President Bush threatens housing-aid veto

mmmmmm...did you listen to the bit on NPR? IMO, the culprit is mainly greed within the IMF...not saying that everyone involved doesn't share it, but if it affects me, I'm not blaming joe podunk for taking an offered loan.

That's obviously where you and I differ, then. There's no excuse for accepting an interest bearing loan merely because it was offered to you.

Just because credit cards, for instance, are sent "pre-approved" to you, does not mean you should feel automatically compelled to take on more debt because they're being offered to you.

When you sign an interest bearing loan, you are responsible for that decision. Personally, I think a person should scrutinze and consider all possibilities of good or bad times, within the next, say, 10 years of their life, before they EVER give thought to signing their name. The pros ought to outweigh the cons, of course. You should be able to afford even extra payments on your mortgage at times, so you can combat the interest, and minimize your loss. That is actually one of the BIGGEST. If you can't do that, or can't at least see enough money in the budget to even CONSIDER it, then you probably shouldn't be accepting a mortgage yet, regardless of if you qualified and were "offered" it.

This is, of course, my opinion.
 
That's obviously where you and I differ, then. There's no excuse for accepting an interest bearing loan merely because it was offered to you.

Just because credit cards, for instance, are sent "pre-approved" to you, does not mean you should feel automatically compelled to take on more debt because they're being offered to you.

When you sign an interest bearing loan, you are responsible for that decision. Personally, I think a person should scrutinze and consider all possibilities of good or bad times, within the next, say, 10 years of their life, before they EVER give thought to signing their name. The pros ought to outweigh the cons, of course. You should be able to afford even extra payments on your mortgage at times, so you can combat the interest, and minimize your loss. That is actually one of the BIGGEST. If you can't do that, or can't at least see enough money in the budget to even CONSIDER it, then you probably shouldn't be accepting a mortgage yet, regardless of if you qualified and were "offered" it.

This is, of course, my opinion.

And you are, of course, entitled to that opinion. My opinion? yes. People should have made better choices. But I also know that they were told misleading things about what their interest rates would end up being. We're not talking about sophisticated people. Most barely understand the HUD-1. Expecting them to understand the ramifications of an adjustable rate mortgage when they're dealing with what are often predatory lending practices isn't realistic.

My feeling also? If we can bail out every corporation that cries uncle, we can help people, particularly because of the snowball effect on the economy that others have mentioned on this thread and also because it's the right thing to do.
 
So it will end up with no one doing anything at all, no one being helped.......

As an old friend used to say, " Now Ain't THAT Nothing."


Really? What purpose is served doing something that is pointless? None.

I have no problem with doing something that works. Feel good bandaids ain't that.
 
We're not talking about sophisticated people. Most barely understand the HUD-1. Expecting them to understand the ramifications of an adjustable rate mortgage when they're dealing with what are often predatory lending practices isn't realistic.
It doesn't take sophistication to read over your mortage, and refer anything you don't understand about it to a qualified, trusted source. Because people had a hard-on to own a house, and didn't care quite enough to get educated on what is a VAST responsibility, we now have to have this argument.

I'm sorry, but there's no excuse to not know all the details of the home loan you were signing. I would not have a problem with helping a fellow citizen out who might be in trouble in this mess, but I don't agree with it being what is MANDATORY, as a taxpayer burden. When the Fed bails out ANYONE, where was our representation on the subsequent tax burden?

I still place no less blame on the banks, either. There is no excuse for preying on that stupidity, especially considering the consequences to the entire country.
My feeling also? If we can bail out every corporation that cries uncle, we can help people, particularly because of the snowball effect on the economy that others have mentioned on this thread and also because it's the right thing to do.

People wanting to help out, and doing so, is the right thing to do. REQUIRING people to help out with no say in the matter at all, is not.
 
It doesn't take sophistication to read over your mortage, and refer anything you don't understand about it to a qualified, trusted source. Because people had a hard-on to own a house, and didn't care quite enough to get educated on what is a VAST responsibility, we now have to have this argument.

