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Random Quote: No matter how you measure it-dumbass is expensive! (LSC-101)
Looks like the Govt is going to bail out the people who believed the low interest rate would not end- or could not /didn't read the loan agreement-- glad for them however what happens next time when the low interest rates end?
It seems that, once again, the people who did the right thing get no credit for doing so and the people who did the wrong thing gets rewared.
When I bought my first home 18 years ago, my interest rate was 10%, that is just what it was at that time. I didn't whine, I just bought a house I could afford. The people who get bailed out bought homes they couldn't afford with no regard for the future. Another reward for bad behavior.
If they do guess who pays for it .people who work and pay there bills thats who . Will they bail us out when we go broke supporting every one else ? or just take away money from S.S. that I have been paying into for close to 40 years ?
the give give to dead beats make me sick . I feel like I have be rapped evey time I pay taxes!
It seems that, once again, the people who did the right thing get no credit for doing so and the people who did the wrong thing gets rewared.
When I bought my first home 18 years ago, my interest rate was 10%, that is just what it was at that time. I didn't whine, I just bought a house I could afford. The people who get bailed out bought homes they couldn't afford with no regard for the future. Another reward for bad behavior.
I paid 9.5% in 1977 12 % in 1981 . I bought what I could afford nobody would bail me out if I did not pay . but I do enjoy my 5% home and 6% boat loans I have now.
It is still under negotiation but the basic idea is to extend the low initial rate on the so-called teaser programs for three years. The interest would not be forgiven but added to the balance of the loan. I suppose it will help everyone who owns a home by reducing the downward pressure on home prices caused by a high level of foreclosures. But any scheme of this kind is inherently unfair to people who were more careful. For example. suppose one guy took out a 2/28 loan with an initial rate of 3% when a 30 year fixed loan would have been 7% and is now going to default because his 3% is resetting to 9%. Another guy just took the 7% fixed rate and isn't at risk of defaulting but has been paying more all along. Why is that guy treated worse than the first guy?
Any way to the extent that these bailouts lower returns on the mortgage securities created from those loans, anyone with a pension plan or variable annuity invested in those securities gets the pleasure of paying for the bailout.
Once again the govt. will take care of those that are irresponsible. The fiscally responsible ones of us will pay the tab. This move is not designed to help the little guy who is struggling to make ends meet. Its designed to bail out the financial industry that jumped all over sub-prime mortgages as investment tools. So for those who felt they could afford the 5000 sq. ft. mcmansion and the Benz, don't worry, the rest of us will take care of you. The board members of Goldman Saks certainlly won't be paying. On second thought maybe I'll order that 32 ft. Grady.
I dont like it on principle either, BUT, I think its not just a favor to deadbeats, it is to protect the credit market form collapsing further, which would be bad for everyone...
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