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Banks urged to give underwater homeowners money...
- Thread starter Mvic
- Start date
Quote from Reaver:
And now they can't afford to make their payments on the loans they took out to "bank" their money so they want help from the Gummint, meanwhile they get to keep all the money they took out and invested or whatever "assets" they bought with "their" equity.
Good point. Can't pay yur mortgage? Sell your stocks, your 60" widescreen, SUV, Boat, Harley etc for the going rate.
Good principle, but they were probably bought on credit too, and the resale market for granite kitchen tops is probably saturated...........................
Quote from mokwit:
Good point. Can't pay yur mortgage? Sell your stocks, your 60" widescreen, SUV, Boat, Harley etc for the going rate.
Good principle, but they were probably bought on credit too, and the resale market for granite kitchen tops is probably saturated...........................
Exactly. The stimulus plan is bad already. Now this. Let the economic go into recession. Speculators need to be punished.
Sadly, there seems to be a recurring theme here. Take an obvious problem (or an issue that everyone with half a brain knows will become a problem) and ignore it until it becomes huge. At that point, all of the available options are unpalatable.
- loaning money w/o accountability or standards (on many levels)
- having porous national borders w/ little or random enforcement
- Social Security ponzi scheme .... (& general government entitlements ...)
R
- loaning money w/o accountability or standards (on many levels)
- having porous national borders w/ little or random enforcement
- Social Security ponzi scheme .... (& general government entitlements ...)
R
lol do you guys think banks are charities? there's absolutely no chance they'll partially forgive debt. they would just foreclose the property at a loss of they have to. if they reduce the debt, there's still no guarantee the borrower will make payments in the future.
there's a better chance bernie will raise rates by 100 bp this month than this idea happening.
there's a better chance bernie will raise rates by 100 bp this month than this idea happening.
Quote from Raul641:
Geeeez. If I had known that they would just write off half of the principal I owed in a few years, *I* would have gone out during the bubble and got a huge loan I couldn't afford, too!
If they do this, they should also send a "For Not Being An Idiot" reward check out to me and all the other people who DIDN'T take on large debts we couldn't possibly pay back, just because "I really, really wanted that nice big house that cost more than I make in 20 years, and this friendly mortgage broker told me that with an ARM, I could have it."
This just rewards 1) financial ignorance and stupidity on the part of the borrowers, and 2) financial rapaciousness and unbridled greed on the part of the lenders who issued them predatory loans and then securitized their liability away, and 3) financial ignorance, stupidity, AND greed on the part of the people who traded those securities.
That's what I was going to say.
Well, you said it a lot better than I ever could.
Who said getting a mortgage is easy?
Well you don't have to pay for it, not at least in America. Now every homeowner can starts defaulting and asking for principal reductions from the banks.
How ridiculous it can get?
Well you don't have to pay for it, not at least in America. Now every homeowner can starts defaulting and asking for principal reductions from the banks.
How ridiculous it can get?
Better yet, banks should give homes away by forgiving debt on underlying mortgages.
"A chicken in every pot."
"A chicken in every pot."
Quote from mokwit:
Good point. Can't pay yur mortgage? Sell your stocks, your 60" widescreen, SUV, Boat, Harley etc for the going rate.
Good principle, but they were probably bought on credit too, and the resale market for granite kitchen tops is probably saturated...........................
LOL I totally agree.