Pay your mortgage on time ! What were you thinking!!

Discussion in 'Economy' started by Navy1960, Sep 19, 2008.

  1. Navy1960
    Offline

    Navy1960 Senior Member

    Joined:
    Sep 4, 2008
    Messages:
    5,821
    Thanks Received:
    1,188
    Trophy Points:
    48
    Location:
    Arizona
    Ratings:
    +1,189
    Democrats also "say they will push for relief for homeowners faced with foreclosure in return for supporting any broad bailout of struggling financial institutions."

    USNews.com: Political Bulletin: Friday, September 19, 2008

    What kind of message does it send to those more than 80% of the people out there that continue to pay their mortgage on time, when someone who fails to meet a mortgage payment can be bailed out.? Chuck Schumer D. today said that "no bailout witll be possible without help for those people that are behind on their mortgages" Im just curious, does this mean we are rewarding, people now for being irresponsible?
     
  2. gonegolfin
    Offline

    gonegolfin Member

    Joined:
    Jul 8, 2005
    Messages:
    412
    Thanks Received:
    36
    Trophy Points:
    16
    Location:
    Austin, TX
    Ratings:
    +36
    Fantastic. We have one piece of bad policy being suggested in the bailout of our entire financial industry. We are now going to double the fun by bailing out irresponsible homeowners.

    Yep.

    And what does it say to folks that are mostly still honoring their mortgage, but are either delinquent or close to being delinquent? They will attempt to get snared in the bailout net.

    Brian
     
  3. Silence
    Offline

    Silence wanna lick?

    Joined:
    Aug 26, 2008
    Messages:
    3,820
    Thanks Received:
    456
    Trophy Points:
    48
    Location:
    FL
    Ratings:
    +457
    it's not just the Democrats who are saying this...

    John McCain supports it too...

    or at least he did...who knows how he feels today

    Candidates Move Closer Together On Housing Crisis : NPR

     
  4. gonegolfin
    Offline

    gonegolfin Member

    Joined:
    Jul 8, 2005
    Messages:
    412
    Thanks Received:
    36
    Trophy Points:
    16
    Location:
    Austin, TX
    Ratings:
    +36
    It does not matter who supports it. It is bad economic policy.

    Brian
     
  5. Navy1960
    Offline

    Navy1960 Senior Member

    Joined:
    Sep 4, 2008
    Messages:
    5,821
    Thanks Received:
    1,188
    Trophy Points:
    48
    Location:
    Arizona
    Ratings:
    +1,189
    I was sitting here watching all these people in Washington talk today, both democrats and republicans about how much we need to bail out the mortgage mess. Then it struck me, well damn and here I have been paying for this house since I retired. What was I thinking * lol* I really do think, this sends the exact WRONG message to people. While I feel bad for people who have gotten to the point where their home is foreclosed, it seems to me they have to take some responsibility for entering into a contract to buy it and not being able to afford it in the first place.
     
  6. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,623
    Thanks Received:
    4,860
    Trophy Points:
    1,130
    Ratings:
    +15,535
    Seems a pretty simple concept, doesn't it? Somehow most don't get it.

    In 10-15 years, after another economic boom/bubble happens, and people forget all about the 08 crisis, it will happen once again. The moral hazard will come full circle, and foolish investors will once again make the same mistakes and take bad risks, knowing that worst case scenario, the government will fund their mistakes.

    Our poor children.
     
  7. user_name_guest
    Offline

    user_name_guest Member

    Joined:
    Sep 19, 2008
    Messages:
    704
    Thanks Received:
    43
    Trophy Points:
    16
    Ratings:
    +43
    If i stop paying my student loans, will the government bail me out?
     
  8. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Were you tricked into it ?

    ( nod your head yes )

    yes--they will
     
  9. Shattered
    Online

    Shattered Guest

    Ratings:
    +0
    Sure. Just claim "poor destitute fool who got tricked into going to school and paying for it".
     
  10. user_name_guest
    Offline

    user_name_guest Member

    Joined:
    Sep 19, 2008
    Messages:
    704
    Thanks Received:
    43
    Trophy Points:
    16
    Ratings:
    +43
    I'll swallow my pride and take the advice of shattered and dilloduck. I'm a sucker.
     

Share This Page