A lot of people lost their biggest investment when the Liberals’ experiments with the housing market went kaput. They artificially inflated prices and value, forced loans to people who should not have had them, and bankrupted businesses when their antics caught up with them. Lost in the mix was the hardworking homeowner.
This is why I am not a Libertarian. I don't think “tough luck, now get out!” is the answer here. This is a person's home, not a big screen TV. I am all for forcing the banks to negotiate - the same banks that got billions in bailouts partially paid by that taxpayer borrower they are trying to kick out of their home. The issue is far more complex than some want to admit. There has to be a way to get the borrower and bank to come to an agreement - otherwise, demand the banks all write checks back to the taxpayer for the amount of their bailouts.
how about this. You get the loan/mortgage, you make the payments agreed to.
If you can’t make the payments anymore, the bank gets the house. All the “I keep my promises” is feel good BS.
Every other entity gets an out. So does the “sap” (sarc) homeowner.
And you are right. The banks/Wall St destroyed it all. I could care less about their balance sheets which can change at the whim of lobbied (bought) government.
Summary: Can’t pay the loan, house goes to the one who holds the note.
The original bailout that was T.A.R.P. (Troubled Asset Relief Program) was signed by Bush'43 on 10/3/2008 to buy "troubled assets," defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress."
Of course, within the year after Obama's election, it became the font of crony capitalism under the guise of ending the "too big to fail" regime of Money Center Banks and Wall Street trading houses. In the 6 years since, no bank or trading house has been shrunk but all have paid fines of billions to the US Treasury as well as TARP repayments (tongue-in-cheek!) Meanwhile the owners and managers of these institutions have made LARGE campaign contributions to worthy politicians, what a shock!
SO why should not the individual be able to negotiate with these same institutions that so willingly play the game for OUR $Billions?