Foreclosures

[Ollie]

There are all kinds of groups calling for the government to bail out the home owners who are in foreclosure.

Am I the only one that thinks "too bad". If you bought more house than you could afford, tough. Everyone needs a life lesson once in a while.

I see no need for my tax dollars to go to a bunch of people that can't handle financial responcibility (yea, I can't spell). I don't see anyone lining up to give me money because I can live within my means.

Sometimes life just sucks.
Deal with it.

Personnal responcibility. God, what a concept.

 

[dragon12]

What the he]] good would it do to bail them out? #1 They (homeowners and lenders) will just go out and do it again. #2 Let the damn lenders take the fall. They are the ones handing out the money to anyone with a name and address and don't care if they are valid or not. I know that if we let the lenders take the fall the whole economy would feel the pain, but dammit noone would be there to save my bacon if I went out and foolishly blew my money. Let them suffer.

 

[smokenjay]

I think the lesson those people learned (or should have learned) is read contracts before you sign them. The fact that thier payments were going to increase when the rate adjusted is right there in the closing contracts.

The lesson for the rest of us is: go buy a rental! Right now they are cheap and all those people will be renting soon.

God bless capitalism! Or is it a curse?

 

[POLZIN]

There are all kinds of groups calling for the government to bail out the home owners who are in foreclosure.

Am I the only one that thinks "too bad". If you bought more house than you could afford, tough. Everyone needs a life lesson once in a while.

I see no need for my tax dollars to go to a bunch of people that can't handle financial responcibility (yea, I can't spell). I don't see anyone lining up to give me money because I can live within my means.

Sometimes life just sucks.
Deal with it.

Personnal responcibility. God, what a concept.

Ollie , you will never be a good democrat If you keep expecting people to be responsible for themselves !

 

[racingpit]

I think that there should be regulations against predatory lending. I also think that people were buying houses when they didn't even have enough for a down payment. The state of the economy really scares me.

 

[sldgy]

Holy Chitballs, i agree with Ollie. Live and learn.
The idea of my taxes providing a subsidy to allow someone to continue to live in a mansion on the hill that they can't afford to begin with while I live in a home that I can afford is absolutely appalling to my sense of fairness. I can't even believe that anyone in government is even considering such a bail-out.

 

[eetmisno]

We're chumps

Wife and I were just discussing this the other day. When we bought our house we were offered 100,000 more than the price range we were looking at. Now we feel like chumps, we could have bought a much bigger and newer house and the govt. would have bailed us out after we couldn't make the payments. Shame on us for being responsible and making all of our payments in full and early.

 

[Fosgate]

I dealt enought with mortgage companies and seen plenty of the crap they pull. Think they should make the lenders eat it. Maybe then we'll start seeing some responsible lending institutions once again. Part fault on the buyers but I put most of it on the banks lending practices.

 

[brushwolf]

In my area, people were bidding up the price of the house that they wanted to buy. Homes were listed and sold the same day for more than the asking price.

What we are left with here is overpriced housing that noOne can afford and we are now entering a period of market adjustment. Yes there were inscrupulous lenders but in most cases it was idiot buyers that wanted to have more cake than they could posibly eat. Now they don't want to swallow the bill that they ran up. How many of you know people who pulled equity from their house to purchase new cars, new snowmobiles or even pay off their credit card balances. They will be paying for those items for the next fifteen or thirty years. Sounds like a reaally stupid move to me.

Most of these loans are arms, interst only loans, stated income loans, etc....In other words they would give just about anyone who could not afford it a loan. Yes many of these loans were given to people who had no business owning a dog much less a house. I for one dont want to bail out these idiots or the financial institutions that are holding the paper on them now.

Should there be predatory lending laws? Yes but, that is not what we are talking about here anyway. I guarantee that if all parties are made to pay their dues then they will not be so likely to repeat this behavior. Unfortunately we will probably have another program like the protect the credit card companies from their lack of underwriting that came to us as the new bankruptcy act. They are so worried about propping up this house of cards economy that when they figure out that they cannot control the outcome then it will be too late and we will really take a hit.

Some people will never learn especially if they keep getting bailed out.

 

[Dogmeat]

The US dollar is at an all-time low, let's just magically produce more of it out of thin air! That'll solve everyone's problems, right???

God I love election years

 

[HawkShot99]

Sucks to be them. Dont take a loan you cant pay....

 

[papafinger1]

They passed that law in MN already... Can't foreclose for a yr.... OK I can maybe see helping out a family that has extreme hardship and really does need help under certain circumstances... This lets all the people that leased two mercedes, and bought a 500K house they can't afford because they needed it off the hook.. Worse yet the taxpayer's who are already strapped the way it is have to cover for them.... Yeah I can borrow that much but that doesn't mean I can make the payment. What has this country come to where people don't have to be responsible for their own actions anymore......

 

[ice auger]

agreed with everyone.....
predatory lending does need to be addressed.....ANTI DEMOCRAT....hahaha

 

[McLovin]

You guys are probably the ones who dont qualify for that government check either.....but in the event you do feel free to PM me and ill give you my address so you can send the check. Be greatful for any assistance the government offers.....its not like there going to repay THERE debt!!!!!!!!

 

[sldgy]

You guys are probably the ones who dont qualify for that government check either.....but in the event you do feel free to PM me and ill give you my address so you can send the check. Be greatful for any assistance the government offers.....its not like there going to repay THERE debt!!!!!!!!

NO THANK YOU! I don't want no freaking assistance.

 

[brushwolf]

Unfortunately the law in Mn affects only those that hold substandard loans. How about the people who actually did things right yet lost a job due to no fault of their own? If anyone should be helped it should be that person, not the fools that put themselves in that position from the get go....

 

[McLovin]

Unfortunately the law in Mn affects only those that hold substandard loans. How about the people who actually did things right yet lost a job due to no fault of their own? If anyone should be helped it should be that person, not the fools that put themselves in that position from the get go....

You said it better than i could have.......thats all i was getting at, do you think these automotive union workers went to work thinking they have 2 days left? Or Harley dealers nation wide would be closing down becuase Harley said so? I see a trucker strike coming up again in the near future.......Its gonna get ugly

 

[SNOW JW]

So how logn has Harley clossed it's doors???

I agree I don't think anyone that got thereself in that deep should get a free ride I think the banks should end up taking most of the blow.

 

[Blisteringsnorider]

NO THANK YOU! I don't want no freaking assistance.

You mean you don't want any of that Government cheese???......hahaha

 

[skibreeze]

Some people were taken advantage of, some people were just stupid. Either way, I shouldn't have to bail any of them out. Two of my friends have recently sold their homes to get into more managable mortgages.