posted on May, 28 2009 @ 04:44 PM
Originally posted by SaraThustra
reply to post by lpowell0627
You're totally correct. Giving vouchers to people to buy new cars would have been better than a bailout of a car company. For that matter they could
sell every car in a month by saying no money down and "If we go out of business in a year, you can keep the car for free."
My big brother's mortgage was sold to Bank of America for 10 cents on the dollar from Beare Sterns. Then BOA turned around and forclosed on him
wanting 100% of the value and this was AFTER BOA got the billions in bailout money. Why didn't the government just let my brother pay the 26K so he
could keep the house?
The reality is that ALL of the bailout money has ended up in the personal bank accounts of all of the Yale schoolmates of the powers that be - the
elite, and until this country is ready to storm the Hamptons and raid the banks we will never ever see a dime of it - but for generations we will pay
to keep the wealthy living in the lap of luxury.
I don't understand the logic in this either.
If a couple owns a home that they paid $600,000.00 for and now one is out of work and they default on their loan. The banks foreclose. It takes near
on a year to get them completely thrown out of the house in which time the bank received no money. They turn around a year later go through the
expense of putting the house on the market and then selling the same house to a new couple for $200,000.00.
It makes no sense. Why not have worked with the original couple; dropped the price by half and everybody is a winner.
I know it is not a perfect solution and there are people like me that have lived within their means. Used debt responsibly and paid our bills on time
and we get nothing for it.
Yes it seems like these people are being rewarded for poor judgment but not everybody can be painted with that same brush.
Most people did not expect to lose their jobs. Most people were too busy trying to live the American dream to realize that it was nothing more then a
re-run on HBO.
These people will suffer and getting a break on their mortgage so they will not become another group of homeless in the streets is a better deal in
the long run for all of us concerned.
There has to be a better way.