Foreclosure avoidance would avert the whole subprime mess if it was effective enough. That is the best bang for buck you are going to get for any bailout money... trying to fix the problem at the level of the hugely leveraged CDO's would cost believe it or not, a not-insignificant fraction of all the wealth ever created by the fractional reserve banking system!! Placing the blame on foolhardy homebuyers is not quite where it belongs really, the CDO thingy caused a big demand for mortgages and people were sent out on large commissions to beat the bushes for people to sign up.... I'd say people couldn't pass it up and had nothing to lose, you would have gone for it in their position likely...
its for the children, or to stop global warming, or to be able to provide free health care for all. Pick your heart-tug that best works for you to justify taking money from the productive and giving it to the non.
... my home purchase wasn't foolhardy when I purchased it. I put $250k down on a $350k property now worth $500k (even after some correction). Perhaps another title for this thread may read Let me subsidize your home purchase now that your employer outsourced your job to India, and you had to take a lower paying job so you could just continue to service the mortgage. Maybe we should outsource the CEO jobs for Dell, Verizon, Bank of America, Chase, HP, IBM (Levono - communist capitalism), HP, Agilent, and more. Jello? Deez Sanjay, CEO. You yankee CEO make $125,000,000 deez yeer? I do same job for only $60,000.
That is such bullshit. They knew what they were getting into. They never expected to pay the higher rates anyway because they planned on selling in 2 years and making money. The real damage is that it put the cost of entry level housing temporarily out of reach for hard working people with good credit. John
Thank you! Since when was it ever someone elses fault when you sign on the dotted line. Some folks did very well buying houses on ARMs and selling near the peak. Are they victims too? No, these folks didn't do their homework and got burned. SM
I am telling you..this is all planned to get America economically trashed as soon as possible. Create a "problem" (allow/promote horrible over leveraged economic environments) and then come in with the "solution" (which only makes the problem even worse) which is always more government programs funded by the fruits and labor of the American citizens.
Yes that sucks and I am sorry that you had your job go overseas but why should I have to subsidize you staying in a house you can't now afford? Sell it and live within your current means instead of counting on a tax payer bailout. Ironically it is because of the taxes, direct and indirect that your job ended up being outsourced.
Great question. You shouldn't. When I got laid off, I didn't take unemployment insurance (your tax dollars). Even though I could have qualified for food stamps at the time, I didn't take them (your tax dollars). I don't believe in government entitlements. That is what will destroy this country. When a society finds out they can dip into their country's treasury, that country will soon fail, and IMHO that's the direction we're headed. While working my low paying job, I've been concentrating efforts on building a business which could be viable if Hillary's airplane crashes before she can foist "free" health care on us. The only time I will take a government entitlement is when I'm eligible for Social Security and Medicare Part A. Hell, I've been paying into it all my life as well as you. I'll also opt for Medicare Part B which I'll probably end up having to pay about $200/month for when I finally qualify. To Hillary and the rest of the democraps... I'm no a victim, even though you would have me believe I am. If it's gonna be, it's up to me (and God), so get outta my way and eat my dust.
That's a real bi-yootch, now ain't it? Boy, boy, boy, our gummint at work ... makes you wanna holler!