Democrats adding "bail out" irresponsible homeowners to financial bill.

[oreo]

The problem we seem to keep having in Washington is the majority doesn't care what happens to the economy or to our national security as long as they keep their special interests happy. You would think that in an emergency the Dems would try to work with the Administration. Fat chance.

Chuck Schumer said today that he is going to change the bailout bill the Fed is presenting to Congress by adding bailouts for mortgage holders and putting limits in the bill on executive compensation.

House Speaker Nancy Pelosi, D-Calif., said in San Francisco "We cannot deal with this unless this bailout helps families stay in their homes."

The bill is already tabbed at around $700 billion and the Democrats plan on adding billions more to it turning it into a "Christmas Tree bill.'


Quote:
"The American people are furious that we're in this situation, and so am I," the House's top Republican, Ohio Rep. John A. Boehner, said in a statement. "We need to do everything possible to protect the taxpayers from the consequences of a broken Washington."

Signaling what could erupt into a brutal fight with Democrats over add-on spending, Boehner said "efforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors, and small businesses deserve."

Bush said he worried the financial troubles "could ripple throughout" the economy and affect average citizens. "The risk of doing nothing far outweighs the risk of the package. ... Over time, we're going to get a lot of the money back."

My Way News - Bush team, Congress negotiate $700B bailout


Now democrat house leader, Nancy Pelosi & along with Barack Obama--want us to guarantee, at our tax dollar expense", the ignorage & irresponsiblity of people whom knowingly bought homes they could not afford in the first place. GREAT! Why don't they just send us the rest of their bills too?

So democrats run Fannie Mae & Freddie Mac into the grounding while CFO's of these agencies walked away with hundreds of millions of dollars, two of which are on Obama's campaign committee--& of course, Obama used these two agencies for his own personal piggy bank.

Why didn't Americans (employees & investors) who lost so much money in the stock market over fraud, specifically Enron, Worldcom & others get a government bailout? They are more deserving than these morons.

Like my banker told me: If you don't pay--you don't stay
__________________

 

[metaverse]

House Speaker Nancy Pelosi, D-Calif., said in San Francisco "We cannot deal with this unless this bailout helps families stay in their homes." First of all, does she think they aren't able to rent?

are you suggesting that mortgaging homeowners should lose their homes and rent instead?

 

[oreo]

are you suggesting that mortgaging homeowners should lose their homes and rent instead?

I am assuming you're making a sarcastic joke? Would you expect to be able to stay in your home if you didn't make your monthly mortgage payment?

 

[metaverse]

I am assuming you're making a sarcastic joke?

no, i'm worried about the bank going under, despite the fact that i've never been late on a payment.

Would you expect to be able to stay in your home if you didn't make your monthly mortgage payment?

i make all my payments on time. i'm just afraid of the bank itself going under.

 

[Luissa]

I am assuming you're making a sarcastic joke? Would you expect to be able to stay in your home if you didn't make your monthly mortgage payment?

So we should bail out the companies that gave loan to people who couldn't afford it but not help the people who are loosing their homes. Also one of the reasons they are loosing their homes is because the companies raised the interest rates on the loans so high that made it impossible to make the payments. Also what about the people who are loosing money on their retirement funds because of the problems in the stock market.

 

[WillowTree]

So we should bail out the companies that gave loan to people who couldn't afford it but not help the people who are loosing their homes. Also one of the reasons they are loosing their homes is because the companies raised the interest rates on the loans so high that made it impossible to make the payments. Also what about the people who are loosing money on their retirement funds because of the problems in the stock market.

so we are responsible to keep people from being "loosers" oh my

 

[HoleInTheVoid]

Ordinarily liberals just confiscate money and give it away to the under-productive.

Now they have a debacle they engineered and will spin onto McCain even he warned against it...and they still get their vote-buying scheme for the deadbeat bloc.

 

[Luissa]

so we are responsible to keep people from being "loosers" oh my

How is your 401k right now? And my point is, if we are going to bail out the companies who gave the loans out in the first place knowing people at some point would not be able to make their payment why shouldn't we also bail the people who recieved the loans. Both are at fault! Are national debt keeps getting higher and Bush is the one who keeps wanting to bail out everyone. And all while we are doing this we are sending a billion dollars to Georgia, we can't keep borrowing money from China!

 

[oreo]

no, i'm worried about the bank going under, despite the fact that i've never been late on a payment.

i make all my payments on time. i'm just afraid of the bank itself going under.

