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

[Navy1960]

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?

 

[gonegolfin]

Democrats also "say they will push for relief for homeowners faced with foreclosure in return for supporting any broad bailout of struggling financial institutions."

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.

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?

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

 

[Silence]

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

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

McCain and Obama both support major legislation, currently working its way through Congress, that would let struggling homeowners refinance their mortgages into more affordable and traditional loans. Homeowners would get 30-year, fixed-rate mortgages backed by the government. To qualify for a loan, the applicant would need to be an owner-occupant who could pay a reasonable interest rate. The lender first would have to agree to lower the amount owed to 90 percent of the home's current value.

 

[gonegolfin]

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

It does not matter who supports it. It is bad economic policy.

Brian

 

[Navy1960]

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.

 

[Paulie]

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.

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.

 

[user_name_guest]

If i stop paying my student loans, will the government bail me out?

 

[dilloduck]

If i stop paying my student loans, will the government bail me out?

Were you tricked into it ?

( nod your head yes )

yes--they will

 

[Shattered]

If i stop paying my student loans, will the government bail me out?

Sure. Just claim "poor destitute fool who got tricked into going to school and paying for it".

 

[user_name_guest]

I'll swallow my pride and take the advice of shattered and dilloduck. I'm a sucker.

 

[Paulie]

Haven't heard Sallie Mae mentioned among troubled institutions, although I'd have to imagine they will eventually be. There is a credit crisis, afterall.

Perhaps you student loaners may have a way out someday. Here's hoping, huh?

 

[dilloduck]

I'll swallow my pride and take the advice of shattered and dilloduck. I'm a sucker.

How could you even know what you were doing ? You weren't even educated yet !!

 

[user_name_guest]

Haven't heard Sallie Mae mentioned among troubled institutions, although I'd have to imagine they will eventually be. There is a credit crisis, afterall.

Perhaps you student loaners may have a way out someday. Here's hoping, huh?

We have to wait though, ten years so everyone will forget about this. Savings and Loans, Subprime mortgages, and hopefully student loans.

 

[Navy1960]

I wonder, if, the excuse " Yes Mr. Credit Card Co. the Bill is being paid from Washington" the checks in the mail will work now? The real problem with this, is and I tend to agree, in that it rewards people that should not be rewarded. Some of them are CEO's and advisors of these firms that bailed out just before this happened. It seems to me if my taxes are going to pay for their mistakes then, that money you got in that golden parachute better be coughed up. I honestly believe that if we are going to bail bad business out, then its time to get tough tough with this people.

 

[user_name_guest]

Basically these bailouts are favoring what class or group of people? Rich, poor, all, middle? According to the voices of Washington, the news cable channels, the bailouts prevented a huge disaster in our financial system. However, we haven't seen nothing yet.