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 ....
I have heard the old saying money always finds it true owner. Meaning that those who manage their money in a responsible manner tend to keep it and get more.
What’s mine is mine. What’s yours—well, that’s negotiable.
Rooskies/Communists/Socialists/Democrats/the WH
And they wonder why the dollar go lower.
Keep printing them baby!
There are a couple of reasons the government has in interest in keeping the mortgage industry from melting down.
The first is that a complete melt-down of the real estate industry would probably put us in a deep recession and possibly a depression. The damage to the economy would be more painful that the tax hit.
The second, it is the government that got us into the mess. Granted the lending industry as a whole was making loans that don’t make alot of sense but we live in a capitalistic society and the federal banking policies made it very profitable to make and flip loans which were covered with cheap and easy funds coming out of the fed. The government did not restrict this activity which is okay but they dried up the cheap money from the fed. Suddenly the lending industry ran into a cash crunch and couldn’t meet their obligations. On one hand, it’s easy to say too bad for them but those organizations are vital to our economy on multiple levels. Their faltering not only affects the real estate market, furthering the melt down we are seeing now, but has far reaching affects including undermining our already weak dollar.
If the problem was not fundamentally caused by the government and so potentially damaging to every American, I would say just walk away. But this is huge, and could hurt every American from rich to poor.
Haven’t understood the actions of this man for a long time now.
Haven’t understood the actions of this man for a long time now.
None of this applies to CA...so it really doesnt have an affect...
nice post :)
I will have to see how the program plays out...but if the poor people want to keep their homes, they can be put into 40 or 50 year mortgages.
Of course, no help should be extended to anyone who took money out to buy an SUV, flat screen TV and Wii.
and at 200,000 loans....it really isnt a large program...there are over 100,000 homes for sale now in Phoenix alone....a flippers paradise.
Carolyn
You know how it goes. The Free Market should always prevail, unless the Big Boys get their teat caught in a wringer, than its Big Government to the rescue.
I’m also wondering whether the banks themselves get hurt, or do they actually make out on all this over time ??
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