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173 Comments
- reyalp, on 10/31/2008, -1/+70If this program is not called "Don't buy ***** you can't afford", then it's another *****.
- orlyfactor, on 10/31/2008, -1/+47Yeah seriously. Where's the handout for the people that didn't buy what they could not afford and saved money to eventually buy a house responsibly?
- walruspanzer, on 10/31/2008, -2/+39The government shouldn't help people who live above their means.
- ousthouse, on 10/31/2008, -0/+33"helping credit worthy borrowers make their monthly mortgage payments"
If they were credit worthy, they wouldn't need help. - diggpoop, on 10/31/2008, -2/+32This is just dumb. So the government helps people pay for nicer, bigger houses they couldn't afford in the first place while those who responsibly bought a more modest house and payed it off get nothing? This only makes people continue to think it's ok to buy ***** you can't afford, and is a slap in the face to those who were responsible.
- spyd3rweb, on 10/31/2008, -4/+32I for one don't think the government should subsidize stupidity and bad choices.
- mr.hostility, on 10/31/2008, -3/+27Isn't this great. I'm responsible, I don't buy because my area had gone insanely expensive and I could recognize that, but my taxes will be used to bail out irresponsible people who thought they could buy a $400,000 house on a Walmart cashiers salary. I think I'll stop paying for my car, and wait for my bail out.
- tuce63, on 10/31/2008, -2/+20More pork...Sorry to be blunt but these people bought houses they couldn't afford and now they are facing the consequences. I plan on renting for a few years until I can afford to actually buy a house and these people could have done the same. Yes, it sucks now to pay towards nothing, but waiting is a part of life. Save your money and be responsible.
- homah, on 10/31/2008, -1/+15They gambled and lost. They should have read up on ARMs before rushing into a decision.
- tomarocco, on 10/31/2008, -0/+14Then they shouldn't have gotten into it.
- SilverBlade2k, on 10/31/2008, -0/+12*gasp* That would mean that people have to become responsible and accountable, and that's totally against the American way of life! /sarcasm
- SilverBlade2k, on 10/31/2008, -0/+12How about not bailing out anybody? Let everything sort itself out.
By bailing out people who bought a house they couldn't afford, then no 'real' lesson is learned. All that it would teach is "Oh, don't worry, the U.S government will always be there to bail you out, regardless of how much you are in debt and regardless of the stupid decisions you make! Don't worry one bit, Big Brother has your back." - watcht, on 10/31/2008, -1/+12***** ***** it is most of these tards lived way beyond their means, now they walk off free. Always seems like the nice guy finishes last.
- StingingNettle, on 10/31/2008, -0/+11AWESOME! I can't wait to be punished for being competent with my money!
- drmobutu, on 10/30/2008, -9/+20A plan to help "credit worthy" borrowers? You mean the ones that don't need help paying their mortgage? This is a plan to bail out the lenders, yet again...
If they wanted to help out struggling homeowners, they would pass legislation that enabled everybody with an adustable-rate loan to re-finance at a fixed-rate, over a longer term, thereby enabling people to stay in the homes they "own". - Pyehole, on 10/31/2008, -1/+12I want my handout. Unfortunately the only pork I'm getting is the sausage being slipped up my ass by Congress, Wall Street and other Americans that bought houses they could not afford.
Thanks guys! - Photokon, on 10/31/2008, -1/+12We shouldn't bailing out ANYONE for making stupid decisions.
- whataboutdave, on 10/31/2008, -2/+12It's election time and votes are for sale. COME GET YOUR FREE GOVERNMENT MONEY!
- rootnik, on 10/31/2008, -0/+10Honestly, the people that I personally know who have lost or are losing their homes got into that position by not being "credit worthy".
I'm hurting for cash and living pay check to pay check, but have learned to cut back on other things instead of neglecting my bills. I believe most of us who are not losing our homes are doing the same thing. - gr00vy, on 10/31/2008, -0/+10Now this is where the Morale hazard meets the road. Where your neighbor gets welfare from the government in the form of thousands of dollars a year, because you were sensible in your investing and buying a house, and they were not. This is fair????
