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Bush's plan for struggling homeowners

Discussion in 'Sports and News' started by Point of Order, Dec 6, 2007.

  1. poindexter

    poindexter Well-Known Member

    Shakes head...

    Is there one thing this guy does right?
     
  2. OnTheRiver

    OnTheRiver Active Member

    Fuck up?
     
  3. Dangerous_K

    Dangerous_K Active Member

    Seems to me like a lot of this is one the lending companies, who have basically exploited people to soak in the jacked up interest rates and penalty fees. That doesn't absolve the lendees, but it is a two-way street.
     
  4. Ace

    Ace Well-Known Member

    If I were president, I would send goons after predator lenders to rough them up and squeeze them till they coughed up a couple month's mortage for people behind on outrageous loans.

    I also would tax private equity firms who take over businesses and cut jobs at a 50 percent rate. And if you send jobs overseas to save money, I would tax your earnings at 75 percent.

    Vote for Ace!
     
  5. Beaker

    Beaker Active Member

    You've got my vote!
     
  6. Pastor

    Pastor Active Member


    While I partially agree with this, Bush will do what he can to bail people out on this. He almost has to.

    If the economy utterly falls apart, which it may do if Bush doesn't bail them out, what legacy does Bush have left? Whenever the failure in Iraq was pointed out, whenever the failures with Katrina were pointed out, whenever the guy couldn't speak four words without having one of them be completely made up, the Republicans have been trying to tout the economy as being strong as the lasting positive of Bush.
     
  7. Ace

    Ace Well-Known Member

    On the other hand, a home is one purchase that you have to qualify for and jump through all sorts of hoops. It's not like buying a hi-def TV with money you don't have.

    So when a lender eagerly foists a loan on some sap or dreamer or person who barely speaks English, they know that they are going to default. To me, that puts most of the onus on them.
     
  8. Pancamo

    Pancamo Active Member

    This bailout has nothing to with borrowers and everything to do with lenders and Wall Street. Lenders don't want to own homes. Mass foreclosures is taxing and expensive for the lenders and the freezing of rates is a smokescreen that postpones the inevitable in 5 years, adjustments.
     
  9. poindexter

    poindexter Well-Known Member

    Wha? The subprime mess is based mainly on people who don't speak english? Wow, this immigration problem is more widespread than I imagined.
     
  10. trifectarich

    trifectarich Well-Known Member

    I'm sure there are unsavory mortgage lenders out there, anxious to make a quick buck in ways that weren't entirely kosher, but, jeez, we're not dealing with second-graders who don't know any better. Before you sign anything where tens of thousands of dollars, or hundreds of thousands of dollars, are at stake, have the f-----g common sense to ask a couple of questions.
     
  11. poindexter

    poindexter Well-Known Member

    The #1 reason for foreclosures is falling house prices. Not the borrowers being unable to make payments.

    In 2005, if you can't make payments, you sold the house, with probably a profit.

    In 2007, if you can't make payments, you walk away from the house because the mortgage balance > house price.

    Hello, foreclosure.
     
  12. poindexter

    poindexter Well-Known Member

    Watch it, bub. That post is sounding awful close to advocating personal responsibility. Alot of people don't take too kindly to that around these parts.
     
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