The point of this thread is: We already know we're going to be bailing out the banks--at a cost of 700 billion dollars. In essense, our government will own these foreclosed homes.

Are we too bail out also, the ignorant/irresponsible homeowners? This is what the democrats are trying to add to the bill.

 

[WillowTree]

How is your 401k right now? And my point is, if we are going to bail out the companies who gave the loans out in the first place knowing people at some point would not be able to make their payment why shouldn't we also bail the people who recieved the loans. Both are at fault! Are national debt keeps getting higher and Bush is the one who keeps wanting to bail out everyone. And all while we are doing this we are sending a billion dollars to Georgia, we can't keep borrowing money from China!

is there anybody in the whole wide world you liberals won't bail out? what are you gonna do when you end up with more takers than givers?? want us all to be "loosers" will that work for ya?``````````````````````````


a bird in the had is worth two in the bush.. I hide my money in a coffee can. I highly recommend it..

 

[oreo]

So we should bail out the companies that gave loan to people who couldn't afford it but not help the people who are loosing their homes. Also one of the reasons they are loosing their homes is because the companies raised the interest rates on the loans so high that made it impossible to make the payments. Also what about the people who are loosing money on their retirement funds because of the problems in the stock market.

Have you ever borrowed money from a bank or made a mortgage loan?

Loans have full-disclosure in them. That's the law. There is no trickery--involved!

I have many times during my life. Most of the time I have to come up with collateral or a large down payment for my mortgages.

I also sign an agreement with the mortgage company, that should I not pay they will foreclose on my property & I will no longer be able to live there.

The loan is explained in detail to me, (written & otherwise) & I have to sign that agreement before I get the mortgage.

I fully understand that if I do not make my mortgage payment I will lose my home. There are 98 million Americans who own homes in this country. 94 million of these mortgages are paid on time with no problems--& many are Americans who work two jobs to insure they keep their homes. 4 million are in default or in foreclosure procedings.

 

[Luissa]

is there anybody in the whole wide world you liberals won't bail out? what are you gonna do when you end up with more takers than givers?? want us all to be "loosers" will that work for ya?``````````````````````````


a bird in the had is worth two in the bush.. I hide my money in a coffee can. I highly recommend it..

Did I ever say in my post that I wanted to bail them out. I was saying that what is the difference when you bail out the company that loans the money to people they know can't afford the payments then people who recieve the loans. This country can't afford to be bailing out everyone anymore.
But I do love how the cons always want to help out the rich man but never the poor man. You need the poor man, I mean whoelse is going to be your checker at Walmart or cook your burger at McDonalds.

 

[dilloduck]

Did I ever say in my post that I wanted to bail them out. I was saying that what is the difference when you bail out the company that loans the money to people they know can't afford the payments then people who recieve the loans. This country can't afford to be bailing out everyone anymore.
But I do love how the cons always want to help out the rich man but never the poor man. You need the poor man, I mean whoelse is going to be your checker at Walmart or cook your burger at McDonalds.

I'll do it. No worries

 

[oreo]

Did I ever say in my post that I wanted to bail them out. I was saying that what is the difference when you bail out the company that loans the money to people they know can't afford the payments then people who recieve the loans. This country can't afford to be bailing out everyone anymore.
But I do love how the cons always want to help out the rich man but never the poor man. You need the poor man, I mean whoelse is going to be your checker at Walmart or cook your burger at McDonalds.

Basic economics--We are bailing out the financial sector, (the banks) SO--you & I (the responsible people who pay our mortgages & bills) will be able to walk into a bank & get a loan, should we need one.

That's what this 700 Billion is about.

Next: You & I now own these foreclosed properties. As P. Bush stated, once these properties gain in value we will sell them to repay the U.S. treasury.

AIG is also another loan that is to be paid back. If you're so worried about the poor, who essentially caused this mess--then break out your own personal checkbook & make a donation to them.

People who work at Walmart do have availability for low income housing--instead they decided they would buy 400,000-$500,000 dollar homes. That's what caused this financial crisis. It runs from them to greedy mortgage brokers, to lack of oversite from mortgage companies all the way to the congress of the United States.

I like millions of other Americans work hard for our money--I don't expect you or anyone else to pay for my mistakes.[/I]

 

[Chris]

But bailing out the millionaires on Wall Street is ok then?

