where was the govt at when all of these mortgage companies gave out high interest loans that shouldnt have been done in the first place? should the govt. help people who are going into foreclosure because of high interest? where are the over 1 million people in foreclosure going to find homes, whos credit will now be worse? isnt it the job of those mortgage companies to ensure that people are financially sound enough to handle the payments, now because of their bad judgement many families are left with no where to go? do you think the govt should step in and help those people? those people will now have lower credit scores than before and have a hard time finding any housing... what is the govt going to do about the increasing number of basically homeless people due to this problem?
2007-07-28 06:19:42 · 9 answers · asked by jfrench4 4 in Politics & Government ➔ Other - Politics & Government
no i dont mean tax payers money... i mean should they make some laws that do protect people from this... and if you think about it.. alot of people have things happen out of their control... and cant get their bills paid... for another thing... if the govt doesnt step in and stop these companies from doing this then there are just going to be more people on welfare and more and more in public housing and more homeless... I saying that mortgage companies and loans are based on you income... why arent they saying no on mortgages that the people cant afford... that is part of what they do! just like when you buy a car... you have to have the correct debt ratio and you have to have the credit....
2007-07-28 06:30:15 · update #1
alot of people live paycheck to paycheck... and dont say well its their fault they chose not to do this or that.. but if it werent for those people where would you buy you groceries, who would you pay for gas, who makes the car you drive?
2007-07-28 06:31:33 · update #2
a thousand questions for two points...maybe you could contact someone offline to get all your questions answered.
When people are earning good incomes their eyes are bigger than their stomachs, and the trend these days is for people to bite off more than they can chew (you can see that trend in people owing too much on their credit cards, too many super expensive clothes, huge vehicles, and huge homes...even when they have just had a windfall but clearly are not of that status for a huge or super expensive home, yet they still do it).
Is the government responsible and supposed to pay for everyone who lights up a cigarette, drinks a cup of coffee, gets their hair cut too short, falls off of their three inch stilettos, buys clothes they like, or sends their kids to dancing class? I think not. those are personal choices.
Does the government solve problems (over a long time) with regard to things like Enron, and things to do with industries, yes it does.
Does the government solve money problems like when peoples finances get out of hand, sure it does and it's currently called a Chapter 13. And I suspect a lot of people are filing for Chapter 13 as I respond to your question.
Are there programs in place for people to change the kind of loan they have to a 30-year fixed, sure there is.
Where will those people go who made the mistakes...well they can go to government welfare programs...and they could do like in depression days and go back to their families and all live under one roof until they can get their finances corrected. When people from overseas come to America 10 people live in one small room for a year or two until they can get established. What's wrong with Americans going back to their families?
Credit scores are only for buying luxury items. So there's no reason to fret if that score is lowered.
I've responded to two people in Q&A who wanted to own huge houses on very low and tenable incomes. I advised them not to try for a home because they just can't afford a home. I never heard back from them, maybe they didn't like my honesty.
If you have any other questions (that you would eagerly listen to the answers from me) then feel free to contact me.
2007-07-28 09:00:30 · answer #1 · answered by sophieb 7 · 1⤊ 0⤋
It's not the job of the Govt. to handle such things. People need to be accountable for their own personal finances. Buying a house is a huge responsibility and these people should have 1) a rainy day fund so when you have hard times you're not going to lose your house and 2) gotten a fixed rate mortgage so if interest rates did rise they wouldn't be in this situation. Don't want to be cold about it and I do empathize with their situations but to be completely honest the Govt has no obligation on this one.
2007-07-28 06:28:58 · answer #2 · answered by Galactose 2 · 1⤊ 0⤋
I do not think the government should bail out the mortgage companies. But honestly, I think a better answer to why this is the case would come from the Presidential candidate Congressman Ron Paul. You should really check out his website and see why he wants to bring back the Constitution and change the way we do "government".
All other candidates will bail out the mortgage companies---they are supporters of big government, acting like the world's policemen/savior, and helping out special interests instead of doing the will of the American people.
2007-07-28 06:32:23 · answer #3 · answered by Whites Forward 2 · 0⤊ 0⤋
i'm an consumer-friendly British individual so does no longer dream of interfering with Uncle Sam's political initiatives. British government courses additionally fail. The commonality seems to be that our respective leaders could desire to be considered to be doing some thing that they suspect is interior the terrific public interest. concern is they in no way pay attention to the conventional public before making their names flash in neon lights fixtures. many judgements are in basic terms in a undeniable politicians very own ingratiating or survival physique of recommendations. I continually think of that united statesa. could desire to shop money on militia spending via examining its remote places coverage extra acutely and determining that throughout this changing international it is not (as with the British) going to be appropriate canine for terribly plenty longer. So, with this in recommendations, extra spending could be dedicated to family individuals social matters. perchance then human beings will see the earnings of the place the money is going.
2016-10-13 00:16:55 · answer #4 · answered by ? 4 · 0⤊ 0⤋
People have to take responsibilty for their own mistakes. I bought my house 2 years ago and I researched the different types of mortgages. I hired a real estate lawyer to help me understand the legal terminolgy. I don't feel sorry for the people who don't hire a lawyer on such an important purchase
2007-07-28 06:29:11 · answer #5 · answered by John 6 · 1⤊ 0⤋
This is a free market society, why should the government be allowed to regulate how much money someone is able to make? Isn't that a version of Communism?
2007-07-28 06:36:03 · answer #6 · answered by hardwoodrods 6 · 0⤊ 0⤋
When you say 'Government help' you presumably mean tax payers money. All government money originates from us, the tax payers, so no, government should not help. However, government could look into ways of tightening up lending laws in order to protect people who somehow don't understand the concept of interest rates and repayments.
2007-07-28 06:25:56 · answer #7 · answered by Dr Watson (UK) 5 · 3⤊ 1⤋
No. They finance people who can't afford things because they expect them to fail and they'll get their money regardless.
People should stop buying things that cannot afford...This country revolves around the flow of money, and if you walk into an office looking to buy something they aren't gonna say "Well...are you sure you can afford this? I don't want you to fall into debt."
Be an adult, pay your bills and you won't have any problems
2007-07-28 06:24:11 · answer #8 · answered by Anonymous · 2⤊ 1⤋
The government is not supposed to be your babysitter.
2007-07-28 06:24:18 · answer #9 · answered by R. H 1 · 3⤊ 1⤋