Posted on 09/18/2007 1:27:04 PM PDT by vietvet67
NEW YORK: As more U.S. states and cities struggle to find the money to bail out homeowners caught up in the housing downturn, some Americans are wondering why government should be rewarding people for their greed or irresponsibility.
Some, like Thomas Roach of Sarasota, Florida, are even actively campaigning against a bailout for people who, using easy credit and exotic mortgages, bought more home than they could afford on a bet to make easy profits from rising real estate prices.
Even before President George W. Bush put forth his proposals to help troubled homeowners last month, Roach, a 30-year-old information technology specialist for a financial firm, had posted an online petition called "Tax Payers Against a Wall Street and Mortgage Bailout." It has collected nearly 3,800 signatures in two weeks.
"What the government doesn't realize is that these people knew what they were getting into," said Roach. "They just thought that these housing prices were going to keep going up and up. A bailout sets such a bad precedent. You're encouraging bad behavior."
Roach is one of many questioning the government's role in repairing the mortgage mess, even as various federal and local plans try to stave off a potential deluge of foreclosures on the horizon. Some states and counties are using bond sales or fees collected from late payment of property taxes to help homeowners refinance into traditional fixed-rate loans, while the federal government is considering giving money to agencies that counsel delinquent borrowers.
(Excerpt) Read more at iht.com ...
There, fixed it.
I wonder if he's looked at the actual details of these plans, or if he's just imagining the characteristics of people he likes to hate, and then does so.
Lenders, not the gov’t, should be cutting deals with borrowers to stave off forclosures.
If they bought a car they couldn't pay for or home theater system on credit and didn't make the payments, do we, the taxpayers OWE it to either party to pony up with the cash to bail everyone out?
NOT HARDLY!!!!!
Bbbbut .... Ben Bernanke just threw a few hundred billion dollars at the problem. Won’t that fix it?
Should hard working taxpayers cover gamblers' losses at casinos, too? How about folks who lose money in the stock market?
It was Bush's policies that gave us this mess in the first place.
In September 2001, Bush and Vicente Fox signed the Partnership for Prosperity agreement (with Mexico).
This opened the doors for the New Alliance Task Force, which relaxed the banking and lending regulations to allow Mexican illegal aliens to obtain US bank accounts, business, home and auto loans using only a Mexican Matricula Consular card as ID and a US tax return with an ITIN as proof of employment history.
Banks responded by placing their representatives in Mexican consulates to explain how Mexican illegal aliens could take advantage of Bush's new banking policies.
Now, in 2007, Bush wants the US taxpayers to bail out his banking buddies and Mexican illegal aliens after they supplied one sub-prime loan after another to these criminal applicants.
All they’re saying is that if you paid your loan on time before the rate went up, it’s probable that you’d still pay on time if the payment hadn’t increased. FHA guidelines were amended.
You still have to prove income and have 3% equity in the property as of TODAY’s appraisal.
Realistically, most of these people would have qualified for FHA back when they bought the house, and would have qualified before these changes were made had they refinanced before their interest rate went up.
So really, it’s amending FHA for people that already should have gotten FHA loans before today.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I dont know about a mess because my portfolio has taken off and fortunately my family has done very well during the Bush years! Now i guess my meat was others poison
God Dubya and the tax cuts
It is not hate to not want ot pay for other peoples freckless decisions. If you blow all your rent money in Vegas why should I have to help you keep you apartment. I say not to any bailouts and yes to personal responsible.
During that time our nest egg was wiped out by medical bills. Yet, the strong economy helped lift up my web design business to the point that I was able to quit my job and hope to replace my losses by the time I retire.
“After six years of George W. Bush I long for the honesty and sincerity of the Clinton Administration”???
Hillary? Is that you?
I am sorry about your medical situation. Bush doesnt receive enough credit for this strong economy
Yeah...it isnt like people should actully READ something before signing it...
Hell...I could have my property leveraged to 225% of it’s value too if I took up every offer that comes in the mail...
A fool and his money are soon parted....
I shouldnt have to bail out people who CHOOSE to live beyond their means...
Thank you. Our medical situation was a one time event with my daughter 3 years ago. Everyone's fine now. As a matter of fact, it was when my daughter decided she didn't like college, dropped out, started work, and got her own health insurance that I got the nerve to go full time with my business (which I'm supposed to be working on now. Good bye).
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