Mortgage bailout for the idiots - whats up with that?

[JBC77]

Well, looks like they are going to pass the mortgage bailout on Wednesday. Yup....time for taxpayers to pick up the tab for all the idiots who took zero down, adjustable rate mortgages. How nice.....make a stupid choice and now you get to keep your home. Real smart Uncle Sam.

This is like the Savings & Loan crisis. When will these idiot politicians learn you can't rig up markets with bailouts. It just doesn't work.

Unreal.

[RageWizard]

I haven't read the terms yet, and I should really hold off until I do, but I bet that this bailout deal will not really help the individuals with a crappy mortgage that they shouldn't have received in the first place. This is a deal set up by a corrupt U.S. Senator Chris Dodd, the chairman of the banking finance commitee. You see Mr. Dodd hep set up this ponzi scam almost 8 years ago with the CEO of Goldman will Sack you who happens to also be the Treasury Sect. Don't tell me he resigned and left, yeah maybe on paper, but we know better. So now the deal will help ensure that the very people who personally made money off of this scam will endeed make even more money from the tax payers. Yeah a couple of people will actually be helped with their mortgages, but mark these words, the people who will come out way ahead are the big mortgage brokers and the home builders.

[JBC77]

I totally agree with you. Dodd is corrupt as they come. It was funny when the newspaper broke the story about him receiving favorable loans from Country Wide. Because he was, "freinds of Angelo."

It made me crack up when he responded all pouty and mad, "Why I never received favorable rates on any of my loans........" Thats a real knee slapper Dodd.

It pisses me off when they intervene in markets....that they ****ed up in the first place. With our money no less. The result is never pretty. Let the markets correct themselves......naturally.

[Bluehorseshoe]

It pisses me off when they intervene in markets....that they ****ed up in the first place. With our money no less. The result is never pretty. Let the markets correct themselves......naturally.

I agree. I'm being punished for not being an idiot and buying a house I can't afford.

Why don't they pay off everyone's credit card debt while they're at it? That makes more sense than this.

[ShamsWoof10]

I haven't read the terms yet, and I should really hold off until I do, but I bet that this bailout deal will not really help the individuals with a crappy mortgage that they shouldn't have received in the first place. This is a deal set up by a corrupt U.S. Senator Chris Dodd, the chairman of the banking finance commitee. You see Mr. Dodd hep set up this ponzi scam almost 8 years ago with the CEO of Goldman will Sack you who happens to also be the Treasury Sect. Don't tell me he resigned and left, yeah maybe on paper, but we know better. So now the deal will help ensure that the very people who personally made money off of this scam will endeed make even more money from the tax payers. Yeah a couple of people will actually be helped with their mortgages, but mark these words, the people who will come out way ahead are the big mortgage brokers and the home builders.

I more or less agree with RW here however I believe the markets are far more fixed then even you both realize... Most people think "THEY" <<< whoever they are... are trying to keep the markets up and just don't want it to fall.... Has it ever occurr to most that "THEY" might want the markets to fall as well as the global economy..?

I agree. I'm being punished for not being an idiot and buying a house I can't afford.

Why don't they pay off everyone's credit card debt while they're at it? That makes more sense than this.

Because..... NO DEBT = NO MONEY!!!

Let's keep something in mind boys... and I am not trying to make excuses for the people who made bad decisions but do keep in mind that these banks loaned out money they never had as well and that's not exactly responsible although "fractional reserve requirments" allow it...

[swede96]

All I know is I'm glad no one is bailing out one dude that bought a house a year ago he couldn't afford....because now I'm buying it for a STEAL! I will never understand how so many people were duped into thinking an adjustable rate mortgage was a good idea.

[Justin7]

This mortgage bailout disgusts me. I have lost about $30k in stocks due to incompetent bankers giving these loans out. Now, every taxpayer in the US is going to piss away another $2k or so (just an estimate).

I am dumbfounded by this administration's incompetence. And now we want to invade Iran? *groan*

[ShamsWoof10]

This mortgage bailout disgusts me. I have lost about $30k in stocks due to incompetent bankers giving these loans out. Now, every taxpayer in the US is going to piss away another $2k or so (just an estimate).

I am dumbfounded by this administration's incompetence. And now we want to invade Iran? *groan*

Who's "WE"..? and why would you include yourself with such garbage then..? That's the way your making the administration sound....

HI BONES!!!!!

