Comments on: Taxpayers Angry About Bailing Out Reckless Lenders And Borrowers.

By: STONZFAN

STONZFAN — Fri, 25 Jul 2008 23:46:52 +0000

I am not buying it that people were tricked into these homes.A few,ok.The vast,vast majority were white collar,lexus driving people sitting in starbucks,thinking they were going to FLIP their way through life. Donald Trump clones.I reason this because these homes were 4-5-6 hundred thousand and up dollar homes.Your average blue collar worker(40-50k)could not touch these homes EVEN WITH LOW ADJUSTABLES!How did my wife and I do it?We purchased a 2700sf fixer upper 10 years ago(40000$ 5.2 fixed).Carrying old drywall through the snow to the dumpster etc.BlOOD,SWEAT,and TEARS.Our backs are not in the best shape,but it”s a good hurt.The home is now worth 300,000 with 4 years left to pay.My wife and I just smile thinking about the holier than thou sitting in their 60-70 thou lexus,that now doubles as a 30 sf. condo.

By: SmileyGirl

SmileyGirl — Thu, 24 Apr 2008 22:05:29 +0000

Right on! We bought a house right before this big upsurge BUT we only bought a house we could truly afford. Why is it our responsiblity to bail out those people who have overextended themselves and decided they need help. If the buyer is not a responsible consumer there are lessons to be learned. Bailing them out does not teach them anything – except go ahead and make these big mistakes again….it’s okay – the government will help you out of it. That’s when we as a nation are in real trouble because of the dependents we will be creating! I feel sorry for the people that are in trouble because of genuine mistakes but so many of those in trouble are simply those that decided to get in way over their heads and then cry ‘Uncle.’ And it’s those type that will never learn and will always demand help. Stay clear and help the nation as a whole by helping with gas prices and things that effect everyone.

By: K

Thu, 24 Apr 2008 18:05:27 +0000

This is like passing a football player b/c even though he failed that math test, he is needed on the field. It goes against basic responsibility. I’m not going to be allowed to try and buy a $3000 HD wide screen TV with a $20 bill then ask everyone else in the store to take up the slack. They have their own purchases to make or not make as they see fit.

I bought a house and have a mortgage. I’m no genius, but when looking at options and the subject of an ARM came up, my first question was, “So, what happens if the rates go up?” I will say it was a bit of a shock when the property tax increased and my payments went up, but my first thought was – “ok, guess I need to suck it up and stash some extra savings if that goes up every year.”

Buying a house is a commitment. It isn’t easy and there are surprises, but basic personal responsibility needs to be a factor. It sucks that people weren’t given full disclosure of what was in store for their future, but people have ugly situations handed to them every day. Just handing them a wad of cash isn’t going to fix the problem.

By: FFB

FFB — Thu, 24 Apr 2008 15:22:56 +0000

We haven’t bought a house because we aren’t comfortable that we can handle the costs yet. But that’s not what people are learning when the gov’t bails out these loans. They learn that it’s ok to max your credit since you will get bailed out later on. There’s a lot of people, I’m sure, who got bamboozled but many more who just had big eyes and bought too much house. When borrowers get bailed out it just makes it that much tougher for me to buy since the housing prices don’t equalize as much as they should.

By: chris

chris — Thu, 24 Apr 2008 14:00:44 +0000

I think the whole thing is absurd. If you are that big of an idiot to sign up for a subprime/interest only/adjustable rate mortgage, AND you state you didn’t understand what you were getting into when you signed the papers, you deserve what you get. Seriously, why should these people be “saved” because they rushed into something and didn’t take the time to read the fine print???? Or worse – didn’t care what they were getting into.

If they do this, I think then that the government should reward those of us who are paying off our mortgage – or have paid off the mortgage recently. Yeah, right. It is just as absurd.

It seems the way of the future – the idiots and losers get rewarded and the hardworking “fools” get the shaft.