Next up...Homeowner Bailout being kicked around (1 Viewer)

bclemms

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I wonder if I have time to quit paying my mortgage? I could use my rent money for a night at the casino and strip club if Uncle Sam will bail me out.
 

Jonesy77

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no kidding. Makes me a little upset I bothered to be responsible and purchase within my means
 
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Purchase within your means? Why would you do a silly thing like that? Follow your leaders' example, they know what they're doing :)
 

gboudx

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I'm hoping to be able to refinance for a shorter-term and a lower-to-same P&I payment.
 
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I am hoping to build in 2-3 years... I wonder if Sam will have my back if I screw up??!
 
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efil4stnias

efil4stnias

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I am hoping to build in 2-3 years... I wonder if Sam will have my back if I screw up??!

just be sure to do the following:

Build a home outside your affordability-
Then take out an "interest-only" loan for the first two years ( with the thought that you will refi in 2 at a fixed rate )
Then instead of saving the difference between the interest only payment and normal fixed rate payment, go get cha a nice car.
Add a couple of LCD on 12 months no interest credit card, along with furnishings from Pottery Barn because you want your neighbors to think you make a large living
 

cruize

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Unlike the brilliant experts here, many honest, hard working people were taken advantage of who were only trying to have something nice. Do they bear some of the blame? Absolutely. Do they deserve to be homeless and have no credit for ten years? Not in my opinion. Make sure lenders can't have such lending policies again. Lend a hand, not give a handout, to the borrowers, and the problem is solved.
 

CitySaint

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Is this to help the indivdual homeowner or is it more of a bail out for Wall Street and banks? I have a hard time believing they will be helping out working families.
 

varanook

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This sucks but I have to admit I like it better than wall street getting bailed out.

It's just that many people who make high incomes will be bailed out as well.
 

dajmno

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How about a student loan bailout?
 

CitySaint

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How similiar will this be to the S&L bailout?
 

bclemms

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Unlike the brilliant experts here, many honest, hard working people were taken advantage of who were only trying to have something nice. Do they bear some of the blame? Absolutely. Do they deserve to be homeless and have no credit for ten years? Not in my opinion. Make sure lenders can't have such lending policies again. Lend a hand, not give a handout, to the borrowers, and the problem is solved.
I see your points and even understand them. I think a lot of people are ****** because they have been living responsible yet they ultimately will be the ones footing the bill for the big banks and lending houses exercising predatory lending trends plus they get to foot the bill for the people that were naive enough to sign the papers on the other end. These will be the only people to do the right thing, the only people to pay the price and the only people that don't get to see the benefits.

The big CEO's will still get hundred million dollar bonuses, the irresponsible spender will still get his oversized house or a pass for making the mistake while the responsible spender pays the bills for both.
 

CitySaint

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"If you subsidize something, you get more of it."

Who said that?
 

TDH

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This is starting to sound like the flood insurance bailouts. Same basic arguments.
 

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