[swede96]

Hi Dufus. How are you? I am dissappointed you didn't go on a rant about people being stupid for buying homes they can't pay for up front anyway.

[RageWizard]

[QUOTE=swede96;868442]All I know is I'm glad no one is bailing out one dude that bought a house a year ago he couldn't afford....because now I'm buying it for a STEAL! I will never understand how so many people were duped into thinking an adjustable rate mortgage was a good idea.[/QUOTE]

Well just like every other ponzi scam, the people who are first in make all the money and the people who come in last are left holding the bag. The housing market scam worked for alot of people, including myself. I sold a home for about a 40% premium of what the actual cost should have been to some sucker who was chasing the same asset class as everyone else. The idea there Swede is that they will buy a house with no money down at an introductory rate for a couple of years, then before the mortgage resets, they will sell the house for a profit to some other sucker for more money and thus be able to cover the original loan amount and make a profit while doing it. This works great while prices are going up. When prices eventually top out, then this ponzi system falls apart as it did and people in last are left holding the bag.

[swede96]

Well just like every other ponzi scam, the people who are first in make all the money and the people who come in last are left holding the bag. The housing market scam worked for alot of people, including myself. I sold a home for about a 40% premium of what the actual cost should have been to some sucker who was chasing the same asset class as everyone else. The idea there Swede is that they will buy a house with no money down at an introductory rate for a couple of years, then before the mortgage resets, they will sell the house for a profit to some other sucker for more money and thus be able to cover the original loan amount and make a profit while doing it. This works great while prices are going up. When prices eventually top out, then this ponzi system falls apart as it did and people in last are left holding the bag.

Right, which is exactly why my house was a short sale. The guy bought it for $285k a year ago and now I'm getting it for $230k...which was a VERY fair offer. I'm more talking about the people that fell for the whole adjustable rate thing really thinking that they were going to be able to stay in that house.

[Thor4140]

Im surprised as usual that when it comes to helping out our very own citizens people cry foul but when Bear Stearns got bailed out with the very same tax dollars (ours)there hasn't been a peep. In my mind they are both wrong but why is it when it is the people in this country that get the break all hell breaks loose, but when the airlines and the Bear Stearns of the world get bailed out there is no mention at all?. Like i said i think its wrong both ways but if you have to spend money do it with our people instead of that shit hole called Iraq.

[Thor4140]

Right, which is exactly why my house was a short sale. The guy bought it for $285k a year ago and now I'm getting it for $230k...which was a VERY fair offer. I'm more talking about the people that fell for the whole adjustable rate thing really thinking that they were going to be able to stay in that house.

How did they know that gas was gonna triple as well as almost every other thing?

[swede96]

Im surprised as usual that when it comes to helping out our very own citizens people cry foul but when Bear Stearns got bailed out with the very same tax dollars (ours)there hasn't been a peep. In my mind they are both wrong but why is it when it is the people in this country that get the break all hell breaks loose, but when the airlines and the Bear Stearns of the world get bailed out there is no mention at all?. Like i said i think its wrong both ways but if you have to spend money do it with our people instead of that shit hole called Iraq.

For me, Thor, I have no problem helping people in need. However, why should I have to bail out people who make stupid choices or are too lazy to help themselves? Bought a house you can't afford? Well, go for a short sale...accept the debt...take a second job, pay it and learn your lesson.

[swede96]

How did they know that gas was gonna triple as well as almost every other thing?

How did they know it wouldn't? You have to be prepared for such things in life.

[Thor4140]

For me, Thor, I have no problem helping people in need. However, why should I have to bail out people who make stupid choices or are too lazy to help themselves? Bought a house you can't afford? Well, go for a short sale...accept the debt...take a second job, pay it and learn your lesson.

Not saying its right but i didn't hear anything from ya when we bailed out Bear Stearns recently. That is my point.

[Bluehorseshoe]

Im surprised as usual that when it comes to helping out our very own citizens people cry foul but when Bear Stearns got bailed out with the very same tax dollars (ours)there hasn't been a peep. In my mind they are both wrong but why is it when it is the people in this country that get the break all hell breaks loose, but when the airlines and the Bear Stearns of the world get bailed out there is no mention at all?. Like i said i think its wrong both ways but if you have to spend money do it with our people instead of that shit hole called Iraq.

