People's Republic of California freezes ARM's

Quote from Poole:

dammit i shoulda got an arm instead of a 30 yr fixed

that makes me mad coz i also want free money
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Yeah, you're a dumbass. You should have been not only reckless but completely irresponsible with your money. This proposal is 100x worse than Bush's bailout plan.
 
Quote from The Kin2:

Yeah, you're a dumbass. You should have been not only reckless but completely irresponsible with your money. This proposal is 100x worse than Bush's bailout plan.
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im being serious

why should the twits get a bailout
i also want one

honestly, the best trade of this century was to pyramid california property since 2000, and then when it blew up, just walk away and all u get is a credit ding, keep the millions u could made from flipping

unbelievable

next time its what im doing
 
Quote from jd7419:

Its a loss for all taxpayers. Someone owns the mortgage and wants payment on the specified terms. The government making these loans whole will just increase taxes on its people through bailouts. Its a lose/lose. Fiscal prudence is being thrown out the window to help the idiots who got in over their heads.
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I didn't read that the gov is going to pay the terms, what I understand is that the lender realizes they stand to lose more foreclosing on the property than they would keeping the rate low for a longer term. Let the idiot who can't afford the house pay the note longer.
 
Quote from PAPA ROACH:

I didn't read that the gov is going to pay the terms, what I understand is that the lender realizes they stand to lose more foreclosing on the property than they would keeping the rate low for a longer term. Let the idiot who can't afford the house pay the note longer.
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Holding rates flat is more costly than the subprime exposure.
 
Quote from Longhorns:

Great, another bailout for idiots who didn't understand that buying a $800,000 house on a $50,000 a year salary with no money down was a bad idea.

Oh wait, I forgot....the mortgage broker "tricked them into signing".

More help for the reckless...what a surprise. :mad:
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Yep it's total bullshit man. This is the antithesis of a free market society. Total bullshit.
 
it may not survive the courts, since Calif. might as well tear up contract law if this sticks....

what happens when the guy with an ARM just signed up for a fixed loan at a higher rate and now this....

I'd be pisst.........
 
if this was truly a deal and the lenders accepted the move by themselves then its probably not a bad idea. but it was probably 'lets agree on this or I will force you to anyway'
 
Everyone who was responsible and got a fixed loan at a higher interest rate should sue the living shit out of California for fraud. They should be given the lower priced frozen ARM rates more than anyone.

Future home buyers who just got priced out of the market permanently, via govt manipulation to keep it artificially high, should sue California as well.


Moral of the story: Be a huuuge fucking irresponsible idiot and the Nanny State will take care of you.

Save your money, and don't take stupid risks and you are punished via wealth transfering Nanny State bail outs.

Wonderful.
 
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