
one could argue that we have been going down this path since the "new deal". Our socialist tendancies are becomming socialist leanings. So where do we go from here?
I think such a plan STRONGLY discourages any effort to work hard to keep paying one's mortgage. Why bother?? I can simply slack off to prove I am needy as this is what is required to qualify.... It is very annoying and amazing that officials think they can print in perpetuity (tax receipts simply not there) but they can't. 9-11 opened the door for the Patriot act and every ugly law imaginable.... after all "Who's side are you on"? This financial meltdown has released financial socialism... after all "If this is allowed to fail....." A terrified population will accept ANY level of control. There are plans afoot at the deepest levels in this country that are simply sinister. THEY CANNOT PRINT FOREVER!! IT IS BOUND TO CAUSE THE NEXT CRISIS
this great nation called US of A was BUILT on accepting RISK.. not 'responsibility" trading above means on margin IS the American way skippy
I'm sick of being responsible and not getting rewarded, and I can't wait for my modest mortgage to be paid off in 7 years. They can keep their f@cking money.
The plan, which might put as many as 3 million homeowners into affordable loans, would require lenders to restructure mortgages based on a borrower's ability to repay. What the fuck does that mean? So if I can afford 250 a month, thats my new mortgage payment? Yeah! A McMansion for 250 a month.. wooooh hooooh! While your neighbor is paying 4500.00 a month. Subsidized mcmansions for the poor. Cool! Look where joe six pack gets to live for peanuts on your dime. I love the USSA
Those who work two or three jobs to keep up with their mortgage payments would be well advised to quit all but the lowest paying one. One's spouse no longer has to work to help paying the mortgage.
Over the last 15 years I have been using sub prime loans to run my life. I'm a self employed general building contractor who has maintained an excellent credit record (780 fico) and paid all of my bills. I used to use sub prime loan products to finance the homes that I bought. These are now referred to as a liar loan. The only thing that was true about it was that I had large down payment ( around 50%) in the homes that I purchased. Now thanks to all the bull shit that is going on in the financial sector, there are no loan products available at this time. In 16 months my 5 year loan converts to an ARM. I wonder what is going to happen. Thanks for reading my vent.