 

[Luissa]

Basic economics--We are bailing out the financial sector, (the banks) SO--you & I (the responsible people who pay our mortgages & bills) will be able to walk into a bank & get a loan, should we need one.

That's what this 700 Billion is about.

Next: You & I now own these foreclosed properties. As P. Bush stated, once these properties gain in value we will sell them to repay the U.S. treasury.

AIG is also another loan that is to be paid back.

How many have we had to bail out in the last couple of weeks? And yes we loaned them money but what if they can't pay the loans back who is going to bail us out. Like I said before we can't keep borrowing money from China. We keep digging a whole larger and larger when do you think we are going to be able to get out of this.
And as for the foreclosed properties how long will the government have to hold on to them before the value goes up. It could be ten years before we are out of this. So the government is holding onto to these properties loosing money on them or are they going to rent them to the people who used to own them. When did the US get into flipping houses?

 

[Care4all]

bailing the struggling homeowners by putting them in to a fixed mortgage for them to pay would affect us homeowners not involved in this mess the MOST, along with our gvt, who now owns all of the foreclosed homes....we need the housing market to IMPROVE so that the gvt gets our money BACK when they sell the assets they just bought or nationalized!

the dems are absolutely RIGHT in insisting on this! in fact, they should have done this LONG ago, then the banks/insurance companies wouldn't have needed the major bailouts they're getting now....

 

[oreo]

But bailing out the millionaires on Wall Street is ok then?

I don't how many of you liberals on this board have ever had a mortgage loan, but it is very clear to me that you & others have no knowledge of how our markets work.

Lehman brothers--Merrill Lynch BUY existing mortgage loans from mortgage banks. That's why they collapsed. They bought a package of bad mortgage loans. They are investment firms & real estate is considered an investment.

In fact in one year, my existing mortgage loan was sold to 3 different companies. We have no control over who owns our mortgages. I may borrow the original loan at Wells Fargo, then they sell it to Country Wide, then Country Wide sells it to whomever.

This is the main problem. If Wells Fargo knows that they're stuck with me on a 30 year mortgage, as a creditor, & cannot sell my mortgage to another. Then they'll probably be very frugal about checking me out before they loan money to me or others.

 

[Care4all]

I don't how many of you liberals on this board have ever had a mortgage loan, but it is very clear to me that you & others have no knowledge of how our markets work.

Lehman brothers--Merrill Lynch BUY existing mortgage loans from mortgage banks. That's why they collapsed. They bought a package of bad mortgage loans. They are investment firms & real estate is considered an investment.

In fact in one year, my existing mortgage loan was sold to 3 different companies. We have no control over who owns our mortgages. I may borrow the original loan at Wells Fargo, then they sell it to Country Wide, then Country Wide sells it to whomever.

This is the main problem. If Wells Fargo knows that they're stuck with me on a 30 year mortgage, as a creditor, & cannot sell my mortgage to another. Then they'll probably be very frugal about checking me out before they loan money to me or others.

THIS IS DUE to the deregulation that took place! and you are right, it's like a crap shoot on who will own your mortgage next and who is betting on you to fail and who is betting on you to win!

it's scarey...

 

[Chris]

I don't how many of you liberals on this board have ever had a mortgage loan, but it is very clear to me that you & others have no knowledge of how our markets work.

Lehman brothers--Merrill Lynch BUY existing mortgage loans from mortgage banks. That's why they collapsed. They bought a package of bad mortgage loans. They are investment firms & real estate is considered an investment.

In fact in one year, my existing mortgage loan was sold to 3 different companies. We have no control over who owns our mortgages. I may borrow the original loan at Wells Fargo, then they sell it to Country Wide, then Country Wide sells it to whomever.

This is the main problem. If Wells Fargo knows that they're stuck with me on a 30 year mortgage, as a creditor, & cannot sell my mortgage to another. Then they'll probably be very frugal about checking me out before they loan money to me or others.

I'm a realtor. I know a hell of a lot about mortgages.

The problem came in 2000 when Phil Gramm changed the laws and that took the risk out of risky lending. The mortgage companies would lend money to bad credit people and then sell the mortgage the day after closing. There was no risk to them at all. I was fortunate enough to only have one client who fit this description. He used a mortgage company that I knew was a ripoff, and I warned him not to use them, but he used them anyway. When we got to the closing, the lawyer told me the guy had two 40 year mortgages. I was floored! If he had discussed this with me, I would have told him to rent instead.