I don't think anyone here is differentiating the two. The fact is, if you don't allow Darwin's theory of "Survival of the fittest" to run it's course, you're just sustaining a bubble for the short term. It's not healthy in the big picture.

[swede96]

Not saying its right but i didn't hear anything from ya when we bailed out Bear Stearns recently. That is my point.

I have no clue what you're talking about. I barely have time to sleep, let alone watch the news lately.

[swede96]

I don't think anyone here is differentiating the two. The fact is, if you don't allow Darwin's theory of "Survival of the fittest" to run it's course, you're just sustaining a bubble for the short term. It's not healthy in the big picture.

Everyone thinks I'm heartless when I say that. It's a kill or be killed world. Right now, this country is rewarding those that are too stupid or lazy to fight for their own survival.

[Thor4140]

I have no clue what you're talking about. I barely have time to sleep, let alone watch the news lately.

Im not knocking you for having no clue but this is how wonderful our media works. All you hear is the one side of this and when it was about Bear Stearns you barely heard a thing. We are bailing out the same banks that gave these loans. Why are they not labeled stupid for giving this credit? Our same Tax dollars are going to banks to bail them out. I don't want my tax dollars going to either one(citizens or the banks) and i can name about fifty other things starting with Iraq..

[Bill Dozer]

I agree with most people here that this is all wrong but I don't blame the folks about to foreclose. They have spun as if we have to reach out and save our fellow Americans who are about to be homeless. This isn't the government helping the people; they are helping themselves. If they really wanted to accept their mistakes they let the market correct itself instead of trying to band-aid at our expense until their terms are over and they sell their stocks. The people would be fine and probably find great rental rates. This action hurts the public but saves their banking partners IMO.

[Dark Horse]

This mortgage bailout disgusts me. I have lost about $30k in stocks due to incompetent bankers giving these loans out. Now, every taxpayer in the US is going to piss away another $2k or so (just an estimate).

I am dumbfounded by this administration's incompetence. And now we want to invade Iran? *groan*

Read this

http://www.erichufschmid.net/TFC/Rothschild-timeline.htm

[Bluehorseshoe]

Everyone thinks I'm heartless when I say that. It's a kill or be killed world. Right now, this country is rewarding those that are too stupid or lazy to fight for their own survival.

And it's penalizing people like myself who waited to buy. I could see this was coming 4 years ago so I laid off. When you see building of new homes completely outweighing the demand, you knew a correction was coming soon. The ridiculous mortgages that were put out there just magnified the problems.

I'd say more than half of my friends live way beyond their means. They want the $35,000 car, the nice house, two vacations a year and then cry when things are bad. Tough shit.

[swede96]

Im not knocking you for having no clue but this is how wonderful our media works. All you hear is the one side of this and when it was about Bear Stearns you barely heard anything. We are bailing out the same banks that gave these loans. Why are they not labeled stupid for giving this credit? Our same Tax dollars are going to banks to bail them out. I don't want my tax dollars going to either one(citizens or the banks) and i can name about fifty other things starting with Iraq..

Well I think we could all go on and on about the things we wish our tax dollars didn't support. My main problem is the government not holding people accountable for their actions in any way. "Oh, you bought a house WELL abopve you means? We'll fix it."....."Oh, you have two babies by the time you're 16 and you want us to pay for them? No problem, it's not your fault. You didn't have a strong male role model."...."You shot up your school and killed a bunch of people? Must be those video games and that rock music."...."Awww, did the gangbanger hit an innocent person in that drive by? Well, it's not his fault...he grew up in a bad 'hood'" IMO, this attitude will be the demise of our country.

[swede96]

And it's penalizing people like myself who waited to buy. I could see this was coming 4 years ago so I laid off. When you see building of new homes completely outweighing the demand, you knew a correction was coming soon. The ridiculous mortgages that were put out there just magnified the problems.

I'd say more than half of my friends live way beyond their means. They want the $35,000 car, the nice house, two vacations a year and then cry when things are bad. Tough shit.

Again.

However, I don't feel penalized right now. I'm getting a house for $55k less than it's worth because this guy got in over his head. Interest rates are higher, for sure...but I'm still getting my house cheap. I know someone who paid $45k less for a house half the size that he had to gut and completely re-do a few years ago.

[SBR Lou]

Again.

However, I don't feel penalized right now. I'm getting a house for $55k less than it's worth because this guy got in over his head. Interest rates are higher, for sure...but I'm still getting my house cheap. I know someone who paid $45k less for a house half the size that he had to gut and completely re-do a few years ago.

