they have already intervened with trillions of tax payer dollars...it hasnt done a thing to help the economy, so why continue to throw money away...at best this like putting a bandaid on an axe wound

if they give people anything it will be miniscule or just a loan...the banks want desperatly to keep people in debt and obama is going to help them do this

Originally posted by invisibleman11
if they give people anything it will be miniscule or just a loan...the banks want desperatly to keep people in debt and obama is going to help them do this

SO you think the purpose is to make thing worse?

I understand that you equate HILTER and OBAMA - but how do you come up with that point of view?

Or what do you suggest?

The only way I see they should intervene is if they offer the same deal to every American who has a mortgage. Just picking a select few is not the best option IMO.

I feel for the people who are losing their homes, but a lot of these people got loans they couldn't afford and didn't bother to read the contracts they signed.

Why should they be rewarded for their irresponsibility??

Originally posted by jam321
The only way I see they should intervene is if they offer the same deal to every American who has a mortgage. Just picking a select few is not the best option IMO.

So you think reseting all mortgages is the only fair way to approach this?

I suppose I am all for fairness - I will try to sit on this idea... Care to offer your approach on the whole thing?

Originally posted by skeptic1
I feel for the people who are losing their homes, but a lot of these people got loans they couldn't afford and didn't bother to read the contracts they signed.

Why should they be rewarded for their irresponsibility??

Good point...

OR you could phrase it - why should the people be punished for irresposible lending?

OR both

However I know that at the mortgage company I worked at - it was common place practice to weight the LOAN APPROVAL process in order to make a sale...

DO you think having 7 million houses sitting abandoned is beneficial?

Even for the market?

Regardless of the notion of responsibilty?

Originally posted by skeptic1
I feel for the people who are losing their homes, but a lot of these people got loans they couldn't afford and didn't bother to read the contracts they signed.

Why should they be rewarded for their irresponsibility??

Then why is our tax money has gone with not problem to finance the failures of the banking system when they were profiting from bad loans.

Look what the TARP money has done to fix the mortgage problem, no a darn thing.

You know why, because banks don't give a crap about the tax payer and neither the people that are losing their homes.

At the end the housing market will reset and they will have all those toxic paper to sell all over again and keep making profit from their own created ponzi scheme with the blessings of the Federal government, all at the expenses of tax payer, until another mortgage bubble burst again.

Why should the irresponsible people and corporations be rewarded? I pay my bills on time, I work long hours every week and pay my due taxes. Yet the people who default on their contracts (for whatever reason) get the handouts.

I stated in a similar thread that people who have legitimate problems should be helped out. After thinking about it a bit, I have changed my opinion on this. And yes, I may lose my job before it's over, but I will not be banging on the White House door looking for a handout. I will do what I have to do to provide for my family.

Where does the government plan on getting the money to pay back the trillions of dollars of debt? Every time I read the news, there are less and less tax payers out there. I do not want anymore bailouts. Let the SHTF so we can start restructuring and get it over with already. I don't want my children or my children's children to have to pay 75% taxes their whole life to pay back my generations screw ups!

Originally posted by marg6043

Originally posted by skeptic1
I feel for the people who are losing their homes, but a lot of these people got loans they couldn't afford and didn't bother to read the contracts they signed.

Why should they be rewarded for their irresponsibility??

Then why is our tax money has gone with not problem to finance the failures of the banking system when they were profiting from bad loans.

Look what the TARP money has done to fix the mortgage problem, no a darn thing.

You know why, because banks don't give a crap about the tax payer and neither the people that are losing their homes.

At the end the housing market will reset and they will have all those toxic paper to sell all over again and keep making profit from their own created ponzi scheme with the blessings of the Federal government, all at the expenses of tax payer, until another mortgage bubble burst again.

ITs so true, almost funny...

I just think outside of the 'FEELING" aspects, what good does 10,000,000 houses running down do for the economy?

There are a number of reasons that people ended up with mortgages that they can't afford.

First, that were lots of people who never under any circumstances should have gotten a mortgage. They squeezed in with ridiculous teaser rates and no down payment. I don't believe that these people should be saved. The banks clearly made a mistake and should take the hit.

Second, investors who were trying to flip houses at the peak of the market. Ditto on "I don't believe that these people should be saved. The banks clearly made a mistake and should take the hit."

The third group of people are those that paid too much for their houses and are now upside down on their mortgage. If they are still working and trying to pay their mortgage, I think this is the only group that should be helped.

They should NOT intervene.

Are people to good to rent anymore? What happened to the days when you fell on hard times and family took you in to help you out. Is this easy? Hell no it's not. I've had to do it after my job was outsourced to Mexico, but I DID IT.

Either way, this money is going to the banks and it's TAXPAYER money. I am sick and tired of everyone refering to taxpayer money as government money. IT IS NOT THEIRS. IT IS OURS.

We are all going to take a hit. Everyone here should know that. We are only in the beginning stages of all of this. The more the goverment does, the more it is hurting us.