- PeteSchiller, on 10/30/2008, -6/+16It's nice to know that they've added the "credit worthy" part in there. There has to be some parameters in place or else we're just spinning our wheels again.
- edstate, on 10/31/2008, -0/+9What makes it even worse is that they're trying to skew it toward people who "previously had good credit"... which apparently didn't stop them from being total idiots when it came to buying a house.
- rft3rd, on 10/31/2008, -4/+13Yup that is about right. Welcome to socialism. Just wait till your paying for health care for those who sit at home snorting the welfare checks they receive while their babies starve to death. Spreeeeeeaaaaaad the wealth..
- santiago1, on 10/31/2008, -1/+10 Government always comes to the aid of the ignorant.
- skunkman62, on 10/31/2008, -1/+10i bought an SUV last year just to commute to work. now i cant afford to make payments because my insurance rates went up. every digger should pay the payments on my SUV. it's only fair. its not my fault. blame the bank for lending me the money.
- kellfinder, on 10/30/2008, -8/+16Hmmmm, let's wait and see.....
- edstate, on 10/31/2008, -1/+9Dude, that's the chance you take when you buy a home! It's a BIG DEAL.
There's always a chance it can go under water.
There's always a chance you can lose your job.
There's always a chance that the Fed goes crazy and raises interest rates to 20% and that ARM will be a real bitch.
Stop making excuses for these babies. They should take the hit financially, and on their credit score and RENT. - Midtowner, on 10/31/2008, -0/+8Are you for real?
If you just look at what ARM stands for, you know you're taking a risk. I shopped for homes for awhile, looking at 80/20 loans, ARMs, etc. I eventually decided to wait and save some dough for a down payment because of the risk involved with ARMs and such. I was told by lenders that I could afford to do the ARM and then refinance in a few years when I had more equity. In other words, I'd be gambling my entire financial future on the real estate market.
Sorry, but if you took out an ARM, that's an unreasonable risk in my book. You don't play around with your entire financial future. You lock in terms so that you control your future -- not the markets.
Oh.. and I remember 3 years ago. There was talk of a real estate bubble even then. Unless you're extremely wealthy, your home is your largest investment. I can't for the life of me understand why people were so lazy in considering the risks of that investment.
Sorry, but you deserve to be foreclosed on if you can't make it work, not hep from the government. - StingingNettle, on 10/31/2008, -0/+8and why doesn't any congressman (except Ron Paul) stop and think about the ramifications of all this newly created money and debt?
- Stochio, on 10/31/2008, -1/+8"Business is so slow."
Dude, that sucks. But why should I be compelled pay for you? I have problems of my own. - liquisoft, on 10/31/2008, -0/+7I have a genius idea. Let's all stop paying our mortgages and then ask the government for money. It's like shooting fish in a barrel!
- tomarocco, on 10/31/2008, -0/+6That's not sarcasm, SilverBlade, that's Truth.
- pinchduck, on 10/31/2008, -1/+7Why is it my problem if you make a bad financial decision? Do some research on the concept of "moral hazard". If we keep bailing people out that make bad or unethical decisions, they will continue to do so. Yes, it sucks that these people could lose their homes. My heart is in decent bankruptcy reform that would let them get a fresh start without the $%!!#$ credit card sharks hounding them unto suicide. You should be able to declare bankruptcy, lose your house (see "moral hazard" above, for why) and then start over afresh. You will be sadder, wiser, but have a fresh start and be able to avoid the mistakes of your past. Just buying people's houses who made bad decisions will punish everyone by leading to high, or even hyper, inflation. My heart is with smart economic and financial reforms that will keep the country strong.
- inactive, on 10/31/2008, -1/+7they should help the people that live within their means. instead we're being punished...
is anyone else raging ***** pissed off about this? I really hope I'm not alone with the RAGE over this.
