http://news.yahoo.com/s/csm/20070830/ts_csm/asubprime
'She says she has clients whose monthly income is $800 a month but whose mortgage payments have now mushroomed to $500 a month. "No one looked at the affordability factor"'
Do you want your tax dollars to bail people out who were foolish enough to not "[look] at the afforability factor"?
Is it a) compassionate, or b) immoral for politicians to spend other peoples money to bail debtors out when they make bad decisions?
2007-08-30 07:58:40 · 10 answers · asked by Time to Shrug, Atlas 6 in Politics & Government ➔ Politics
And no, I hadn't realized that the government has "wasted" billions of dollars in Iraq. Thank you in advance for the news flash.
However, this question is regarding bailouts. I already know that the government spends too much money in other government functions also.
2007-08-30 08:00:34 · update #1
Again, please refrain from commenting on "what else" the money could be spent on.
If you must, assume that every dollar not spent bailing out foreclosed homeowners is returned to the taxpayers.
2007-08-30 08:06:29 · update #2
No. It should never be the government's job to bail out stupidity. If these people were stupid enough to get into a loan not knowing all the details and what could happen in the future, then they deserve everything they got. If they were coerced or misled about the details, then they may have a case against the loan company. But either way, the government should not be involved other than to prosecute any wrong doings by the loan companies, if any.
If anything, maybe I should get some money from the government for being responsible home owner and not getting a crazy loan deal when I bought my house. I bought with a fix rate mortgage, that we refinanced a couple years later at a lower rate (still fix rate).
2007-08-30 08:26:06 · answer #1 · answered by Mutt 7 · 1⤊ 1⤋
regrettably your answer betrays a undemanding loss of monetary know-how. Insisting that Banks cost the Bof E cost (which the government will possibly not legally do besides, so your question is moot) would imply the entire banking equipment would fall down. The financial corporation of england cost isn't the main cost in commercial lending - it extremely is the inter financial corporation cost, the cost at which banks can truthfully obtain money from different financial institutions. The banks can't make a income at lending at costs critically under that cost. The interbank cost is significantly greater than the BoE cost, certainly has not often dropped over the final 6 months. in many procedures the government/banks are giving us the suitable achieveable encouragement to spend as there is frankly no factor in saving on the 2nd which you could as nicely spend all your income.
2016-10-17 07:28:10 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Short answer is NO.. NO freakin' way.
Why should I have to pay for someone's own foolishness when I have to also pay for my home? Besides, the money is paid to the predatory lenders, so the borrowers don't really benefit much. I have no desire to help out predatory lenders.
If I want to help, I will donate to Habitat for Humanity voluntarily. At least that will give me a tax deduction.
2007-08-30 08:18:11 · answer #3 · answered by Think Richly™ 5 · 1⤊ 0⤋
I would like to point out that it is the same people who scream about personal responsibility who will be FOR the bail out of the scurrilous lending companies who got those folks in the situation. I would rather that we NOT bail THEM out.
2007-08-30 08:24:59 · answer #4 · answered by slykitty62 7 · 1⤊ 0⤋
I can't blame these people for getting blindsided by these adjustable rate mortgages. Who knew that they would one day adjust? The very thought is crazy. And you know, it's not like these poor souls had any way to look up the information themselves. If only we have some kind of computer network, interlinked with millions of other computers and with people adding info to it, maybe then they could have found the information they needed to expect this. Maybe someone will build that one day.
2007-08-30 08:34:28 · answer #5 · answered by Chance20_m 5 · 1⤊ 1⤋
NO.
The government should pass anti-predatory lending laws. if you look at the states with these laws, they're having less problems.
Just a side: isn't a loan a mutual interest arrangement? is it the place of the bank to give you a loan they know you can't afford, just as much as it is your place not to except a loan youo can't afford.
both parties are to blame here.
2007-08-30 08:22:01 · answer #6 · answered by Incognito 5 · 2⤊ 0⤋
Why not? We are spending them to help bail out the lenders. Why is that cooperations can declare bankruptcy easier than a person?
2007-08-30 08:16:10 · answer #7 · answered by Holy Cow! 7 · 1⤊ 2⤋
Hell no, people who choose to live above their means shoudl have to deal with the consequences when bad times come.
Its not my fault they CHOSE to buy a house they could not afford.
2007-08-30 08:07:04 · answer #8 · answered by Anonymous · 3⤊ 1⤋
Absolutely not. I want my tax money to be used for the war on terror, roads, etc.
2007-08-30 08:07:15 · answer #9 · answered by mustagme 7 · 0⤊ 1⤋
Better on them than illegal aliens or on "foreign aid" (welfare for non-Americans)
2007-08-30 08:05:09 · answer #10 · answered by Anonymous · 0⤊ 2⤋