Upcoming Foreclosures

Should we really spend tax payer money on bailing out people going into foreclosure?

The use of tax payer money is every where with the different buy outs the government is trying to stabilize the economy. But.... Does anyone feel that it is fair that we as tax payers need to bail out people that are going into foreclosure? Reminding you that alot of people that went into these mmortgageagreements had no business in getting into the homes they did i.e. making 40k a year moving into a 400k home and plainly overstretched their budgets; and did not educate themselves about sub prime/apr/points all the things that should of been understood before purchasing a home. Or people jumping in the market to turn houses to make a profit which is a business and as with all businesses come with risks and now they are stuck with the homes. its basically bailing out people that overstepped their reach, forgiving if not rewarding ignorance and bailing out peoples failed attempts to turn profits. So how does everyone feel about this issue that is being disscussed by our gov? ( I feel like im being kicked for staying with something reasonable i could afford and being responsible.)

Public Comments

1. It's all triflin'. And redundant.
2. no.
3. If it works, then I don't care how it's done as long as I'm not forced into debt by the gov't.
4. No. And we shouldn't bail out any companies either.
5. no eliminate the penny ever one hates them plus it will fix inflation
6. Oh hell no, that would be a major rip off.
7. Hell no. I feel bad for the people, but the prices of homes need to come down somehow, they shouldn't cost 30 years of work. I definitely don't feel bad for speculators.
8. You do have a point, but blame the banks who were throwing money at people who they knew had little hope of sticking to their repayments. They got us in this mess.
9. Your point is valid and I understand your frustration. At this point though, it does not serve any purpose to dwell on it. Let's just hope the bailout works.
10. Although I can understand where you are coming from and your own sensibliity, I believe it is just as much the fault of the banks. If you came to me for a home loan and I was flush with money, I would only say yes if you could afford the paments, and I would insist that you take it out a mortgage repayment insurance, to save your butt if you were put out of work, and for me to get my money back.
11. your not being kicked for staying within your means your being kicked because this country ensists on giving crap to people who have no intension on paying for it.
12. Not everyone is facing foreclosure because they bought out of their wage range. Some people who never had mortgage issues before are finding themselves struggling because of loss of employment, or if self-employed, the sharp drop of income from consumers. The fact is that the economy is like a line of dominoes. When one tips over, they all tip over. The domino effect. What's happening now is that people who were good risks, are still suffering because of severe income shortages. So a bailout is possible. If the banks would back off a bit and start being reasonable with people, the economy could start back up. Think of it this way. Most homes have lost 50 percent of their value. The lost equity will never come back, or if it does it will take 15 years based on current figures. Therefore even if the banks foreclosed and resold the homes, they would not get more than what they can get now if they renegotiated the balances and the payment schedule. So its a good idea to take a practical approach. But without their cooperation, there will be more foreclosures and no buyer's market because there's no credit available. So homes will sit idle and fall into disrepair while people remain homeless. Its a zero sum game unless the players change the rules. Its time to rethink this and change the rules a little to fit the situation.
13. I've never owned a house. I don't have problems with debt, or with money. Because I don't buy what I can't afford. People need to learn a lesson from this and they won't if we bail them out. The banks also need to learn a lesson about lending out money to people they know won't pay them back. They were warned about this for years prior to it happening, but they refused to listen. I say let them all suffer. About a year ago I was looking at housing prices, and how real estate prices keep going up. In California some people pay almost a million dollars for a 2 bedroom house. Just because housing prices keep going up. This is good if you already own a home so you can sell it at a profit, but if you are looking to buy one I just wonder if the market will get out of control. I really don't want to pay a million dollars for a tiny house. So one good thing this whole housing crash has done is stopped that growth and lowered prices. If you're smart with money and you can afford to buy a home right now, you will be rewarded for your good choices.
14. The government shares the blame for what has happened by repealing the Glass Steagall Act that was inacted during the depression to prevent it from ever happening again. The Gramm Beach Bliley Act replaced it which allowed banking to be intertwined with investments and securities combined with mark to market which let them value their assets at whatever amount they wanted. In other words, the government was part of the scam all in the name of getting poor people into homes. Yes, the government should bail these people out because it is the only way to fix it. They should bail them out with refinanced mortgages that will enable the taxpayers to recoup their money. They should have changed the laws before they ever let Paulsen distribute $350 billion with no oversight. They shouldn't put another penny into it until they change the laws back to something that will prevent this scam from happening again.
15. I had just answered a question like this last weekend. One thing to understand is...Your not Bailing out anyone! The government wants you to think you are, but, are you really seeing where the money is going? They tell you to your face...Paulson, CEO, Bernake and the rest of the crooks. First of all. Foreclosure, understand it's a darn joke if you think they are paying money into it. Did you hear where the money went? See if they did pay it, then the banks would not hurt. It is the CEO,RICH, FRIENDS that got the money and ran like He--. No I have not lost my home, my home is paid for if you want to know. The banks were told they had to give loans to people even if they didn't have good credit (government), the were set up. Like we are getting set up now thinking anyone in government gives a darn about you, me or us. You will understand it more when this is all over and we are screwed. When we have to pay all the money back the crooks are running off with. You should be more worried about the pay back then blaming anyone other than the FEDS. FEDS are crooks and they are not stupid. Please study the Bailouts and understand who is benefiting from the Bailouts.