People did not reasonably plan against that possibility, but that's what happened.
Since you are undoubtedly in a fine financial position at the moment it's time to move into the stock market while it's bottomed out (we hope) and scoop up bargains that will make you ridiculously wealthy in a decade or so.
Free homes also known as reparations & free housing for illegal aliens.
This evil vermin are bankrupting our children and grandchildren.
Yea. I’m so glad I busted my ass and payed off my mortgage and all my other debts. If they push this too far there will be blood in the streets.
This will backfire bigtime. Watch lots of people who are struggling to pay their mortgage suddenly stop. I paid off my house last year (for the full price)—guess I’m a sucker.
>> When do I get MY piece of the pie?
Your piece of the pie is the bill. Smile! Learn to enjoy paying it. Think of how grateful all those deadbeats are that you’re covering their stupidity and incompetence.
And don’t worry — they’ve learned their lesson, they’ll never be profligate again. ;-)
The operative word here is STALL foreclosures because that is all they are doing. Their debt to income ratio is out of whack and/or they have and will continue to lose jobs.
I can’t wait for the first lawsuit where an owner held the note. They’d try to force him or her to basically give their property away. True communism doesn’t allow ownership of personal property anyway so this is just another step IMO.
What about MY LOAN???!!!
WTF, I want my mortgage written down
The fed is criminal!!!!
Does he mean the NEWLY ACQUIRED "residential mortgage assets" that were just bought by the Feds? Congress set it up to issue all these worthless mortgages, a few years later to buy them up, then bail out the greedy companies that under-wrote these worthless loans. Now we own the worthless mortgages AND bailed out the companies that issued them. Where is our golf vacation?
Whether you like it or not we are where we are.
I agree the Dems got us where we are, Bush tried to prevent problems at Fannie and Freddie, but he didn't get the job done. The Banking Queen had his way with us, and we have been sorely used. But, recriminations and complaints won't fix the mess. So, now we all have to get out of the problem together.
There are more than a few of us who have been prudent in building up our resources. But, the combination of stocks and real estate has brought us down pretty close to a dangerous point.
Now that the damage has been done, the real issue is not how should we have prevented it, but how do we get out of the depression we are in.
I would a lot rather see undeserving people get a gift from the government, even forgiveness of 50% of their mortgages, if it puts a floor under the housing market and prevents a complete collapse, than see all of us ruined.
By the way, the RATs are in charge. They are going to do it whether you, or even a whole lot of us complain. So quit wasting your energy.
Let me tell you about my plan. It is really pretty simple. Poor people are poor for reasons within themselves, conservatives know that. So what happens when the government takes out money away from us and gives it to poor people. The answer comes in two parts. First they spend it, if they saved money they wouldn't be poor. Secondly, this causes inflation.
Now, my job, and yours too, is to figure out how to take advantage of the situation and get our money back from the people it has been given to. The answer is to invest in things which poor people buy and things which will appreciate to keep up with inflation.
Whatever pittance I have left is going to go into tobacco stocks and rental real estate.
Ain’t seen nothing yet.
Just wait until the banking system gets nationalized.
Well, seems I should stop paying my mortgage so I can get some of the principle written down, too. You bet your sweet ass that saving $100+K is worth a lousy credit rating.
This is not like any investment in speculation in a commodity that failed...The difference here is this has been the driving force of our economy. Arizona just like Floriduh, Nevada and California have been robust in the Real Estate economy that has now gone bust. It affects all of us. You can argue that it’s a good thing to let it go or you can see that it affects the entire nation in all aspects of our economy...Do I think bailing out this industry will help..I doubt it..Do I think it will be our down fall..Absolutely!
Tell me Todd. How many mortgages did the Federal Reserve write exactly?
What does "write down" mean, exactly?
What Statute authorizes the Federal Reserve to do this? (Chapter and Section if you please)
That'll do for now.
L
An amazing amount of people are loosing jobs. Many more to come.. everyone facing foreclosures do not fit in these categories.
The Fed is clueless. No matter what they do the market will react in the opposite direction of what they want since markets EQUALIZE.