05-14-2008, 08:03 PM | #1 |
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Mortgage crisis
So, I'm getting a lot of conflicting messages as to why we should all support the bailout. I'm starting to think that some of this confusion is intentional--after all, everyone can sort of pick their own pet reason to support it. Problem is, and I think the backers of this bailout know it, it's very difficult to put the reasons into one coherent argument without running into problems.
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05-14-2008, 08:25 PM | #2 |
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We shouldn't support it. We shouldn't bail out someone that got a house at 4.75% 3/1 ARM 3 years ago where the monthly payment at 4.75% was 50% of their debt to income ratio and when the inevitable rate reset 3 years later came along and jacked up the interest rate 2% or so they couldn't handle the skyrocketing monthly payments.
And Countrywide, et al, should justifiably go in the tank for underwriting such ridiculous loans to begin with. Last edited by Indy Coug; 05-14-2008 at 08:28 PM. |
05-14-2008, 08:26 PM | #3 |
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Yes, it is painful. But these crazy prices need to come down.
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05-14-2008, 08:28 PM | #4 |
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I agree. But it seems like the supporters keep throwing out a bunch of different stories to appeal to one's sense of racism, one's fear of losing the value on their house, one's fear of preventing an economic collapse, etc in order to drum up as much support as possible.
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05-14-2008, 08:29 PM | #5 |
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05-14-2008, 08:34 PM | #6 | |
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05-14-2008, 08:42 PM | #7 | |
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05-14-2008, 08:46 PM | #8 |
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Sorry to interrupt the overwhelming sense of charity and love for all mankind, but there is one significant demographic that has not really been addressed much.
Many of these homes facing foreclosure were investment homes. In other words, knuckelheads bought them, but rented them out to otherwise salient and responsible families. I saw on the news this week a family that was kicked out of their home because the landlord wasnt making his mortgage payments. The renters were current. They were good people and enjoyed living in the home. They had no idea the landlord was overextended. Innocent renters (families) will also bear the brunt of this, as well. yes, they can eventually find another place, but what a huge hassle. It is a very difficult situation with no easy solution. And for everyone here crowing about how they don't like their taxes to be spent to bail someone else out....hate to break it to you, but you guys arent even paying that much in taxes. we had a bunch of folks here vote this week that they made less than 100K a year. Where exactly do you feel that all your tax dollars are going? What a joke. Walk me through that logic. Your tax dollars arent enough to fix a few potholes on state street, let alone bail out a national housing crisis. I include myself in this group, btw (gross taxes). If you folks are concerned about your tax dollars bailing out ingrates, then grab some posterboard and head to DC to protest the war in Iraq.
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05-14-2008, 08:56 PM | #9 | |
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05-14-2008, 08:56 PM | #10 | |
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