Yeah, you're a dumbass. You should have been not only reckless but completely irresponsible with your money. This proposal is 100x worse than Bush's bailout plan.
im being serious why should the twits get a bailout i also want one honestly, the best trade of this century was to pyramid california property since 2000, and then when it blew up, just walk away and all u get is a credit ding, keep the millions u could made from flipping unbelievable next time its what im doing
I didn't read that the gov is going to pay the terms, what I understand is that the lender realizes they stand to lose more foreclosing on the property than they would keeping the rate low for a longer term. Let the idiot who can't afford the house pay the note longer.
it may not survive the courts, since Calif. might as well tear up contract law if this sticks.... what happens when the guy with an ARM just signed up for a fixed loan at a higher rate and now this.... I'd be pisst.........
if this was truly a deal and the lenders accepted the move by themselves then its probably not a bad idea. but it was probably 'lets agree on this or I will force you to anyway'
Everyone who was responsible and got a fixed loan at a higher interest rate should sue the living shit out of California for fraud. They should be given the lower priced frozen ARM rates more than anyone. Future home buyers who just got priced out of the market permanently, via govt manipulation to keep it artificially high, should sue California as well. Moral of the story: Be a huuuge fucking irresponsible idiot and the Nanny State will take care of you. Save your money, and don't take stupid risks and you are punished via wealth transfering Nanny State bail outs. Wonderful.