The US GOV on Sub Prime loans.

[raven]

I think that the Federal Government should step up to the plate and help those who have sub prime loans keep their homes. Its all about the American Dream for the hard working men and women of our country. Our government should fund all loans and put a 4% intrest rate cap to all mortgages for all US citizens if its your primary residence and approve first time home buyers for loans up to 300,000.00 based on your income. But it not going to happen the loan companys fall into the same catagory as lawyers, Oil companys, Bankers,Brokers,Crooks etc. Bottom line you never get to own your home because you will always pay property taxes

 

[Wenchy]

Bottom line you never get to own your home because you will always pay property taxes

That is the bottom line.

 

[fredsaid2]

I think that the Federal Government should step up to the plate and help those who have sub prime loans keep their homes. Its all about the American Dream for the hard working men and women of our country. Our government should fund all loans and put a 4% intrest rate cap to all mortgages for all US citizens if its your primary residence and approve first time home buyers for loans up to 300,000.00 based on your income. But it not going to happen the loan companys fall into the same catagory as lawyers, Oil companys, Bankers,Brokers,Crooks etc. Bottom line you never get to own your home because you will always pay property taxes

How much of a tax increase are you willing to shoulder to make this happen?

 

[smilin]

I think that the Federal Government should step up to the plate and help those who have sub prime loans keep their homes. Its all about the American Dream for the hard working men and women of our country. Our government should fund all loans and put a 4% intrest rate cap to all mortgages for all US citizens if its your primary residence and approve first time home buyers for loans up to 300,000.00 based on your income. But it not going to happen the loan companys fall into the same catagory as lawyers, Oil companys, Bankers,Brokers,Crooks etc. Bottom line you never get to own your home because you will always pay property taxes

WTF is this babble about?

 

[clevalley]

When people signed the loan papers on the no-interest loan, or low sub-prime loans they HAD to realize that the interest rate was going to go up (sub-prime) or the note was going to be called in 10 years (no-interest) for the current rate!

Right now, the interest rates are in the low 6% range! I mean, if you cannot afford the home at this rate you are living WAY beyond your means! Why should I be the one to bail out someone because they cannot afford their home???

If I lost my job would the federal government step in and help me out - I think not! My wife is unemployed right now and we are tightening our belts, but we are making it... I would not think the fed would step in to help us out!

Heck - if they cap these loans at 4% then they should reset EVERYONES loans to 4% - man, that would save me hundreds per month! Make it fair for everyone...

If you bought that monster home for $600K+ with a no-interest or 80/20 sub-prime and did not look into the future, well shame on you!

The loan companies are not the only crooks in this, the local government who allowed the home builders to build these homes ONLY to gain more in taxes for the huge assessment fees! I am utterly surprised at the short-sightedness of people... I saw this and a lot of people talked about this and now everyone is surprised???

:shrug:

 

[raven]

Heck - if they cap these loans at 4% then they should reset EVERYONES loans to 4% - man, that would save me hundreds per month! Make it fair for everyone...


Yes our government can do this as well because they own your home anyway paid for or not. and it would not cost tax payers 1 cent they will make the money back on volume and the 4% rate. The bad side to this plan is that this plan will close alot of doors to mortgage lenders.

 

[fredsaid2]

Heck - if they cap these loans at 4% then they should reset EVERYONES loans to 4% - man, that would save me hundreds per month! Make it fair for everyone...


Yes our government can do this as well because they own your home anyway paid for or not. and it would not cost tax payers 1 cent they will make the money back on volume and the 4% rate. The bad side to this plan is that this plan will close alot of doors to mortgage lenders.

Where do you see the money coming from when our government is working with a fiscial deficit?

 

[clevalley]

Yes our government can do this as well because they own your home anyway paid for or not. and it would not cost tax payers 1 cent they will make the money back on volume and the 4% rate. The bad side to this plan is that this plan will close alot of doors to mortgage lenders.

Yes it will cost the tax payers... the mortgage company gets the interest! The Government gets the taxes we pay (based on assessed value) - and this is the local government - NOT the Federal government

Our Federal taxes (from paychecks and other sources) is what will go for the bailout of the morons who signed up for these loans and cannot afford them!

 

[raven]

I know a lady who works for the US DEPT of Tresury and she stated the US GOV could give every American a million dollars and still would not go broke. I think she would know first hand.Joe public think our country is going broke but it is total nonsense but its all on paper they have you fooled.

 

[clevalley]

I know better about the Federal Deficit - it has been climbing and climbing for years... if that was yours or mines checkbook going into the negative we would not have homes to live in, cars to drive or food to eat.

The Federal Deficit is a black-hole and a mystery to us all, yet the government says the economy is strong?!?! Believe me - I am not fooled...

But do not be miss-understood about the interest rates being capped and this money "mysteriously" bales out sub-prime loans - the interest goes into the bank pockets! You, I and Joe Public WILL pay for this in addition to everything else.

A little bit of data for you -

Currently US population is approx 303.5 Million people in the US... at your sources claim at $1M a pop for every citizen that equates to 303.5 Trillion Dollars -

Current National Debt is ~ 9.16 Trillion... cost of the war is around 3 Trillion... other estimates are around 2 trillion, but lets go with 3 OK?

Now, if the US government can piss out 303.5 Trillion Dollars, why in the hell is the national debt not wiped clean, AND we pay off the war debt now? Why not fund every school 5 millions dollars and cut the gas tax - wipe unemployment and make up jobs with the 303.5 Trillion Dollars this lady says the Dept. of Treasury can spend?

She has been sniffing to much ink near the printing presses if you ask me...

I throw the at this one... or is she saying we could "just print the money" and place it in circulation?

 

[fredsaid2]

She has been sniffing to much ink near the printing presses if you ask me...