*****. *****. *****. - n8o8, on 10/31/2008, -1/+7The next bailout, helping people that can't maintain their landscaping.
- rframpton, on 10/31/2008, -1/+7F*ck that! Most of those idiots thought they were going to get rich. Their greed and irresponsibility got them into this mess. Let them burn. Otherwise, I'm going to take out 3 loans that I know I can't afford and I'm going to expect the government to bail me out too.
- FatLoser, on 10/31/2008, -1/+7you sound like such a homowner...
- N3M3515, on 10/31/2008, -0/+6couldn't have said it better myself.
- homah, on 10/31/2008, -0/+6Then they should have taken what was at the time a slightly more expensive fixed-rate mortgage, realizing that they couldn't afford to take on the risk associated with an ARM. Instead, they got greedy, gambled and lost. Now they should go into foreclosure and the market should naturally correct itself so that people who have been living responsibly can buy a home. By bailing these people out, you are screwing over people who did things the right way.
- rft3rd, on 10/31/2008, -2/+7Why does no one hold the lender to blame here. For as long as I can remember, there were calculations in place to find out how much house/car you could afford. When we bought our house 5 years ago, we were able to afford 90k house and the payments were very reasonable. We were comfortable. Then a year later, the houses in the neighborhood started selling for 125k + and we thought of refinancing to take out some unexpected equity in our home. Lucky for us, my sister in law is a Realtor and she warned us of false equity that is built into these ARM'S the lenders were pushing. THAT is where the problem lies. Lenders pushing bigger, more expensive loans to under qualified buyers. NOT buyers looking to get more then they can afford. Lenders should be held up to a strict code of ethics when making these deals and they are not.
- Paulish, on 10/31/2008, -0/+5They don't give you handouts. The take from you to handout to irresponsible people and corporations. That is what happens when you live under a government.
“Government is the great fiction, through which everybody endeavors to live at the expense of everybody else” - Frédéric Bastiat - jakereilly, on 10/31/2008, -0/+5Because that, my friend, would make complete sense.
- watcht, on 10/31/2008, -0/+5It's like Bizzaro world.
- cam0man, on 10/31/2008, -2/+6I hope this bailout presents itself in the form of temp agencies able to help these people get second jobs....
- Trekhawk, on 10/31/2008, -0/+4Normally I wouldn't, but this year I encourage everyone to be a single-issue voter. The single issue is that pathetic pork-laden $850 billion dollar bailout that was outright rejected by the House once and rejected by the vast majority of Americans via a flood of letters, phone calls, and emails. I informed every one of my congressional representatives that voted against the will of their constituents that their time is growing near. Vote these corrupt bastards out!
- mongrel, on 10/31/2008, -0/+4No I'll be kinda pissed too that my family bought a place for 1/2 what we could "afford" by the market's ***** standards last year. Meanwhile Joe six-pack is in the $400k neighborhood down the street, playing the victim and waiting for his bailout to come. Dumbass.
- AtleticoMadrid, on 10/31/2008, -0/+4Yes because those borrowers don't need to do any research before investing in a 300,000+ house.
- footlong24seven, on 10/31/2008, -1/+5Too bad 250 out of 700 billion was spent to socialize the banking system. Now, insurance companies and automakers need bailout money, too. I love how the bailout was sold to Congress as a program to buy up "illiquid mortgage assets" but not one dollar has gone there yet. Do stocks in banks, GM, Ambac, Metlife, and other companies count as "illiquid assets"?
- Y0tsuya, on 10/31/2008, -0/+4The women did "equity extraction" and refinanced to the hilt. And now she's crying because after buying all the toys she can't pay the tab. But the stupid reporters angling for a pulitzer never bother to do fact checking and instead like to weave tear-jerkers.
- HisVaderness, on 10/31/2008, -3/+7Socialism feels great, thanks fake republican Bush and libtard congress.
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