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Subject Author Date
Foreclosure bail outs Jeff Strickland 07-23-2007
Posted by Jeff Strickland on July 23, 2007, 4:17 pm
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 I was just watching an interview where a New York (?) state senator was
proposing using government money to bail out people facing foreclosure.

I am opposed to the plan because if somebody is facing foreclosure, then
they gambled a few years ago that the property they were buying would
increase in value and they could refinance the loan terms at some point down
the road. Today, we are at that point down the road, and the gamble is not
paying off. I do not think it is the job of the government to make things
right for these borrowers.

I agree that the bank might want to take steps to avert the foreclosure, and
to the extent that Bank A is more interested than Bank B in averting the
foreclosure, then the customers of Bank A will be in better shape.





Posted by Regal953 on July 24, 2007, 3:50 pm
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 Jeff Strickland wrote:
> I was just watching an interview where a New York (?) state senator was
> proposing using government money to bail out people facing foreclosure.
>
> I am opposed to the plan because if somebody is facing foreclosure, then
> they gambled a few years ago that the property they were buying would
> increase in value and they could refinance the loan terms at some point
> down the road. Today, we are at that point down the road, and the gamble
> is not paying off. I do not think it is the job of the government to
> make things right for these borrowers.
>
> I agree that the bank might want to take steps to avert the foreclosure,
> and to the extent that Bank A is more interested than Bank B in averting
> the foreclosure, then the customers of Bank A will be in better shape.
>
>
>
>
Hi, Jeff. I second your opinion just because that "government money"
happens to come out of our pockets, those of us paying high property
taxes, it is not right that we have to pay for speculators' failures.

Posted by Mr Moz on August 9, 2007, 1:46 pm
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>I was just watching an interview where a New York (?) state senator was
>proposing using government money to bail out people facing foreclosure.
>
> I am opposed to the plan because if somebody is facing foreclosure, then
> they gambled a few years ago that the property they were buying would
> increase in value and they could refinance the loan terms at some point
> down the road. Today, we are at that point down the road, and the gamble
> is not paying off. I do not think it is the job of the government to make
> things right for these borrowers.
>
> I agree that the bank might want to take steps to avert the foreclosure,
> and to the extent that Bank A is more interested than Bank B in averting
> the foreclosure, then the customers of Bank A will be in better shape.
>
>
Amen Jeff. If I dable in something I know nothing about, I should expect
someone to bail me out?

But how ignorant and greedy could Lenders and Secondary Investors be to
expect home appreciation to stay at soaring levels? And top it off with high
LTV No Doc Loans? The Banks Secondary boys failed miserably. The sad thing
is that greed got in the way of common sense. Who actualy is the fool here.
The banks that made high risk loans avaiable or the consumer that took
advantage of them? I have no pity for either one.



Posted by adam russell on August 18, 2007, 1:30 am
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>I was just watching an interview where a New York (?) state senator was
>proposing using government money to bail out people facing foreclosure.
>
> I am opposed to the plan because if somebody is facing foreclosure, then
> they gambled a few years ago that the property they were buying would
> increase in value and they could refinance the loan terms at some point
> down the road. Today, we are at that point down the road, and the gamble
> is not paying off. I do not think it is the job of the government to make
> things right for these borrowers.
>
> I agree that the bank might want to take steps to avert the foreclosure,
> and to the extent that Bank A is more interested than Bank B in averting
> the foreclosure, then the customers of Bank A will be in better shape.

I heard someone on radio say that if they are going to start handing out
free bailouts that he might choose to stop paying his mortgage too. Free
money, why not?




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