Posted on 08/31/2007 12:19:22 PM PDT by Scythian
Well, not only do I have to pay for my house, now I get to bail out these scam Morgtage loans that were offered at no money down to people with no "real" money.
Moral: Do whatever you want just make sure when you fail it's big enough to hurt the economy and you're little scheme will be bailed out. I just don't understand our President at all anymore ....
What has happened? Did a new law get passed today?
I have done something, I have alreay called/emailed/written my senators and US Rep asking them to oppose any bail out fo the banks adn mortgage industry. Instead let the market work itself out.
Dubai has since taken most of their cash out of the US economy too.
So be, US port security is more then worth that.
When it comes to screamingly stupid morons, why go anywhere else but to you?
You have that issue covered.
Any kind of socialist crap is great as long as it’s your beloved Jorge behind it.
Well, I'd love to get 20K knocked off a loan and not have to pay taxes on the gift. All of those recent home buyers with no equity might as well WALK AWAY if the govt is offering tax incentives! It doesn't pay to be responsible in this country any more.
I have been folowing soem Housing bubble blogs, and 2 people have posted that they are so upside down in their loans when the arms reset they are walking.
Carolyn, he will not explaine.
How are you bailing them out?
When Jorge offers people money, he’s offering them OUR money, that’s how.
hahahaha
Someone has to pay for those illegals getting home loans, then refinancing or getting home equity loans, and rushing back home to Mexico, leaving the mortgage companies holding the proverbial bag.
Guess who got tagged? The good ole American taxpayers.
What is a Piggyback Loan? A piggyback loan is a combination of two loans that close at the same time to purchase a home. The most common piggyback loan is an 80/10/10.
80 percent of the home’s value is financed through a first mortgage. The remaining 20 percent is equally divided between a second, piggyback loan and the down payment.
Or an 80/20, where the buyers have no down payment, and no personal mortgage insurance, or even better, an 80/20+20: buyers not only put nothing down, but take a home equity loan (on non-existent equity) for an additional 20%—`walking around’ money, I suppose.
‘Creative Financing 101 for Sub-prime Borrowers’
(And of course there’s always Chapter 13 bankruptcy.)
they even want to waive the 3% down for this rescue package!
Do you routinely insult everyone you have a conversation with?
The guy might be wrong, but how about just clearing him up on the issue without resorting to calling him names?
You'll get more respect on this forum.
Where’s the compassion?
Where’d the love go? :^)
As a tax payer I will say curb your compassion with my wallet.
“You’ll get more respect on this forum.”
He has already lost the respect of most people because he doesn’t comprehend the concept of disagreeing without being disagreeable.
Well, they are the authors of their own misfortune, but renting won’t kill them. It is screamingly obvious that a lot of people weren’t ready to join the Great Ownership Society. The Feds and the banks certainly didn’t complain when these loans were being made. The rich get richer, yada yada yada.
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