Bush to Aid Mortgage Holders

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Real0ne -> Bush to Aid Mortgage Holders (9/2/2007 5:20:33 PM)
OK ya all... Thats what the headlines read, but I will buy a drink for the first person who comes out with the rest of the story, the whole story that is the the real story by reading between the lines! :) http://apnews.myway.com/article/20070831/D8RC01OG0.html

Estring -> RE: Bush to Aid Mortgage Holders (9/2/2007 5:35:31 PM)
The rest of the story is that people who are so used to entitlements will cry that he didn't do enough. Another example of rewarding bad life choices.

Satyr6406 -> RE: Bush to Aid Mortgage Holders (9/2/2007 6:01:33 PM)
The real story is that people that don't own a home will bitch that the president doesn't do enough for "poor people". Peace and comfort, Michael

mnottertail -> RE: Bush to Aid Mortgage Holders (9/2/2007 6:33:18 PM)
Bush wants to force you to accept government assistance. cyberdude11

cyberdude611 -> RE: Bush to Aid Mortgage Holders (9/2/2007 6:53:45 PM)
quote: ORIGINAL: mnottertail Bush wants to force you to accept government assistance. cyberdude11 It's true. The government needs to feel as if it is needed. So it wants to make sure that there is always a dependent class that can't survive without the government assistance. The reason we have this "credit crunch" is not because of banks or the government....it is people who got in over their heads and dont know how to manage their money. I bought property with an adjustable rate back in 2003. 2006 is when the ARM is supposed to go up... So I refinanced the property to a 30 year fixed, cashed out some equity, and the payments didn't change all that much. They went up a little bit mostly because the taxes went up. But I went into the ARM with the plan to refinance before the interest rate changed. So I had a gameplan going in. I actually saved money in the long term, plus the propery appreciated by about $70,000. So that dropped the fixed rate even more than had I signed for a fixed in the original loan. A lot of people bought the biggest house they could afford with ARM. Then when the interest rate started to go up...they couldn't afford the payments and can't afford to refinance. They are stuck and the property goes into foreclosure. And this is what is happening to 13% of the ARMs out there.

mnottertail -> RE: Bush to Aid Mortgage Holders (9/2/2007 7:16:33 PM)
It is because of the banks and the government perhaps if John Edwards forced you to get an independant monetary checkup, and forced banks to disclose the downside, and forced the government to regulate (especially in view of the savings and loan debacle) First of allm, ANYONE who is on an ARM is a fucking idot. You can not bid the world thirty years out or even 6. Next, banks have absolutely nothing to lose if you bankrupt. You paid all the money to find out if the property was worth such and such, the title research, the bank to scrawl on their fuckin paperwork, and the tax coupons and the local suck dicks get you on property taxes.............. When the responsible parties tell you that you can suck more dick than you thought you are going to believe it, right up until you choke. I think that the government should go after mortgage institutions in corporate and individual lawsuit. Slaughter the dogs and divide the spoils. Their turn to take a fucking. Ron

SimplyMichael -> RE: Bush to Aid Mortgage Holders (9/2/2007 8:26:27 PM)
It is a pathetic attempt by Bush to buy votes and sound like he is doing something. Anyone want to see what Republican's think of American's should just visit New Orleans. As for "responsible" borrowers, most people don't grasp high finance and most lenders lie through their teeth so while I think people who got ARM's are dumb, I know people who I otherwise respect who are caught in them. The real problem is that this issue could have been dealt with. The feds allowed Fannie Mae and Freddie Mac to finance bad paper which fueled this problem. Regulators should have put a stop to some of the more insane loans and if Greenspan had said HERE what he said overseas about the real estate market, it would have changed things. They didn't do anything because Bush's economy is based on only TWO things, Government borrowing/spending and consumer borrowing/spending. In other words, they borrowed this pathetic economy from the future. Sad thing is most Republicans are dumb enough to sign on to this idiocy. When this bubble bursts it is going to show how bad things got under Bush. One in six jobs created under Bush were in the REal Estate finance industry...those are going away and most of the rest are low wage mcjobs selling crap from china to consomers who have money to spend because they refinanced their house. We are so fucked, Bush has managed to do to America what they did to Iraq but hide it from the average person. Too bad they are all too stupid to see it.

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