If any one has not seen it. Explains a lot for those who do not know.
Who didnt see this coming? I`ve got friends that mortgaged up to the hilt and now they`re finding out they`er upside down on their houses. Sad, but everyone got to feel rich for a little while. Back to reallity.
The more I research and learn the more I completely disagree with this bailout chit. OK you buy house you can't afford, let it get foreclosed, bank made loan they shouldn't have, let them take the hit, invester purchased bad mortgage investments, they loose, I understand all this, but with any risk and investment their is a chance of it going down?? Now the tax payer has to cover loss, what a bunch of chit. OK some banks fail, money is FDIC protected, newer smarter, banks will come from ashes?
i find it pretty hard to feel sorry for someone that signed a loan saying they made four times what their actual income was. You can pretty much end the story right there.
Throttles- Cleveland Construction 377 Talon
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If I sold a car with rolled back milage, and did it 100 times a year, yea ITS FRAUD, I would go to jail, why to these guys get a free pass??????
Exactly. So many people grabbed their commisions as these loans flew by starting with the appraisers and ending with wallstreet dumping them overseas.Appraisrs mortgage brokers packagers raters and evrybody in the chain is guilty of not doing do diligence in their job that was required.I bet if you brought most of the appraisers and brokers and evrybody down the line and read them the guidlines and laws that they were supposed to follow everyone of them would be guilty of breaking them and would lose their license.
This new bill is going to do nothing to help the irresponsible people that got into this. And i don't believe most of them l still will not pay for their houses even with the goverment help.They have the mentality that screw it we can walk away
Last edited by tommymonza; 02-19-2009 at 04:35 PM.
The Beak be gone
If you want a better life,, your just going to have to pay for it like the rest of us, those people who want us to feel sorry for them, because they lied on legal document about the amounts of money they earned are to blame, even though a shady mortgage broker advised them to do so,, its still the buyers lie. I dont mean to be a hard aZZ,, but if we bail them out right now,, just get your taxpayer check book ready,, cause next year we will have to do the same thing,, and on and on,, untill we are all out of a country,, Lets do the logical thing,, Let the bail out give government ownership of the homes, and rent the home back to the owner,, if they cant pay the rent,, evict,, and rent it to some one who can afford,we can create some nice jobs in the process , and help to bring back the realestate market,, Give a man a fish,, he can eat for a day,, Teach a man to fish,, he can eat for a lifetime.
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