Average person on the hook for mortgage mess NOW?

[Last Post]

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[ninowesco]

I can't see your post but based on the title, what do you mean by "now"?

We've been on the hook for months.

Where have you been.

[Hans Klopek]

Why all the selective bailouts? Banks, idiot borrowers, airlines all get them...why not bail out everyone while we're at it? In too deep with credit card debt? Student loans? Have congress pass another 300 billion along to rescue you. Why stop now??

[ming]

Originally Posted by Last Post

For once I hope Bush vetos this bill.

Housing aid bill clears key Senate hurdle - Yahoo! News



What I love is that the past 20 years of my life I've been very financially responsible. I paid off my house which now seems like a waste of money as the houses around mine are all getting foreclosed on and making my house worthless if I leave in the next 5-10 years.

But NOW, I'm on the hook for all these idiots that are driving my house's value into the ground. After all the efforts I made to avoid debt and keep up a good credit rating.....now I am on the hook for people who were irresponsible and others that made a huge amount of money selling bad loans.

Bush, VETO THIS SUCKER.

I agree. This housing mess can go one of 2 ways.

Allow the bubble to pop, watch the economy go into the ****ter, but immediately start the recovery process. This is the smart way to go, but no politician has the guts to push for this "tough love" approach.

The second way is to artificially prop up the housing market with government subsidies thereby ensuring that people who should never have bough a home in the first place can keep them. This will slowly deflate the bubble and delay the type of market correction that is badly needed in the housing market ensuring a less initially painful down turn but a much longer fall and wait for recovery process. This one is more politically expedient which explains the wide bi-partisan support.

You're right about the Bush veto. He's the only one with nothing to lose politically and should shoot it down until they can provide a bill that regulates the mortgage lending industry without a bailout.

[GRR Spartan]

Bush2 didn't and doesn't want to regulate the mortgage business, the GOP believes in self-governing. What that got them was years of fraud at all levels.

Now we see home prces dropping from phony levels back to reality. The people who will get nailed in phase 2 are all the folks who took out home equity loans on their inflated values.

[greenjoker]

Originally Posted by GRR Spartan

Bush2 didn't and doesn't want to regulate the mortgage business, the GOP believes in self-governing. What that got them was years of fraud at all levels.

Now we see home prces dropping from phony levels back to reality. The people who will get nailed in phase 2 are all the folks who took out home equity loans on their inflated values.

Unfortunately true. Who should go down is those that packaged and sold these worthless mortgages while knowing that the default rate will go sky high due to fraud.

[WixomSpartan]

Originally Posted by Last Post

Bush, VETO THIS SUCKER.

[AvgMSUJoe]

Can I take a Million second on my house now and get off scott free?

[greenjoker]

Originally Posted by Last Post

You know what, there is blame to go around for everyone. Everybody knew what was going on. The politicians said nothing, but what idiot couldn't see that there was a huge mortgage bubble brewing?

And 10 years ago I kept hearing "we haven't had interest-only loans since the great depression". Uh, ding ding ding, if you didn't think these were gimmicky loans, then yer a fool.

Everyone let it happen. But you know what? The people that were in control got burnt the worst. The lenders that are stuck with debt and little liquidity now deserve it. The lenders that are in foreclosure and can't buy a new house deserve it.

And as a side effect, I get screwed because my fellow americans did nothing to change it. But I'm ok with it because I'm a lot better off than others. But to bail out ANYONE is complete and utter stupidity.

Follow the money - the mortgage executives got their commissions and bonuses and the companies that sold the worthless mortgages got theirs and anyone who put little down and grabbed a home equity loan and then walked away got theirs. The government has had to bail out by guaranteeing Bear Stears mortgages and holds some worthless mortgage guarantees and we the taxpayers got screwed.

[LA_Spartan]

Originally Posted by Last Post

And as a side effect, I get screwed because my fellow americans did nothing to change it. But I'm ok with it because I'm a lot better off than others. But to bail out ANYONE is complete and utter stupidity.

As long as your comfortable knowing that no bailout means your property value will be even lower because of it.

[Bulldog 95]

Would this be W's first veto ever? For a so-called conservative he has so far spent money like a RCMBer at $0.25 draft night at the Silver Dollar Saloon. I would encourage a veto on this bill, too. People have plenty of money to pay their mortgages if they cancel the cable bill, cell phone, and slurpees. Make people take responsibility for their decisions.