I'm sorry, but there's no excuse to not know all the details of the home loan you were signing. I would not have a problem with helping a fellow citizen out who might be in trouble in this mess, but I don't agree with it being what is MANDATORY, as a taxpayer burden. When the Fed bails out ANYONE, where was our representation on the subsequent tax burden?

I still place no less blame on the banks, either. There is no excuse for preying on that stupidity, especially considering the consequences to the entire country.


People wanting to help out, and doing so, is the right thing to do. REQUIRING people to help out with no say in the matter at all, is not.

and the real estate agent and the mortgage broker that told one customer after another that no interest loan, adjustable in 3 years was the way to go because they will easily be able to refinance in to a fixed rate loan then because by that time they will have equity in the house to qualify for that loan? That wouldn't be in the 30 pages or more or mortgage papers and no, no one reads all those papers....their is an unsaid trust that the people you are doing business with are not naturally going to rip you off and lie thru their teeth....
 
and the pre payment penalties that were in fine print for paying off your mortgage early with new financing that kept people from doing such when they realized the sham they were in....

lots of scamming went on and lots of things were NOT disclosed clearly....watch some of the hearings on the hill on this which you can find at cspan archives.... you will be shocked as i was....guaranteed!

care
 
That's obviously where you and I differ, then. There's no excuse for accepting an interest bearing loan merely because it was offered to you.

Just because credit cards, for instance, are sent "pre-approved" to you, does not mean you should feel automatically compelled to take on more debt because they're being offered to you.

When you sign an interest bearing loan, you are responsible for that decision. Personally, I think a person should scrutinze and consider all possibilities of good or bad times, within the next, say, 10 years of their life, before they EVER give thought to signing their name. The pros ought to outweigh the cons, of course. You should be able to afford even extra payments on your mortgage at times, so you can combat the interest, and minimize your loss. That is actually one of the BIGGEST. If you can't do that, or can't at least see enough money in the budget to even CONSIDER it, then you probably shouldn't be accepting a mortgage yet, regardless of if you qualified and were "offered" it.

This is, of course, my opinion.

Sorry, I have a hard time discussing personal responsibility with someone that isn't interested in paying his taxes.
 
Sorry, I have a hard time discussing personal responsibility with someone that isn't interested in paying his taxes.

Wow. RGS, that you?

When did I ever say I didn't pay my taxes?

While I'm paying my taxes as a US citizen, I'm not going to just kneel down, lick boot, and not put my say in on the matter when I feel an injustice is being done to us.

Good point, but who needs roads and schools anyway, so long as we have guns. :rolleyes:

jillian, I'm all FOR building roads. If there's federal money that must be spent, I'd LOVE to see us improve our infrastructure. I'm one of the biggest opponents of blowing up and rebuilding infrastructure in other countries while we watch our OWN go to hell.

As far as schools, until parents collectively take a proactive role in that area, we're going to see shoddy progress. I can't get behind parents not caring enough to step up, meanwhile our government does the leg work and foots the bill.

I would think liberals of all people would be HAPPY to step up and take responsibility in their communities, handing out volunteer work and helping with funding. But alas, typically liberals just want to see the government take care of it and FORCE us all to pay.
 
I think predatory lending companies are a huge part of the problem.

One of the big "lenders" in this business was Washington Mutual, which was mainly a western bank but then the mortgage section showed up cross country. WAMU grew from taking over little banks and Savings and Loan companies.. Used to be a good reliable bank.

WAMU is now actually a front name for a bank called PROVIDIAN. They were top notch in the credit card predatory lending side of things.

This is one of the banks that has outsourced all their customer service and tech to India and the Philipines. That means a phone call to them about an account goes to a country where there are no laws with any teeth about stealing clients personal information......

Not necessarily about this bank, but one case where the info was outsourced, US customers info was sold by a call center employee in India for $5 US per each, and all the employee got was fired......

Combinations of things.......

WAMU was all about "free checking" free this free that, but those things cost.... the seven to ten a month in service charges paid in part for those US hired and based customer service reps who could be trusted.....

Those who are good consumers look at a lot of things when choosing a bank.

Me, I'd rather pay a service charge than have my info outsourced!
 

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