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Post by Chuck Storm on Mar 27, 2008 10:06:47 GMT -6
That person's house has only appreciated $900,000 in 10 years. Their problems are all the fault of the greedy bankers that kept lending them money. They need a big government bailout. Which side do you think needs the bailout? The money foolish homeowners... Or the money foolish lenders? Well the lenders are corporations, so by definition they must be big and greedy and if the government does anything to help them, it's a bailout and that's bad. The homeowners shouldn't be held responsible for their mistakes, even if they got a million dollars in equity out of their house, so we need to the government to step in and save them. Clearly there was some mortgage broker or evil corporation who scammed them.
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Post by lpcalihawk on Mar 27, 2008 10:39:20 GMT -6
Which side do you think needs the bailout? The money foolish homeowners... Or the money foolish lenders? Well the lenders are corporations, so by definition they must be big and greedy and if the government does anything to help them, it's a bailout and that's bad. The homeowners shouldn't be held responsible for their mistakes, even if they got a million dollars in equity out of their house, so we need to the government to step in and save them. Clearly there was some mortgage broker or evil corporation who scammed them. I don't believe your over the top sarcasm helps prove any point you are trying to make in this instance.
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Post by Chuck Storm on Mar 27, 2008 10:57:21 GMT -6
Well the lenders are corporations, so by definition they must be big and greedy and if the government does anything to help them, it's a bailout and that's bad. The homeowners shouldn't be held responsible for their mistakes, even if they got a million dollars in equity out of their house, so we need to the government to step in and save them. Clearly there was some mortgage broker or evil corporation who scammed them. I don't believe your over the top sarcasm helps prove any point you are trying to make in this instance. Really? You don't think the federal government should impose a 3 month moratorium on foreclosures for all homeowners and a 5 year freeze on adjustable rate mortgages? You don't think that kind of action would help shitbags like this? That's exactly what Hillary is proposing.
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Post by NOTTHOR on Mar 27, 2008 11:09:01 GMT -6
There's already a way to get a moratorium on foreclosure if you can't pay for your home, it's called bankruptcy. Gotta commend Hillary's plan though autolykos. She gets that 5 year freeze on ARMs and we'll find the bottom in the RE market a lot quicker than we would otherwise. Yeah, it might be 20% lower than where the true bottom should be, but we'll find it real quick. If you think mortgage originators are skittish now, wait til the government dictates a new term in every ARM in the land. If the Chinese seek to push America into involuntary bankruptcy, which court will have jurisdiction?
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Post by Chuck Storm on Mar 27, 2008 13:57:55 GMT -6
There's already a way to get a moratorium on foreclosure if you can't pay for your home, it's called bankruptcy. Gotta commend Hillary's plan though autolykos. She gets that 5 year freeze on ARMs and we'll find the bottom in the RE market a lot quicker than we would otherwise. Yeah, it might be 20% lower than where the true bottom should be, but we'll find it real quick. If you think mortgage originators are skittish now, wait til the government dictates a new term in every ARM in the land. If the Chinese seek to push America into involuntary bankruptcy, which court will have jurisdiction? Yeah, and you'll get more douches like these 2:
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Post by NOTTHOR on Mar 27, 2008 14:09:47 GMT -6
Wow. Could those two even fog a mirror? I've warned people of the dangers of long-haired goddamn hippies for a long time. There it is folks. There's what happens when you lend money to a hippie.
Well, I'm generally against ill-conceived government mouthbreathing, but after seeing all the shit that is surfacing with these morons thinking they bought a put option when they bought at the top of the bubble makes me sick. I propose that the Federal Reserve Board amends Regulation T to cover housing as well as securities. People have to kick in 50% to buy. If they don't have the 50%, no loan. If the cushion falls under 50% - margin call. This is outrageous.
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Post by socal on Mar 27, 2008 14:18:58 GMT -6
Really? You don't think the federal government should impose a 3 month moratorium on foreclosures for all homeowners and a 5 year freeze on adjustable rate mortgages? You don't think that kind of action would help shitbags like this? That's exactly what Hillary is proposing. Her plan won't do jack for people with the $Million HELOC's... Why do they need to go through foreclosure? The smart ones have long since moved their crap and the house is sitting vacant. Her plan will keep the fairly honest ones on the "pay your bills" treadmill for a few more months/years - until the rates do adjust and they realize the extra few years worth of payments they gave to the bank netted them nothing --- and they still can't afford to live in a $500,000 house with their $50,000 income. Any blanket support --- to individuals or to banks - will undoubtedly benefit some that should never receive a benefit. But saying to a million decent-wage-earning US families that "you are now homeless" - will not provide ANY type of stability to the fragile situation. There is no way to unfuck this goat.
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Post by Chuck Storm on Mar 27, 2008 14:59:23 GMT -6
Really? You don't think the federal government should impose a 3 month moratorium on foreclosures for all homeowners and a 5 year freeze on adjustable rate mortgages? You don't think that kind of action would help shitbags like this? That's exactly what Hillary is proposing. Her plan won't do jack for people with the $Million HELOC's... Why do they need to go through foreclosure? The smart ones have long bince moved their crap and the house is sitting vacant. Her plan will keep the fairly honest ones on the "pay your bills" treadmill for a few more months/years - until the rates do adjust and they realize the extra few years worth of payments they gave to the bank netted them nothing --- and they still can't afford to live in a $500,000 house with their $50,000 income. Any blanket support --- to individuals or to banks - will undoubtedly benefit some that should never receive a benefit. But saying to a million decent-wage-earning US families that "you are now homeless" - will not provide ANY type of stability to the fragile situation. There is no way to unfuck this goat. What we need to do is let the market clear and get prices back down to reasonable levels that working families can actually afford. If we need to kick some shitbags who bought more house than they could afford out of their houses to do that, so be it. Using the tax dollars of hard-working Americans to prop up greedy assholes and speculators just prolongs the pain of hard-working people who are trying to get into the market.
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