Senate Moves To Assist Homeowners On Two Fronts

RE:Senate Moves To Assist Homeowners On Two Fronts

Reality — Wed, 18 Apr 2007 11:00:00 GMT

Lenders earn fees on homes in foreclosure. All of these expenses are added onto the loan balance.The only time they lose money is when the become too agressive with their equity stripping programs. Should tax payers eliminate the downside risk?

RE:Senate Moves To Assist Homeowners On Two Fronts

Publius — Tue, 17 Apr 2007 11:00:00 GMT

Lenders are also to blame. Their greed fueled the makeup of these loan products to begin with. If there is $$ to be made Wall St. will create a market for it, so they did (and still do). The 'sheeple' (sheep-people) have memories only as long as the front page of the newspaper or whatever drivel is fed to them nightly by the "Couric-esquians". Offering the under qualified and over extended false hope is hardly anything to be commended on. Unfortunatley, the 'sheeple' followed the herdsman.

We went through this same sub-prime tightening in the late 90's after similar loose underwriting and 125 LTV products were introduced. It was said previously that "On the bright side, nowhere in history have we had this much increased home ownership." Have you stopped to think that the reason more people didn't own a home was because they couldn't afford one in the 1st place?

RE:Senate Moves To Assist Homeowners On Two Fronts

Publius — Tue, 17 Apr 2007 11:00:00 GMT

On Insurance, I don't even want to get started there. There is a reason insurance is higher in disaster prone areas, because of the disasters (common sense once again). You live in a flood zone, tornado alley or a coastal area prone to typhoons and hurricanes and expect your fellow citizens to subsidize you? If you decide to move to Mars should we insure that as well?

They should teach this stuff in high school, but I digress. Wake up, smell the coffee (no lattes please), the American dream will always be just that if you think you will get something for nothing.

RE:Senate Moves To Assist Homeowners On Two Fronts

Publius — Tue, 17 Apr 2007 11:00:00 GMT

Pandering will not solve the problem. Homeowners need to become educated and exercise basic common sense. You cannot afford a home if you falsely 'state' your income is higher, the loan still needs to be repaid! You have an OptionArm that allows you to afford a home well beyond your means because of the intro rate? The reset rates were not expected to go this high you say? But you knew it was a possibility! You dug the hole, don't expect the erudite to bail you out with their tax dollars.

RE:Senate Moves To Assist Homeowners On Two Fronts

amika — Mon, 16 Apr 2007 11:00:00 GMT

Right! Wake upvoters indeed. Congress is nothing more than a den of thieves pandering to whomever will get them re-elected. Review the history and why corporate bailouts have continued. (i.e. Chrysler, Lee Iacocca) Our currency is worthless ink on paper and our laws are confiscatory. They'll transfer your wealth while you sleep.

RE:Senate Moves To Assist Homeowners On Two Fronts

Sick and tired — Mon, 16 Apr 2007 11:00:00 GMT

Congress is not only bailing out the homeowners who deserve to lose their homes since they took extreme risks (and fraud) to live above their means. This is a bailout for the predatory lenders who made it so easy for greedy people to get in this mess. Not on my tax dollar!!!!! I am a realtor and have been shaking my head for almost 3 years. This was inevitable. A bailout will punish people who live within their means and reward the greedy. Wake up voters!

RE:Senate Moves To Assist Homeowners On Two Fronts

Anonymous — Mon, 16 Apr 2007 11:00:00 GMT

Do not waste my tax money on bailing out fat cats(insurance industry) and greedy investors! As for the lenders, if you create a program to lure unqualified borrower then take the loss and don't complain. The working stiffs like me is the real victim. It seems that we have lost accoutability and integrity along the way. Stop the congress play politics and do some real jobs. We should stop free hand out. Isn't there a saying that " there is no free lunch in American"?

RE:Senate Moves To Assist Homeowners On Two Fronts

Anonymous — Mon, 16 Apr 2007 11:00:00 GMT

Markets have cycles. There are peak cycles and low cycles in every industry in the economy. Reset rates were not predicted to go this high. Homeownership is a right for any American that wants to own. I encourage it for the long-term and short term. Allowing people to hold RE to obtain equity on the long haul for retirement is one reason. Takes some of the burden off of government. On the bright side, nowhere in history have we had this much increased home ownership.

RE:Senate Moves To Assist Homeowners On Two Fronts

Are you kidding? — Mon, 16 Apr 2007 11:00:00 GMT

Loan programs have been created to the max to falsely extend the housing market that has been trying to slow down on its own for sometime now. What do you expect from no money down, 55% back ratio, 25% overvalued appraisal loans? When the market slows to a crawl perhaps there will be a subsidy or supplemental program for me and my industry peers? I get a feeling the answer is NO!

RE:Senate Moves To Assist Homeowners On Two Fronts

Anonymous — Mon, 16 Apr 2007 11:00:00 GMT

Lets take this opportunity to allow people to learn, readjust to new financial issues, and take care of themselves through counceling and payment deferral programs should they want the opportunity to do so.