I throw the at this one... or is she saying we could "just print the money" and place it in circulation?

Likely scenario!

Either way, why is it the taxpayer’s responsibility to bail out those who overextended themselves?? This is not a natural disaster they had no control over. They obligated themselves when they signed for the mortgage. I have no sympathy and certainly don’t want my tax dollars helping them.

 

[clevalley]

Thank God I am not the only idiot in the village that thinks this way!

 

[Dymphna]

I know a lady who works for the US DEPT of Tresury and she stated the US GOV could give every American a million dollars and still would not go broke. I think she would know first hand.Joe public think our country is going broke but it is total nonsense but its all on paper they have you fooled.

WTF? My mother used to work for the Dept of Treasury. She didn't know anything more about the state of the government's finances then anyone else capable of reading a newspaper. Unless your friend is the Secretary of the Treasury or one of his personal assistants, she doesn't know squat AND if she IS in a position to know, there is no way in hell she'd be making statements like that. Even if it was true (which it is not) she'd be out on her ass before the end of the business day.

 

[raven]

Don't be fooled

I know better about the Federal Deficit - it has been climbing and climbing for years... if that was yours or mines checkbook going into the negative we would not have homes to live in, cars to drive or food to eat.

The Federal Deficit is a black-hole and a mystery to us all, yet the government says the economy is strong?!?! Believe me - I am not fooled...

But do not be miss-understood about the interest rates being capped and this money "mysteriously" bales out sub-prime loans - the interest goes into the bank pockets! You, I and Joe Public WILL pay for this in addition to everything else.

A little bit of data for you -

Currently US population is approx 303.5 Million people in the US... at your sources claim at $1M a pop for every citizen that equates to 303.5 Trillion Dollars -

Current National Debt is ~ 9.16 Trillion... cost of the war is around 3 Trillion... other estimates are around 2 trillion, but lets go with 3 OK?

Now, if the US government can piss out 303.5 Trillion Dollars, why in the hell is the national debt not wiped clean, AND we pay off the war debt now? Why not fund every school 5 millions dollars and cut the gas tax - wipe unemployment and make up jobs with the 303.5 Trillion Dollars this lady says the Dept. of Treasury can spend?

She has been sniffing to much ink near the printing presses if you ask me...

I throw the at this one... or is she saying we could "just print the money" and place it in circulation?

Don't be fooled the US government will never go broke in my lifetime or yours just like we will never run out of oil their are too many systems in place for this to happen. The only thing that can break the US is GOD alone.

 

[vraiblonde]

Do I understand this correctly: you are suggesting that we, the taxpayers, through the federal government, subsidize the mortgage payments of people who are so stupid they got themselves in trouble because of poor financial decisions????

 

[fredsaid2]

Do I understand this correctly: you are suggesting that we, the taxpayers, through the federal government, subsidize the mortgage payments of people who are so stupid they got themselves in trouble because of poor financial decisions????

That's what I get out of it. So instead of working hard and living within your means, due to the bottomless pit of money held by the government, we should buy well outside of our means and let 'them' take up the slack. I KNEW I should have gone for granite instead of that frickin formica!!

 

[flomaster]

Everyone gets to read every page of your loan document before YOU sign. You signed the paper you eat it! I make my mortgage payments every month and don't need any government to bail me out of being stupid enough to think I could afford a $1000+ increase in my mortgage because I didn't read the fine print. Granted, some people rolled the dice hoping the rates would act in their favor so they could lock in a good solid rate before the big ballooon but it didn't happen or they missed the boat.

Mortgage companies were on crack to think they could give people these loans and still get their money too.

YOU SIGNED THE PAPERS! THEN YOU EAT THER COST!

 

[ImnoMensa]

I sure dont think the government should get in the mortgage business.

I believe the President wants to freeze the mortgage interest rate on these mortgages and personnally I agree with that. If the mortgage companies who gave these loans were making money on their low interest loans, they will still make money. the people who signed on to these loans were stupid to begin with, but was the mortgage company also stupid?? Mortgage companies had to know what was going to happen, yet they allowed these loans and figured on making millions when the mortgagee defaulted. I agree with a freeze on the rates these people can charge, It wont cost the government anything , the mortgage companies will eventually get their money back, and perhaps they will think twice before coming up with another half azzed scheme to rook the ignorant public.

 

[foodcritic]

I have to agree with everybody who says that the government SHOULD NOT bail these people out. Two years ago when we bought our house we could of gone with a low adjustable rate or a no interest loan and could of gotten a much bigger house for our family of 6. But we did our homework and looked at the pros and cons and decided to go with a fixed rate. People need to take responsibility for their actions and decisions. If I was capable of reading all the research on these loans I have no sympathy for people who got greedy and thought they were going to out smart the mortgage companies. I am sorry they may lose their houses but we make decisions everyday that we need to live with whether they were good or bad. We are all adults. Start acting like it.

 

[thenewgirl]

I think that the issue is so much bigger than the government freezing or capping interst rates. All of these people signed a legal and binding contract. The situation that they are in now is unfortunate. It sucks that tons of people signed shady contracts, but I'm not sure that the best remedy is bailing everyone out. It sucks that we can potentially get dupped by all these companies, and it's sad the we feel so entitled to not even take responsibility for it. It's more about educating people. It boils down to ethics, and the fact that there are huge corporations feeding off of the undereducated and underpaid. It reminds me of the Visa and Mastercard tents that get set up on the beaches of Florida during Spring Break, where hundreds of drunk college kids sign up for credit cards with big limits and even bigger rates to go along with it. Should this be legal? I don't know. On the one hand, it is ethically wrong. On the other, it's capitalism at its finest. I guess the real question, for me, is how much responsibility should our government have with respect to fiscal responsibility ANDthe financial eucation of its citizens?