[Dark Horse]

Our Federal income tax (for which you will not be able to find a law!) goes straight into the pockets of the illegal Fed; to pay off the interest they charge on printing our money for us, something our Government should be doing - without interest. Since they print the money out of thin air, this interest is a highly lucrative business.

JFK tried to have the Government print its own money (and did). Six month later he was dead. Lincoln had the Government print its own money (with previous central bank). The secret recipe for assassination?

US president Andrew Jackson, when asked what his greatest achievement was: "I killed the Bank!". The present Fed is the third version of a private bank (not at all federal) that is controlled by international bankers. These international bankers, history shows us, find nothing more profitable than war. They get to lend money -to both sides-, and countries have no problem digging a deep hole of debt during war.

Before the 9/11 false flag operation, Afghanistan, Iran, Iraq, and North Korea were among the last seven countries in the world without a Rothschild controlled central bank. 'Axis of evil', anyone?

[swede96]

Aww, thanks. Did I tell you we actually are under contract on the house finally?! July 25th, baby...that's the day I sign my life away.

[swede96]

Our Federal income tax (for which you will not be able to find a law!) goes straight into the pockets of the illegal Fed; to pay off the interest they charge on printing our money for us, something our Government should be doing - without interest. Since they print the money out of thin air, this interest is a highly lucrative business.

JFK tried to have the Government print its own money (and did). Six month later he was dead. Lincoln had the Government print its own money (with previous central bank). The secret recipe for assassination?

US president Andrew Jackson, when asked what his greatest achievement was: "I killed the Bank!". The present Fed is the third version of a private bank (not at all federal) that is controlled by international bankers. These international bankers, history shows us, find nothing more profitable than war. They get to lend money -to both sides-, and countries have no problem digging a deep hole of debt during war.

Before the 9/11 false flag operation, Afghanistan, Iran, Iraq, and North Korea were among the last seven countries in the world without a Rothschild controlled central bank. 'Axis of evil', anyone?

Interresting. I didn't realize that, DH. Thanks!

[Bluehorseshoe]

Bottom line is, there are people who don't know what they're doing and banks take advantage of them in different ways. The banks need real regulation.

The most evil invention on the planet is the credit card. No one should be able to get $40,000 in credit from credit cards, when those same people don't make $40,000 in a year.

[JBC77]

Bill makes a good point. It's not like these people are going homeless.....they are becoming renters.

There are two evils to blame here: Predatory lendors and African American and Hispanic first time home buyers. It would be silly for to think these people could understand the importance of saving for a 25% -40% down payment on a property. Nor could they realize the difference between variable and fixed rate mortgage.

The Bush administration is against the bailout.......so we can't blame them this time around.

[RageWizard]

Bill makes a good point. It's not like these people are going homeless.....they are becoming renters.
There are two evils to blame here: Predatory lendors and African American and Hispanic first time home buyers. It would be silly for to think these people could understand the importance of saving for a 25% -40% down payment on a property. Nor could they realize the difference between variable and fixed rate mortgage.

The Bush administration is against the bailout.......so we can't blame them this time around.

As a partial owner of rental property in Dana Fl. It feels great. The rent has been shooting through the roof in the last couple of years and will probably continue for the next couple of years. It's called anticipation ( I think) and a little of it can really help in the long run. Now lets go out there and buy some financial stocks this month for the short covering rally coming up later this month. Not long term but just for a couple of months until the election.

[Igetp2s]

This mortgage bailout disgusts me. I have lost about $30k in stocks due to incompetent bankers giving these loans out. Now, every taxpayer in the US is going to piss away another $2k or so (just an estimate).

I am dumbfounded by this administration's incompetence. And now we want to invade Iran? *groan*

This is Congress and Congess alone that is producing this legislation. Nothing to do with this administration.

People have been brainwashed to think all bad policy is because of Bush. Place the blame for this law where it belongs.

[ShamsWoof10]

Hi Dufus. How are you? I am dissappointed you didn't go on a rant about people being stupid for buying homes they can't pay for up front anyway.

OH HOW CUUUUTE...

I love the fact that you love to hate me...

[swede96]

OH HOW CUUUUTE...

I love the fact that you love to hate me...

You like that? I went back and forth between dufus and douchebag...glad I made the right choice.