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Hoptoad City | Who thinks this mortgage bail out is BS? |
This is total crap. I had a 1 year interest only loan that originated in August of 2005. My interest rate adjusted to a crazy number a year later ( when my plans to move again changed) almost doubling my mortgage payment. So what did I do? I sucked it up and paid the payments until I could refinance to a level that was affordable. Now this bail out comes out and I am still out of the money that I had to use to refinance with no assistance in sight becaseu I chose to help myself.. Why are we bailing out people who do not take initiative and leaving out people who stepped up and scraped together a solution? I am still on a tight budget after having to use most of my savings to refinance.
I just don't think that it is fair. Agree? |
 |
 
redwine
 |
amen, you are 100% correct. Go after fraud and leave everything else alone. |
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Landlord
|
I agree, the people being bailed out are the ones that bought something they could not afford in the first place and then just sat around waiting. Also, this will not help them! The freeze will be temporary, and they already proved that they have no intention of solving their own, self created, problems. The freeze will end and they will be in the same place they were when it started.
The people who are loosing in this deal is the average, hard working Joe. People with good credit will actually be paying higher interest then the losers. THAT is where I see the plan as "unfair".
Unfortunately there isn't any easy, fair solution. The losers have crashed the housing market for everyone, not just themselves.
But, as a country we need to come to terms with the fact that not "everyone deserves to own a home" and that ownership should be reserved for those people who are willing to work hard for a living and EARN the home they desire.
We were much better off when we had a high work ethic. This new thing about the masses expecting handouts is destroying the country. |
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acermill
 |
There is not yet any 'bailout' agreed upon. Agreements are still being hammered out with assorted lenders by Treasury Secretary Henry Paulson. It remains to be seen if interest charges will be mandated to remain lower, or if the upcharge in interest rates is allowed, with current payments remaining at the same level to forestall foreclosures. In the latter scenario, it would amount to nothing more than extending the life of the loan until all interest charges originally agreed to are paid.
We may know the answers to this situation by the end of this month, or shortly thereafter.
Meanwhile, I congratulate you on avoiding a foreclosure, and sucking up and paying what was agreed upon. |
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Matt K
|
Agreed! |
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C B
|
What bailout? There is no bailout. They have proposed an adjustable rate mortgage freeze and the FHA has loosened up their guidelines slightly, slightly meaning, if your loan has reset and as a result of this adjustment you fell behind on your payments they will do a loan for you. Previously, if you had any mortgage lates you wouldn't qualify for an FHA loan. Your statement is wrong and you actually sound quite foolish. What if there was a bailout, smart guy? So what. The reason YOU'RE having such a hard time refinancing today and have to use your savings to acquire a loan is because a whole lot of people got loans that they could not reasonably pay back. Foreclosure rates are up, which brings YOUR property value down, idiot. So in effect, this "bailout" helps your ignorant self out as well. As a result of these so called bailouts, interest rates are really, really low today. Now you get to take advantage of this crisis as well and you get to be bailed out too! Aren't you excited? You need to step down off that high horse, pal. |
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kirk m
|
The real problem is that people who are bailed out will not learn to buy modestly in the future. They will continue down the road of life leaving wreckage in their wake for us to clean up. I know they haven't inked a deal but Bush 41 bailed out the S & L people so you have to think that 43 is interested in doing something similar. |
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Mendelson
 |
I do. This is going to serve as a green light to people to act irresponsibly since the government will bail you out. People took out huge mortgages since prices were too high? Well, this is a catch-22. If enough people said enough instead of chasing a trend we would not have this problem. The bailout will just serve to keep these prices in a bubble by letting people afford inflated home values. This is really unfair to people who have been saving to buy (like me) or people with fixed rate mortgages (most people) higher than the teaser rates on subprime. What happened to accountability? No one bailed out people who invested in risky tech stocks in 2000. We had a correction, but we needed a correction. What happened to the free market? On another note, look at our pathetic dollar! We need to start being responsible. |
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Expert Realtor
 |
There is NO bailout in place yet. It is something that Congress is looking at.
The "bailout" isn't really a bailout...if approved, it would potentially FIX the interest rates of borrowers in an ARM for the next 5-7 years...but they are still researching this option.
Another law they are considering is prohibiting credit card companies from raising rates based on your credit score, when you have paid them faithfully and on time.
Remember, YOU MADE THE CHOICE to gamble with an ARM, interest-only mortgage...no one forced you to sign the papers...you signed thinking that the market wasn't going to change...well it did, and I guarantee that no one told you it wouldn't.
Not all gambling pays off. |
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Sahara
 |
It's because the problem is so widespread. The bailout is mostly for the businesses affected. It's not for the people that took out these loans. Whatever offered to them is just so they can bail out the financial institutions. Our whole system is in trouble. There are only so many places you can hide the real problems before they start busting out at the seams. Real estate prices are way too high and have been too high for so long now. People's incomes are not keeping up. We continue to sweep the homeless out of sight. The rich are great at that. They can afford to keep the homeless and poor out of their sight.
If I have a choice to blame a person and a business: I'm blaming the business. Alan Greenspan was behind (supporting) these type of loans. It's really his fault. He thought that this would be good for the economy. Of course you remember his runaway inflation that never existed. For a smart man, he's made very stupid decisions.
Good people like us always get the short end of the stick. Did you not encounter this growing up? I did. I learned this lesson very early on.
Congratulations to you. But it's not fair. Does it make sense to charge the richest people the lowest rates and charge the poorest people the highest rates? I think any sane person would agree that it doesn't make sense at all. By charging someone who can't afford it a higher rate then the bank is all but guaranteeing a default on the loan, especially with a teaser rate. Please! When I applied for a mortgage, I was offered a deal like that and I said, give me a break. I'm not doing that. That makes absolutely no sense because I don't know what's going to happen in the future. What if my salary doesn't increase? What if I want to use any salary increase on other things or if I need to because all basic necessities are increasing at ridiculous rates? 35% increase in home heating oil since last year. Did you receive a 35% increase in your salary? I didn't. I didn't receive any raise. Our system is collapsing. Smart people get this.
Crooks and politicians (GREED) is to blame for all of these problems. It's finally biting us all for not taking action sooner. |
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