Home loan forgiveness

[LoneLaugher]

What assholes.

 

[JamesInFlorida]

Obviously you're too narcissistic to get it so I'll make it plain. These people have never been "leeches", have always been responsible, hard working, tax paying citizens who are facing life challenges that are not of their making and beyond their control. Their home is now worth about $120k less then what the paid for it and when they bought it the house was sold undermarket, not to mention the fact it had over $100k of equity in it before the bust.
So my point is these people aren't your so called "deadbeats" who refuse to do anything for themselves and with a little help they can weather the storm and probably come back as viable, responsible citizens again contributing to society and the public/private coffers when all is said and done.

It's not responsible to purchase a house that you can "afford at the time". You should factor in the very real possibility that you may lose your job, and make less money. To ignore that possibility is to be naive.

The house was well below what he could afford and what most people in his shoes were buying at the time. Next............

Obviously it wasn't. And just because many others do something-doesn't make it smart.

 

[The Rabbi]

There's a guy I know, in his late 50s now, both he and his wife do government contract work, always paid his bills on time, paid their taxes, bought a house that was affordable (at the time) and was able to put extra money away into savings.
6 months ago his wife's contract went bye bye and when nothing came through she went into a depression. His job was downgraded and in order to have a job he had to take a major cut in pay and the job has no medical insurance. He does what he can for extra money but has some developing serious physical ailments which limits what he can do and may not be able to continue working without proper medical care which he can't afford.
Their emergency funds are almost gone and without some kind of intervention they will possibly lose their home.

Life is hard for everyone. Instead of having his hand out for a bailout maybe he should start paying more attention to who he elects into office, and whats going on before there is a crisis.

Considering he is in his 50's it means that he worked during the boom times. He should have made better decisions back then.

If anyone is going to be bailed out it should be the youth of the nation, who were not around for the boom and only inherited the bust.

Interesting, I reread my post and couldn't find anywhere that I said he had his hand out and like many he made both good and bad decisions based on the common lack of owning a working crystal ball.
And what I'm reading in your response is "hey, he's had his shot, he's obsolete, he's no longer economically viable so we should just toss him out in favor of a newer model".
Nice, really nice.........

Actually the only one saying that is you.
The rest of us say that bad things happen. But it isn't the responsibility of gov't to help every person who has had something unfortunate happen. And even so, he has recourse to all kinds of things, like bankruptcy, that won't cost the taxpayer anything.

 

[The Rabbi]

I agree Jillian, but is "gaming the system" a crime? It seems to me that this "easy money" was perfectly legal. "Home Ownership for All" was promoted by both Clinton and Bush.

Yes. Gaming the system was illegal and a fraud. They knew they were bundling the bad debt in unidentifiable ways so the investors would lose money. They knew this. That is why the attorneys general are doing investigations.

It wasn't tone home ownership for all that was the problem.

It wasn't tone home ownership for all that was the problem.

actually yes, that was the root cause of problem, not everyone can own a home and telling people you'll lower standards to get them in the door is just the how, not the why, the why is the philosophy that if someone cannot afford or qualify they should get one anyway......

No one was "gaming the system." That's bullshit. Companies bundled mortgages with the assumption that most of them would pay off and the higher interest rates would compensate for those that didnt. Buyers of those securities were banks, pension funds, investment funds--the very entities the Left is also vilifying. They were sophisticated professional investors who chose an investment. They picked wrong and lost lots of money. Not our fault.