TrekMec 07:56:33 PM Oct 07 2008

I think too many people in this country are wasteful and greedy. They buy things they don't need and can't afford just to impress people they don't know or don't like. Many people are in foreclosure because they bought homes they knew they couldn't afford. Why should the tax dollars of those of us living a simple life in a modest apartment have to be used to bail out these people?

TrekMec 07:55:15 PM Oct 07 2008

I think too many people in this country are wasteful and greedy. They buy things they don't need and can't afford just to impress people they don't know or don't like. Many people are in foreclosure because they bought homes they knew they couldn't afford. Why should the tax dollars of those of us living a simple life in a modest apartment have to be used to bail out these people?

sprytling 07:43:30 PM Oct 07 2008

The facts are that 90% of those people who were loaned money that they could not afford to buy homes, have retained those homes. They are and were hard working people. No one that I know has ever thought that they were deadbeats or "living beyond their means." What we did know was that Freddie Mac and Fannie Mae were supposedly created to help people who would not otherwise have been able to get a mortgage, but instead what happened was that Congressmen were skimming off the top. Barack Obama was one of second largest recipients. We also know that mortgages were bundled with good mortgages and good investments and made to look as if they were good investments. People in this country and outside this country trusted those who ran Freddie Mac and Fannie Mae, because they were backed by our Government. I don't think any of us didn't want everyone to have their own home. But creating mortgages with only interest payments and then ten years own the road, expecting someone who is low

sprytling 07:28:20 PM Oct 07 2008

Okay, but if Bank of America was sued and won, then the other banks will re-do the mortgages as well. In addition, I think we need to go back to outlawing rates that used to be considered usury.

GraceCFL 07:22:32 PM Oct 07 2008

Wow they had to sue Countrywide? Why didn't they do this earlier and with all of the banks? And next they need to sue the credit card companies, especially when they don't send you a statement and then raise your interest rate by 20% and double your monthly payments. This bailout will not help, but it seems like lawsuits are. OK time to call my attorney.

Phaws60 07:20:35 PM Oct 07 2008

Type you only have to say if a home buyer was looking for a property a few years ago, and was given 90% of the value to buy the home, it is the fault of the lender. NOW that same homeowner is stuck with a home they planned on reselling, to make a profit, etc. No one seemed to see the fall coming, which is unfortunate, and why we are in this mess. It seems fair to me, that the lender renegotiate at today's appraisal prices. Even those who are not behind on their mortgage payments, and not in any financial trouble. It will allow the banks to recoup their losses from foreclosure, get their mortgage payments coming in on time, and eventually this will all be behind us. I don't think any bank wants thousands of houses that they own, eventhough some people are still making their normal payments. I certainly agree it is not fair to those who current and not in any financial trouble. Their loans should be adjusted also.r own comment here

PlzSpeakTheTruth 07:16:17 PM Oct 07 2008

Part 4: Yes it is horrible that some people have already gone thru foreclosure and this help is coming too late for them. But at this point to NOT do something going forward would be much worse. You can not justify inaction going forward on the premise that is has already happened to some people who received no help in time. That doesn't make things right. But too many homes are going into foreclosures and sitting abandoned (which can become a safety concern) when there are families willing to pay what they can to stay in their homes.

PlzSpeakTheTruth 07:12:13 PM Oct 07 2008

Part 3: Also keep in mind that banks receive money from other banks for a much lower rate than what consumers are given. Say a bank received their money for 2.5% interest. They in turn loan you money for 6.5% interest. Now say they renegotiate a temporary loan rate of 4.5%. The banks STILL make money, just not as much. Couple this with the fact that you pay interest on loans at a much higher rate than you pay the principal in the first several years of the loan. As an example, in the first 2 years you may pay 17k in INTEREST, as opposed to 3100 in principal. Regardless the bank will make back their money, plus some.

PlzSpeakTheTruth 07:07:25 PM Oct 07 2008

Part 2: Second, this program simply cuts into the banks' profits, but saving homes from foreclosure will save the banks money and in the long run it helps preserve the market value of surrounding homes (which you will care about if foreclosures run rampant in YOUR neighborhood.). When a bank forecloses on a home they not only have to pay the expenses to do so, but also the realtors fees to resell it. When they resell it they usually get BELOW market value, as it is being sold "as-is" and sometimes in very poor shape. Renegotiating loans will save these fees and actually nets market value, not below market value as with foreclosures.

PlzSpeakTheTruth 07:03:31 PM Oct 07 2008

Part 1: This needs to be separated from the bailout because it is a totally different issue. Measures like this should have been implemented LONG ago to avoid the bailout, or at least lessen it. First, please remember not all the people who are facing losing their homes are deadbeats,or living beyond their means. Some people have lost their jobs and have done everything they can do to make ends meet. Yes there were people who were absolutely living outside their means, but there are also hard working people who have lost jobs by no fault of their own.