in soviet russia, house owns you!
 

[url]http://www.msnbc.msn.com/id/20524454/[/url]

lets continue to bail out people who make unwise decisions...

IMHO, it's a business decision for the lenders to make. they can A) foreclose on loans that everyone knew were risky, or B) work with the borrowers to keep them in the house in the form of a conventional loan and continue to make some profit.

in no way should the government step in unless actual fraud on the part of the lenders has taken place.



this really doesn't affect me, i have a 30 year fixed at a killer rate courtesy of mr. Salty.

I hear you on not bailing them out, but they're trying to mitigate the massive **** our economy is taking due to all of those ****ers.

thats bull!

gov't needs to stay out.

yeah i'd be bummed if i was gonna loose my house, but if you get one of those risky loans, that's the choice you made.

like you said, it was an unwise business/investment venture.

learn from your mistakes and improve your skills.
we've learned more from buying our first house than we'd ever learn form someone "bailing us out".
yeah, it sucks while going through ti, but once done we'll be much better off and can move on to new things.

it's about risk and reward... the more risk you take (exotic mortgage) the potential is there for greater reward (cashing out on more equity with less out-of-pocket expenses). but along with that risk there's also a potential for a greater effing over, like is currently going on. that's the nature of capitalism...

the lower risks have a much lower payoff, but also a much lower risk of getting screwed.

next time the housing market booms, is the government going to step in and tell the lenders to gift those of us that took the low risk conventional loans a chunk of equity? hell no.




i worked with a dude who had 3 houses, 2 were in elk grove, 1 was in vallejo. all 3 were bought on negative-am loans at the peak of the housing market. do i feel sorry for that dude for what he's about to go through? absolutely. did anyone force him to get into 3 very high risk loans? absolutely not.

Like Matt said, it's not the ****tards who bought and sold those loans who need help, it's the rest of us affected by the massive **** the economy will take because of the fallout who deserve the mitigation of that impact.

hahaha im gona scam the government on this... even tho my mortgage troubles are purely circumstancial (having a second mortgage dropped on me) its still sucks to pay out 135% of what i take home every month.

This whole ball of wax is nothing but bad. Bleh.

Good luck with yo' scamming though Jack ;)

honestly they need to let people default. its a natural cycle. the Fed is retarded. as much as they try to control monetary policy, all they do is prolong the problem. by avoiding the problem now we just make it worse later on.

ron paul for pres.

I'd vote for shim!
[img]http://blogs.chron.com/cragghines/RuPaul.jpg[/img]

And yes, people need to suffer from their ****ed up choices.
Natural selection is a mother****er.

soviet russia? huh?

[QUOTE=VladiWrX;1967539]soviet russia? huh?[/QUOTE]

yakov smirnoff - greatest thing the former soviet union ever produced.

[url]http://en.wikipedia.org/wiki/In_soviet_russia#Russian_reversal[/url]

I like The Great Depression, thanks to it I now have my 30-year fixed FHA loan. :)

[QUOTE=RussB;1967269][url]http://www.msnbc.msn.com/id/20524454/[/url]

lets continue to bail out people who make unwise decisions...

IMHO, it's a business decision for the lenders to make. they can A) foreclose on loans that everyone knew were risky, or B) work with the borrowers to keep them in the house in the form of a conventional loan and continue to make some profit.

in no way should the government step in unless actual fraud on the part of the lenders has taken place.



this really doesn't affect me, i have a 30 year fixed at a killer rate courtesy of mr. Salty.[/QUOTE]

For real, I'd like to have the gov't step in when my risky stocks go to **** somewhere down the line. A home is (key word here)...........and INVESTMENT!!! If you get into a house with a high interest rate, you'll pay for it. All that said, no one twists your arm when you sign the mortgage.

We should stick to bombing other countries as a form of money wasting. My tax dollars shouldn't be going to dumb people who made bad choices with thier money.