Does anybody believe these guys are trying to help us? It looks to me like the same crooks that got us into this mess wants 700 billion to get us out. And that is most likely just for starters. And I am talking both Dems and Repubs.
Do You Think They want To Help Us?
- Thread starter StevieD
- Start date
I'm still kinda on the fence with this topic.
We've got a stalemate in the economy and a pretty serious choke point/bottleneck that isn't going to go away by itself anytime soon. So action does need to be taken.
And it's pretty hard to pin the blame on one group for this fiasco. Yea, I know, you can point hte finger at the financial institutions... i've heard that before.
But you can also point the finger at the American people. Yea, that's right. I said it. We, the american population as a whole, have gotten ourselves into this mess. We didn't go to the mailbox one day and just find a 500k mortgage sitting there, we went to the lending institutions and asked for it and took it. Now, we (and I use the term we not as individuals, but as a whole) have failed to pay those loans back and defaulted on them. Causing the mortgage backed securities to be unmovable. Which is causing the issues with the institutions.
Is it really just the banks fault on this? Or can the population be blamed here as well for chasing after "that big win" and buying houses you can't afford and hoping to hit the lottery and selling off for a huge profit 1 year later? And not winning.. and just mailing the keys to the house to the bank rather than paying the mortgage?
We've got a stalemate in the economy and a pretty serious choke point/bottleneck that isn't going to go away by itself anytime soon. So action does need to be taken.
And it's pretty hard to pin the blame on one group for this fiasco. Yea, I know, you can point hte finger at the financial institutions... i've heard that before.
But you can also point the finger at the American people. Yea, that's right. I said it. We, the american population as a whole, have gotten ourselves into this mess. We didn't go to the mailbox one day and just find a 500k mortgage sitting there, we went to the lending institutions and asked for it and took it. Now, we (and I use the term we not as individuals, but as a whole) have failed to pay those loans back and defaulted on them. Causing the mortgage backed securities to be unmovable. Which is causing the issues with the institutions.
Is it really just the banks fault on this? Or can the population be blamed here as well for chasing after "that big win" and buying houses you can't afford and hoping to hit the lottery and selling off for a huge profit 1 year later? And not winning.. and just mailing the keys to the house to the bank rather than paying the mortgage?
Do you mean the mortgage backed securities losing their appeal and mobility?
or do you mean the homeowner realizing that they wouldn't be making their mortgage payments on time?
they were giving out loans to deadbeats and they KNEW it. and every deadbeat is going to take a loan whether they plan on paying it or not.
they were giving loans without verifying employment, income, lying on the apps to get approval, you name it. it was a scam, plain and simple.
you have to blame the people approving these loans, not the people taking them.
they were giving loans without verifying employment, income, lying on the apps to get approval, you name it. it was a scam, plain and simple.
you have to blame the people approving these loans, not the people taking them.
My problem with the banks or the mortgage companies is that they are supposed to do a credit check before you buy the house. If they think you can?t make the payments you don?t qualify.
Both the banks and the borrower were betting on the house to appreciate. Which they didn?t.
But it is bigger than that. Many of our retirements are tied to our houses.
Both the banks and the borrower were betting on the house to appreciate. Which they didn?t.
But it is bigger than that. Many of our retirements are tied to our houses.
they also kept handing out loans to builders and the builders kept building more and more and more. there's a builder in my sub-division that has 11 houses built and sitting there that are in the $450K to $600K range. NO friggin way she qualifies for that much credit. she's going down real soon as the banks are wanting to settle up and she doesn't have it to settle up with. WTF?
Surprising that you don't want to hear these people could possibly take some of the blame for all of this.:mj07: Pushing these loans and then taking a 500 million dollar pay check? Where you think that 500 million paycheck came from? Their is a lot of blame to go around but this selective vision you righties always seem to have is flat out laughable.
I agree with you Jack. But now do we listen to ttge same people who were behind all of this to tell us how to get out of this mess? What happens after the bailout? How long can we keep pouring money down the drain in Iraq?
Yeah it was total amazing how banks were doling out loans. People that made less money than me were buying 200 thousand dollar homes and I was like how in the hell are you going to be able to afford that???
I am simply amazed that nobody in the media or the politicians will discuss the obvious - people bought houses they couldnt afford and they want to blame everyone else. Yeah Fannie et are crooks, but these arent innocent victims. And as part of the deal it is being discussed "protecting" those folks. It's ridiculous. "Gosh I didnt know variable meant my payment could go up."
Folks have to realize how this started. In 1999 the Dems in particular pushed easing loan requirements to help folks find it easier to buy homes. Then after 9/11 the Fed saved the economy by slashing interest rates to nothing. Then folks got even greddier-all the way around-and went interest only or ARMs.
As early as 2003 people saw this coming - but Chris Dodd and Barney Frank squashed all efforts, and W did little to force the issue.
Now all these bozos on both sides care more about looking good and getting credit in an election year rather than doing anything that will really help and be just. The Dems could pass something all by themselves, but wont unles the Republicans can agree because they dont want to get blamed whenb it turns to shit.
No figgin leadership out there anywhere.
Folks have to realize how this started. In 1999 the Dems in particular pushed easing loan requirements to help folks find it easier to buy homes. Then after 9/11 the Fed saved the economy by slashing interest rates to nothing. Then folks got even greddier-all the way around-and went interest only or ARMs.
As early as 2003 people saw this coming - but Chris Dodd and Barney Frank squashed all efforts, and W did little to force the issue.
Now all these bozos on both sides care more about looking good and getting credit in an election year rather than doing anything that will really help and be just. The Dems could pass something all by themselves, but wont unles the Republicans can agree because they dont want to get blamed whenb it turns to shit.
No figgin leadership out there anywhere.
Dolt,
It's not that I have tunnel vision or blinders on, perhaps if you actually read what I wrote you'd see that... but as I said in my earlier post.. there are a number of groups to blame for this, and I know that you are going to show up and say bush rigged it yadda yadda yadda. Which is what I was saying I didn't need to hear again. Trust me, everytime I log in this forum and see your name I know what the post will be.... Bush rigged it yadda yadda blah blah.
It's called thought process and discussion. Thanks for trying to participate.
I don't think the borrowers are avoiding the blame at all. The issue is the bail out as proposed does nothing for the borrowers who lost their homes to forclosures but totally exonerates the lenders who loaned them the money knowing they couldn't pay it back.
Thats why I say not a penny to anyone, especially the banks. No tax credits to the banks, no loan forgiveness to those in foreclosure. You gambled, you lost. Rich people and poor people. 700 billion is a band aid.
Eddie
Thats why I say not a penny to anyone, especially the banks. No tax credits to the banks, no loan forgiveness to those in foreclosure. You gambled, you lost. Rich people and poor people. 700 billion is a band aid.
Eddie
