Re: Honey, I Blew Up the Mortgage!
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Posted by MooseFET on July 14, 2008, 9:55 am
Please log in for more thread options > > Is anybody else angry that the government seems poised to bail out
> > homeowners who made BAD financial decisions? >
> Define 'bad financial decisions'. Some people got talked into big ARMs > with low teaser rates with no explanation of what they'd have to pay > after the first adjustment. The brokers faked the paperwork to make them > qualify without adequate income. > > These people I don't mind helping. We also need to take step to prevent a whole new batch of these folks in the future. Since these deals are often more complex than the borrower can be expected to understand, we need some regulation that pushes the risk towards the more expert. I think that doing away with the selling of the mortgage is too extreme but keeping some of the risk at the original seller needs to be done. The down side is that it would make all mortgages a bit harder to get. > Then, there are those who speculated on housing prices rising fast
> enough to cover the interest rate rise by flipping the property before > they got hit. > > These people should be left hanging. We should do them the courtesy of cutting them down and burying them in the potters field. Dead bodies hanging around tend to be depressing. [...] > I agree completely. Its the government's job to borrow without limits
> and stick us with the debt, not private individuals. Think of all the > payments made to Blackwater and other defense contractors as being made > from a giant second mortgage on the nation. No hot tub for you, buddy. > If you want a refreshing dip, we'll send you to Gitmo for waterboarding. Change "stick us" to "stick our children" | ||||||||||
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