patrick.net — Under proposed bailouts, responsible people lose and have to give their money to gamblers and liars. It doesn't matter if you have been dutifully paying your monthly fixed-rate mortgage. Congress is proposing to make it your job to pay up for others' irresponsibility and lies.
Mar 29, 2007 View in Crawl 4
y0tsuyaMar 29, 2007
It would be a colossal waste of taxpayer money to bail out these irresponsible morons (borrowers and lenders alike), which is why it will probably go through. They should just let the market correct itself. The last time they tried fixing the Nasdaq stock bubble we ended up with this housing bubble in worse shape. But looks like the taxpayers will again be asked to bail out the idiots so they can go on to make their next mistake.
backup000Apr 12, 2007
I've been a long time Dem and I've supported them with my votes. If they do bail these morons out, then I will make sure that the Rep representatives get at least 2 votes from me and my girlfriend. What the hell are they thinking? Wasting my money on irresponsible people like that. I've been renting because I knew that I wouldn't be able to pay the mortgage payments. Say NO to the bailout and make people realize that they have to be responsible for their own actions.
spickusApr 13, 2007
I've got an idea. Why don't these lenders set the interest rates back to the original rate (I'm referring to the ARM loans) ? That way the borrower can keep the home they bought, the bank doesn't take possession of a home that is worth less than is owed on it and I don't have to pay for the fraud perpetrated on the financial institution that bought the loan in good faith. Another thought, let's start seizing the assets of the mortgage companies that put $30K/yr wage earners in $300K homes. Liar loans are fraud, not only has the borrower committed fraud but the original lender has not exercised due diligence. I scrimped and saved for 15 years to build the house I'm in (a modest house at that). Now I as a tax pay am expected to maximize the banks profit? BULLs**t! The bank has not and will not lose money IF they don't repo the home.
dextroseApr 13, 2007Submitter
Well, unfortunately the issue is bigger than that. I personally believe that nobody -- and I mean NOBODY held a gun to these borrowers' heads and made them sign on the dotted line. They willfully signed!! Signed knowing in many cases that THEY THEMSELVES didn't take the time to bother reading the fine print -- because it doesn't matter -- housing always goes up!! These people are greedy, selfish, liars -- that couldn't wait and had to have it now! Gimme gimme gimme!!How about give ME and all the rest -- of the honest hard working Americans who WAS / IS / ARE responsible -- a break!!!And if the mortgage company that sold the subprime loan is not going to get any help (as they currently ARE NOT receiving any help -- and yes many of those companies ARE folding) -- then why should the borrower be helped? I can tell you why -- because our government sucks and we have a bunch of political puppets trying to buy votes for the upcoming election next year. Disgusting!So now you have a s**t ton of low class filth moving into neighborhoods that they don't belong in -- because under typical circumstances they would NOT have qualified for the loan that they just lied on the application to get -- and they would still be renting!!So now the neighborhood that they just moved into and are now sharing the house with two or three other families -- is devalued by the excessive number of broken down and busted looking cars parked out front in the driveway and on the street. And the neighborhood will become even further devalued when these dirt bags finally foreclose and the house is repossessed and sold for cheap.This country disgusts me sometimes and these propositions by political puppets to bail these scum bags out (basically trying to BUY votes) is the final nail in the coffin.
spickusApr 13, 2007
DextroseGood comment. It's true that borrowers put themselves in that position and don't deserve to be bailed out but neither do the banks. What chaps me is that many of these loans would not default if the bank did not increase the interest rate. I know everyone involved agreed to those terms but its obvious that BOTH the borrower and the lender are at fault. I'm amazed that the lien holder would rather lose money (by raising rates and forcing a default) than make a modest profit (by converting loan to fixed rate at or near original rate). Banks aren't run by idiots, they must strongly believe that the government will bail them out of their self imposed mess and at a profit no less.
spickusApr 19, 2007
And so it begins:<a class="user" href="http://www.msnbc.msn.com/id/18184371/">http://www.msnbc.msn.com/id/18184371/</a>
max12376Mar 29, 2008
Mr. Government, please bail me out of my crappy stock investments. It's only fair. I took a risk, and lost. Now come save me.
kadams20May 15, 2008
Everytime I go on the internet, I find more and more people like myself who are simply disgusted with the notion of a bailout for greedy stupid people. It's so nice to see some people in this country still recognize that those of us who were responsible and recognized that there was something horribly wrong with the stratospheric prices of housing and chose to wait it out, should not be responsible for those who recklessly (and probably fraudulently) took on more house than they could afford.Congress: let the market forces restore housing prices back to where they belong. There will no longer be a housing crisis if prices return to normal. I for one will buy one, if you don't interfere.
madmax911Aug 2, 2008
I wonder why they don't just move the people in homes they can'tafford into less expensive homes that they can afford? There arecurrently millions of vacant homes around.
ourcreationSep 21, 2008
To my elected representative,Please STOP the lunacy that is the proposed $700 billion bailout of the financial industry. Make no mistake, this is not a bailout of the citizens you were elected to represent. This is a bailout of the corporations from whom you've accepted money and other support, using money you are taking from the citizens you were elected to represent...and from their children...and from their children.The citizens you were elected to represent are substantially protected from major changes in the financial industry via FDIC, SIPC, and excess SIPC insurance on their bank and brokerage accounts. Only those citizens who freely chose to invest in financial companies will suffer investment losses, just as those did who freely chose to invest in technology companies before the dot com bust. That's the way it should be.The financial companies in trouble are the ones who freely chose to make bad decisions about what they invested in, and about how they managed risk and cash flows. They deserve to fail so that a new generation of financial companies which are better managed can flourish, making it much less likely that the current situation will ever repeat. The financial companies in trouble do not deserve to be gifted, or even "loaned," taxpayer money so that they can continue their past mistakes. If they are able to avoid failing by changing quickly into a next-generation financial company WITHOUT a taxpayer-funded bailout, then they have proven they deserve to survive. Whether new or re-born, we need better managed next-generation financial companies in our economy.You are free to use the arguments made here to publicly justify your vote against the proposed $700 billion bailout.I am asking you to vote AGAINST the proposed $700 billion bailout, in any form. I will record which of my representatives vote FOR the bailout, and will vote AGAINST them and their parties in the November election. I am also urging my friends, colleagues, and community to do the same.Warm regards,David
rasamaSep 27, 2008
I have sent your letters to my congressmen and senator, as well as sharing it will all my friends... Great writing. You stand up for what many others agree with.
smartenupOct 28, 2008
Let's wake up and require people to be RESPONSIBLE FOR THEIR OWN ACTIONS! I knew that I couldn't afford an expensive house, so I didn't buy one. I've been renting because it made financial sense. Why should I be punished now while deadbeats get rescued from their greed?
aaroniusFeb 26, 2009
Where's the personal responsibility? It seems like proponents of the bailouts always use the argument, "But if you don't bail out the people who are being foreclosed, it will hurt your own home's value!" I UNDERSTAND. Yes, my own home's value may decrease, but I would rather have it cut in half than degrade the value of personal responsibility.<a class="user" href="http://aaronhardy.com/life-in-general/the-bailout-blame-game/">http://aaronhardy.com/life-in-general/the-bailout- ...</a><a class="user" href="http://aaronhardy.com/life-in-general/thank-you-for-sharing/">http://aaronhardy.com/life-in-general/thank-you-fo ...</a>