Posted by Becca_FL on 8/31/07 8:23am
Msg #208820

Uncle Sam to the rescue? n/m

Reply by Becca_FL on 8/31/07 8:25am
Msg #208822

Dag nabit!

Bush Moves to Aid Homeowners

http://online.wsj.com/article/SB118851742988914064.html?mod=hpp_us_whats_news

Reply by aatatusko on 8/31/07 8:31am
Msg #208823

Hope So! n/m

Reply by Stamper_WI on 8/31/07 8:38am
Msg #208824

Also needed

I am seeing an increase in credit card payoffs on refi's and equity loans. The comments the borrowers do make is the fact that the interest rates rose dramatically on this. States with high caps on these rates need to take a look and Bush needs to back pedal on this.

Reply by Dennis D Broadbooks on 8/31/07 10:02am
Msg #208838

Jump Over to the "Leisure" Forum...

...for a trivia question % your "Dag nabit" remark.

Reply by Philip Johnson on 8/31/07 8:52am
Msg #208827

Once again the taxpayers get it in the wallet.

Why should we as taxpayers cover the neighbors car, vacation, credit card, etc that he wrapped into his refi? What happened to being responsible for what one does in this country?
Some of these folks should have never been allowed to buy a home, they were bad risks from the beginning and now they are facing the music. Why must we as taxpayers turn the volume down on that music?
I as well as I assume most of those on this list pay their bills on time, use their credit wisely and know when to say no. What this is, is the transfer of liability from the mortgage companies, hedge funds, etc to the shoulders of the taxpayer, who at this moment seems to be pretty well saddled. It's a sad day when this country starts looking more and more like the countries of Europe, who have lost the indiviual iniative and believe that the government is the end all be all.

Reply by Dennis D Broadbooks on 8/31/07 9:02am
Msg #208828

With Your Permission, Philip...

...I'll be glad to cut & paste this post of yours over to the "Just Politics" forum.

BTW, I couldn't agree more with your assessment!

Reply by kathy/ca on 8/31/07 10:13am
Msg #208841

Philip, I couldnt agree more. Hard working, responsible

individuals always end up "taking it in the shorts" for irresponsible individuals. Those people made a choice to make that loan and now WE are expected to bail them out? Not right!

Reply by MistarellaFL on 8/31/07 9:23am
Msg #208829

Uncle Sam and Aunt Misty to the rescue

Just fill in your name.

Reply by LisaWI on 8/31/07 9:35am
Msg #208834

Re: Does anyone feel or think

that the govt will take on the responsibility to have certain guidelines in place for who they will help in this situation. I would hope so. Example: Borrower in trouble but has assets that include a summer rental home or timeshare, a RV, an inground pool, 2 brand new vehicles, a yacht, and so on, or borrower in trouble who has their primary home, their vehicles and thats about it. If such guidelines are in place and truely helps those who NEED it, Im all for it.

Reply by jba/fl on 8/31/07 9:44am
Msg #208836

This is another election campaign strategy: after all, who

thought this up? Rep., therefore, stay on this ride and you will be ok.
I think that this is shameful, and a whole lot more, but I'm on the wrong forum.

Reply by Stamper_WI on 8/31/07 10:41am
Msg #208851

Re: This is another election campaign strategy: after all, who

Definately a boost for the republicans if it works. Not to mention GW

Reply by CJ on 8/31/07 10:44am
Msg #208853

Why should the responsible bail out the irresponsible?

We bought a single wide mobile home, paid it off, I shop at thrift stores, We drive old cars that are paid off (and cost about $2,000 when we bought them), I don't fool around with hair dos and manicures, our vacations are about driving to see the kids. We are in the black and are trying to save for retirement.

We have been srimping to pay off debts. We pay cash only. So why should I be tapped on the sholder to help those "less fortunate" becasue they have been living beyond their means?

I have been to plenty of houses that got those subprime loans. They are in the poorer neighborhoods, I hate to say this, but usually English as a second language, 2 (or more) 4x4 trucks and a boat in the driveway, and Nordstrom and Victoria's Secret for debt. And now they want us to rescue (and enable) their irresponsible behavior.

Before I met my husband, he worked at a shipyard. They lost the bid, and the shipyard closed. He could not make the house payments, or the child support payments, and they took away his liscence, impounded his car, and foreclosed on him. No one rescued him. He had to eat it.

What about all the loan people who are out of work becuase of this downturn? Is the government (taxpayers) going to rescue them too?

I have lived in my car. I had to take the consequenses for my behavior. (Not drugs, but poor choices.) No one resuced me then. Not even my family. I believe Socialism only works until the rich people run out of money. Now that I am 100% debt free, I am afraid that I am considered "rich", and I will have to bail out people who don't want to face the consequenses of their behavior.

This is a capitalist country: you work as hard or as easy as you like. You keep the money you make, and you spend it however you like. Notaries were doing great for a few years, now we are on hard times. It's no one's problem but our own. We take the bad with the good. Same with everyone else. From what I see of Socialism, everyone wants the hand out, so they lose their incentive. You know that notaries work crazy hours and put up with a lot of nonsence beause we know that the more we work, the more money we make. What if we all had to pool our money at the end of the week and split it evenly between everyone on this forum? No way! That's what I think of any bail-out program.

Were they willing to share their money when they had a surplus of it? How come they didn't take me with them to Nordstrums and buy me something? Becuase their money is their money, and my money is my money. But now that they ran out, they want MY money to be their money.

I think if they can't take the heat, they should get out of the kitchen.

Reply by Stamper_WI on 8/31/07 12:18pm
Msg #208882

Re: Why should the responsible bail out the irresponsible?

From what I remember of FHA (when I was a realtor) the guidelines are pretty strict. I doubt that will change. More than ever those guidelings are needed in order for the Gov to back the loan. The standards for FHA are higher. I see many more conventional loans foreclosing than FHA.
Personally I would rather see the home owners bailed out rather than the lenders and their salesmen who sold the loan. The shame is on them.I think they have enough padding. The home owners are still paying their debts. Those loans were designed for extreme profit to the lenders and those they sold them to. They are the ones with the lobbyists clamoring for a break. Thats where the first patches were applied. Now they realize the fix is at the consumer level

I swear my name is on a chair in several homes refinancing the last bad loan and they are getting smarter every time. The end result is a much smarter consumer. Any home owner that doesn't take their bad situation as a wake up call and adhere to the guidelines of any new loan desrves to loose their home. Their mindset about what is the reality of fiscal responsibility has to change. Maybe as simple as recognizing spin or better yet turn off the tv and go live their life. Money and the perks it buys are a drug. Sometimes you have to hit bottom.
We all make bad choices. That makes us imperfect. How we deal with our imperfections gives us a quality to our lives.
Can you honestly say that if the help were offered, you wouldn't take it given no other options?
I sold my home 2 yrs ago at the peak. I planned it that way. I told myself I would never go back to 1989 with $13 and 3 kids. It was my own fault because I let my now ex raid my stock portfolio I had started it with $40 from my milk money account at school. I could be retired now. It was "for the family". I got busy instead and took my life into my own hands. I don't hold it against people who have more than me even though they seem clueless at times. They have their own life experience's to draw on. Bitterness is a poison

Reply by SueW/Tn on 8/31/07 12:37pm
Msg #208888

Less government, not more

This is just one more way to make citizens MORE dependent on the government. I was listening to the radio last night and the commentator spoke about a Vietnamese community in New Orleans that has completely rebuilt their area with no governmnet assistance AND their children are back in school without government aide. Everyone else seems to look at the destruction and .....wait. Used to be neighbors helped each other and didn't think twice about it. Now they don't know each others names. THE GOVERNMENT WANTS YOU TO STAY DUMB AND TO DEPEND ON THEM.